Over the past day, Bitcoin has seen a surge above the $71,000 level as on-chain data shows that demand for the coin has increased significantly.

The apparent demand for Bitcoin has recently increased to noticeably positive levels

How analyst at CryptoQuant Quicktake post clarifieddemand for Bitcoin seems to be increasing again recently. An compelling on-chain metric is “Apparent Demand,” which tracks the difference between BTC production and changes in its supply.

The only way to produce BTC is to add recent blocks to the chain and receive block grants as compensation, so that the asset’s production equals the amount miners receive each day in rewards, called issuance.

BTC “stocks” can be considered the portion of the circulating supply that has remained unchanged for over a year. So the inventory changes would be the net number of tokens entering or leaving this group.

Here is a chart showing the trend of apparent demand for Bitcoin from the beginning of 2024:

The value of the metric appears to have been positive during the last few weeks | Source: CryptoQuant

As shown in the chart above, apparent demand for Bitcoin has dropped to levels around neutral during the earlier consolidation phase that the asset has gone through. However, recently its value has increased to noticeably positive levels.

After the raise, the indicator reached the level from February this year. The chart shows that BTC then increased to a recent all-time record (ATH).

So far, the recent surge in demand has also been accompanied by a recent surge in the cryptocurrency’s price, pushing the asset above the $72,000 level. Given the trend that has occurred in the first quarter of the year, it is possible that BTC could enjoy further growth if apparent demand continues to raise.

In other news, Bitcoin’s energy value recently surpassed the $100,000 mark, as Capriole Investments founder Charles Edwards explained in X post.

“Energy value” here refers to a cryptocurrency model that calculates its fair value as a function of the amount of energy (measured in joules) spent producing it. The energy found here is, of course, what miners utilize to power their computing machines to accomplish the task of mining BTC.

Here is a chart of the metric shared by the analyst:

The trend in the BTC Energy Value over the coin's history | Source: @caprioleio on X

The chart shows that this is the first time that Bitcoin’s energy value has exceeded this level.

BTC price

At the time of writing, Bitcoin is trading at around $72,400, up almost 8% over the past week.

Looks like the price of the coin has shot up over the last 24 hours | Source: BTCUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, Capriole.com, chart from TradingView.com