The crypto analytics firm Glassnode is not yet convinced crypto is on the road to recovery after the recent market rally.
In a new analysis, Glassnode notes that on-chain transaction demand for Bitcoin (BTC) remains “lackluster at best.”
“The net result is that Bitcoin blocks are partially empty, Ethereum gas prices are at multi-year lows, and the rate of EIP1559 burning is at all-time-lows.”
The analytics firm notes Bitcoin on-chain transaction fees are “firmly within bear market territory” due to the low level of transaction demand. Glassnode says when fees go up, it could be an early indicator that the crypto market is recovering.
BTC is trading at $22,816 at time of writing. The top-ranked crypto asset by market cap is down