By many measures, the past few months have been absolutely monumental for the crypto. Facebook, Samsung, HTC, among other technology giants have doubled-down on blockchain. Fidelity and E*Trade are both rumored to soon be offering spot Bitcoin (BTC) trading, as Nasdaq and the Intercontinental Exchange (through Bakkt) look to launch cryptocurrency futures. And big names in venture capital continue to throw their weight behind the industry.
All these industry developments would be deemed moot, if Bitcoin, or other cryptocurrencies for that matter, aren’t being used for their intended purpose. But blockchain data shows that cryptocurrencies are still being actively used, potentially confirming that the trifecta of indicator types — fundamental, technical, and quantitative (statistical) — are implying that BTC could soon rally.