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Fidelity Digital Assets chose a single post on X to frame its latest research note: “Bitcoin is up ~63 % from its 2024 halving price with 27 % of this halving epoch completed. While past epochs saw triple-digit rallies, a new story may be unfolding: one of rising maturity, deeper adoption, and network resilience.” The tweet landed minutes after the firm released “2024 Bitcoin Halving: One Year Later,” authored by senior analyst Daniel Gray, who contends that the apparent lull in price action masks “a strengthening foundation.”
Fidelity Flags Bitcoin’s Silent Surge
“Bitcoin presents a nuanced narrative a year after its fourth halving, with signs pointing toward consolidation, network resilience, and growing institutional adoption,” Gray writes, adding that structural indicators “suggest a strengthening foundation.”
While previous cycles delivered triple- and even quadruple-digit percentage gains by this stage, Gray argues the softer trajectory signals maturation: “History suggests that we would be well into the bull run at this point in the fifth epoch — but this cycle may be unfolding more cautiously.”
From a market-share perspective the data are unequivocal. “Bitcoin’s market dominance excluding stablecoins has risen to just over 72.4% as of 11 May, a new eight-year high,” Gray notes, pointing out that Ether and Solana have surrendered ground even as “fragmentation on the long tail of assets has failed to produce a clear alternative leader.”
On-chain security metrics tell a similar story: “Bitcoin’s daily hash-rate rose above one zetta hash per second twice in April, reflecting continued investment in mining infrastructure despite a 60 percent collapse in hash price since the halving,” he observes.
Spot-market behaviour has begun to echo those fundamentals. Bitcoin printed a record intraday high of $109,486 on 21 May before extending above $111,000 on so-called Pizza Day, holding near $110,600 at press time.
The move has been underwritten by renewed demand from US spot ETFs, which drew $934.8 million of net subscriptions yesterday, May 22— the heaviest single-day haul in almost four weeks. Derivatives activity mirrors the trend: aggregate futures open interest reached a record $80 billion on May 23, up roughly 30% since the start of the month, according to CoinGlass data.
Meanwhile, funding rates in most crypto exchanges are at the baseline or below it. “This is the least euphoric new all-time highs in the history of Bitcoin,” crypto analyst Alex Krüger (@krugermacro) wrote via X.
Gray cautions that investors should focus less on headline returns and more on the architecture taking shape beneath them. “Although returns have been more measured compared to previous cycles, structural metrics suggest a strengthening foundation. Overall, it appears Bitcoin is potentially maturing—something investors may find more notable than short-term price movement,” he writes.
His closing assessment is blunt: “One year post-halving, Bitcoin’s price performance may seem muted, but its fundamentals appear stronger than ever … this may be a cycle that redefines Bitcoin’s role in a modern portfolio.”
In other words, Fidelity’s message for would-be spectators is as clear as its headline: do not blink.
At press time, BTC traded at $109,563.
Featured image created with DALL.E, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
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