Famous trader Austin Arnold, often featured on , is currently commenting on the most relevant crypto charts that he believes everyone interested in Bitcoin should definitely see. In a recent snapshot, crypto trader Austin Arnold of Altcoin Daily shares his top crypto chart to look out for amid the current market volatility.
Bitcoin on-chain volume chart
According to crypto trader Austin Arnold of Altcoin Daily, the first chart to look at is Bitcoin’s on-chain volume chart. Arnold says:
This shows us the raw, unbiased volume on Blockchain. So it’s not the volume from central exchanges that can be manipulated. It just shows what’s going on on the public blockchain.
According to famous trader Arnould, the on-chain volume chart indicates that Bitcoin is currently trading at the lows of a valuable on-chain volume node. In the midst of the $31,000 price level and the $34.3K level, over 1.86 million BTC were processed on-chain, which is roughly 9.93% of the circulating supply. This is currently convincingly the largest volume set to occur since the $12,000 levels. Famous trader Arnould makes the following statements on this subject:
The on-chain volume node has grown much larger, which basically indicates that any form of on-chain reinforcement we can find is bullish, and we gained the boost because we’ve been trending in this price range for so long.
BTC’s adoption chart
Analyst and trader Arnould explains that the most appropriate chart is the adoption chart comparing Bitcoin and other industries:
Compared to the adoption curves of other industries, the Bitcoin chart is now too early.
These adoption curves will be growing faster as the world becomes more digital. When making a Bitcoin-specific comparison, it can be seen that less than 10% of the population now owns Bitcoin. According to the famous trader Arnould:
State currencies aren’t even close to being the same as Bitcoin. Cryptocurrencies cannot be priced as an innovation. An immutable and/or decentralized cryptocurrency can be valued as an innovation.