After the price of Bitcoin approached $10,000, the Bitcoin chain index soared! This news was like a bombshell, shaking the entire digital currency market. As one of the most representative cryptocurrencies, Bitcoin's price fluctuations have always attracted much attention. However, this surge is not just about the price, but also triggered a sharp rise in the chain index, setting off a new wave of enthusiasm. What exactly caused the surge in the Bitcoin chain index? Let's unveil the mystery of this digital currency world and explore the deep mysteries in it.

Before exploring the reasons for the surge in the Bitcoin chain index, let's review the recent price fluctuations of Bitcoin. As the price of Bitcoin gradually approaches the $10,000 mark, the market atmosphere has become increasingly tense. Investors' emotions have also fluctuated. Some are full of confidence that Bitcoin will create a new historical high again; while others are worried about market bubbles and are ready to sell at any time. This market uncertainty is the prelude to the surge in the Bitcoin chain index.

The surge in the Bitcoin chain index is not accidental, and it hides the profound changes in the digital currency market. With the continuous development and improvement of blockchain technology, Bitcoin, as one of the representative applications of blockchain, has gradually improved its chain index. The decentralized nature of blockchain technology makes Bitcoin's transaction records and indexes highly transparent and secure, attracting more and more investors and institutions. This accumulation of trust has also directly driven the surge in the Bitcoin on-chain index.

In addition to technical factors, market demand is also an important driver of the surge in the Bitcoin on-chain index. As the instability of the global economy increases, investors are beginning to seek safe-haven assets, and Bitcoin, as a non-traditional investment target, is highly favored. The rising demand for Bitcoin by investors has led to the rapid growth of the Bitcoin on-chain index. This market demand has made Bitcoin's position in the digital currency field more stable, and the on-chain index has therefore received more attention.

However, there are also some concerns and challenges behind the surge in the Bitcoin on-chain index. As the price of Bitcoin fluctuates, the surge in the on-chain index may also be affected by market sentiment. Investors' panic and speculative psychology may lead to a rapid decline in the on-chain index and a large-scale outflow of funds. Therefore, regulators need to strengthen supervision of the digital currency market, prevent market risks, and protect the legitimate rights and interests of investors.

In summary, the surge in the Bitcoin on-chain index is driven by both technology and market demand. The development of the digital currency market is still full of challenges and opportunities. Investors need to keep a clear head, look at market fluctuations rationally, and make wise investment decisions. Only on the basis of market stability can the Bitcoin chain index continue to soar, bringing more vitality and opportunities to the entire digital currency market. Let us look forward to the future of the digital currency market together. I believe that the surge in the Bitcoin chain index is just the beginning, and more excitement is waiting for us to explore.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The Bitcoin blockchain has begun to surge with network activity following a massive rally on Oct. 25-26 that sent BTC’s price from $7,300 to $10,600 in a 24-hour period. One on-chain analyst said the signals could indicate that bears are losing their grip on the market.

Blockchain Metrics Surge in Bitcoin’s Favor

Bitcoin’s rally this weekend was accompanied by a notable increase in usage of the Bitcoin network, according to Charlie Morris, founder of crypto analytics site ByteTree.

His site’s metrics show that as of Oct. 26, bitcoin fees paid by traders grew 43%, the value of the cryptocurrency sent surged 66%, and network speeds reached 747%. Morris told a trade publication earlier this week that velocity is “a tracker of how active each [coin] is in the economy.”

In his message accompanying these statistics, Morris noted that if these readings hold, “the bears will be resting.”

Morris’ use of on-chain analysis to try to determine the direction of the crypto market is similar to thesis by Adaptive Capital’s Willy
Woo, who is known for using on-chain indicators to predict price action.

The Case for Bitcoin Bull Returns

However, it’s not just on-chain indicators that show Bitcoin is gaining bullish momentum. Many popular analysts have confirmed the view that crypto bears have been put on hold by pointing to technical and fundamental factors.

For example, Alex Krüger said after the Oct. 25 move that “technically, the bear trend for BTC is over,” referring to the price action that took Bitcoin from $14,000 to $7,300 in four months.

Indeed, Bitcoin’s recent rally to $10,500 has had a positive impact on BTC’s technical indicators. One analyst recently broke down these influences, writing:

“Setup on Bitcoin three-day chart: Bullish engulfing candle, falling downtrend line, move confirmed by high volume, confirmed bullish MACD divergence, Willy [indicator] oversold, now on the rise.”

In terms of market fundamentals, Bakkt’s Bitcoin futures hit a new daily volume record of 1,183 contracts, equivalent to about $10.3 million in volume. These relatively high volumes have yet to become a trend, but could indicate growing institutional interest in cryptocurrencies.