Bitcoin has eclipsed the $8,500 mark for the first time in almost a month. Meanwhile, ETH has appreciated almost 60% from its low point at the beginning of April and Altcoins have followed suit.
In our previous post, when Bitcoin was at $8,000, we explored the idea of looking at the extremely low network activity as a leading indicator and this correctly predicted the subsequent dip to the $6,600 level. It seems that the trend has reversed recently as network activity has picked up, which could be a sign of recovery:
(Bitcoin Addresses Used over the past 60 days – Source: blockchain.info)