Bitcoin Bull Run Cycle Skips 100-Day Historical Pattern, What's Next?
2024-10-04
Bittime - Analysis of Bitcoin's 100-day post-halving cycle that triggered a bullish trend, BTC's correlation with gold and stocks.
As well as CMC reports on the five most active crypto industries and countries with the largest crypto users. Read more in this article!
Bitcoin Bull Run Cycle Skips 100-Day Historical Pattern
The main concept about Bitcoin's 100-day cycle is closely related to the Bitcoin halving event, which cuts Bitcoin miner rewards approximately once every four years or when 210,000 new BTC blocks are mined.
This halving event also shows the dynamics of the crypto asset market. Historically, Bitcoin bull markets peak at 518 to 546 days after the halving, which typically has a major impact on BTC prices.
CMC Note Bitcoin Correlation
CMC noted Bitcoin's increasing correlation with conventional assets such as gold and technology stocks, as well as increasing institutional adoption by companies such as MicroStrategy and Semler Scientific. This is also the reason that BTC may end its traditional four-year cycle.
CMC Provides List of Five Most Active Crypto Industries
Additionally, in the report, CMC provides a list of the five most active crypto industries, with memecoin and Ethereum leading the chart.
Despite the recovery that occurred at the end of the third quarter, CMC stated that sixteen industries continued to experience market capitalization declines of at least 10% in Q3, down as much as 40%.
According to CMC, the storage sector experienced losses of 39 percent, loans by 37 percent, and privacy by 31 percent.
Read Also: New Documentary Reveals the Figure Behind the Name Satoshi Nakamoto, the Creator of Bitcoin
Some of the Largess Crypto User Countries
The United States still leads the global crypto user base, with a market share of 17%, according to CMC.
After ranking first in September in Chainalysis' crypto adoption index, India is now the second-largest country for crypto users, with over 9% of the market.
In terms of global cryptocurrency users, Brazil ranks third, with a market share of 8 percent. Additionally, the CMC report shows that in Q3.
Bitcoin is the most popular coin on every continent, with market shares ranging from 45 percent in Africa to 52 percent in Oceania.
Conclusion
Bitcoin's 100-day halving cycle influences the market with bullish peaks occurring 518-546 days after the halving.
CMC notes Bitcoin's correlation with gold and stocks is increasing, while institutional adoption continues to grow.
Although memecoin and Ethereum led the activity, much of the crypto industry saw capitalization decline in Q3.
The US, India and Brazil lead the way in crypto adoption, with Bitcoin remaining the most popular coin worldwide.
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