Bitcoin Could Continue to Rally in 2024, Key Indicator Suggests

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin has surged over 100 and 50% this year beating traditional assets like the S and P 500 gold and the US dollar by a huge margin. Some key indicators suggest Bitcoin could continue to rally in 2024. The fuel multiple for instance measures the US dollar value of the daily Bitcoin issued relative to the 365 day, moving average of the dollar value of the issuance. The issuance here refers to the current supply or new coins released to the network since the last having in early 2020 miners have minted roughly 900 tokens per day. Elevated readings indicate that the present profitability of miners is high compared to the yearly average, meaning they could liquidate their holdings at a faster pace. Glass. No data shows the P multiple recently stood at 1.53 well short of the red zone above four. That's a wrap for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.