Abstract : Overall, BTC on-chain transactions, number of active addresses and trading volume on exchanges have decreased for three days and the number of new addresses is increasing but only slowly. BTC market activity is inadequate and the digital currency market will continue to experience volatility and consolidation in the near future.
The ChainDD think tank introduces its brand new DD Industry Research program, which focuses on digital currency market condition changes and data analysis for in time analysis of industry trends and key changes.
Overall market review
Beginning from January 14, the digital currency market led by Bitcoin faced its third diving this year. According to data by Binance, a digital currency exchange, price of BTC fell by 2.69% within 15 minutes after midnight on 14th, falling from its high of 3,576.33 USD to the low of 3,441,30 USD. This was the first time Bitcoin fell under 3,500 USD since the beginning of 2019. ETH also fell from 122.17 USD to its lowest of 111.87 USD, a drop of 7.47% within the time period of four hours.
The Coinmarketcap data shows that by 8:30 in the evening, among all digital currencies ranked in the top 20 by market values, only three of them went up. Currently, the quoted price of BTC is 3,579 USD, a loss of 2.44% within 24 hours. The quoted price of ETH is 118.21 USD, a loss of 5.95% within 24 hours. The quoted price of BCH ABC is 125.11 USD, a loss of 6.28% within 24 hours.
The total market value of digital currencies globally dropped to 118.385 billion USD and the total trading volume in the past 24 hours was 16.32 billion USD.
This year, for the first time, Bitcoin dropped under 3,500 USD, and the mining profitability has plummeted to the lowest historically.
According to TokenInsight data, the number of active addresses on the BTC chain was 403,970 on January 13, a decrease of 8.60% compared with the day before and a decrease of 18.61% compared with the seven-day average. The number of new address was 36,867, an increase of 324.00% compared with the day before, and an increase of 47.81% compared with the seven-day average. Judging from the on-chain activity data, the number of active BTC addresses decreased yesterday. However, the number of new addresses increased significantly.
The trading volume on exchanges shows that on the 13th, the trading volume of BTC on exchanges was 4.65 billion USD, a drop of 4.12% compared with the day before, and a drop of 12.73% compared with the seven-day average. The trading volume continues to wane.
The market trading data shows that BTC's number of on-chain transactions is 272,715, a decrease of 4.80% compared with the day before and a decrease of 9.32% compared with the seven-day daily average. The network trading volume dropped 19.79% compared with the day before.
In terms of technological stability, net average hashrate has picked up again after being on a downward trajectory for some time, and the average block time has come down while the number of new blocks has gone up. At the same time, mining profitability based on hashrate is now in the lowest region in history, at ＄0.15/Thash/D today.
Overall, BTC's number of on-chain transactions, number of active addresses and trading volume on exchanges have decreased for three days in a row and the number of new addresses is increasing but only slowly. BTC market activity is inadequate and the digital currency market will continue to experience volatility and consolidation in the near future.
TRX has rebounded in the new year after being in decline and its daily gain exceeded 12%.
Since the mid 2018, TRX has shown positive rising momentum. According to the data by Binance, a digital currency exchange, starting from December 15, 2018, TRX experienced eight consecutive rises between December 15 and 22 and then six consecutive rises between January 4 and 9 in 2019. Its price rose from its lowest of 0.0125 USD to 0.0344 USD on January 10, an increase of 167.2%.
Although when the price of Bitcoin dived, that of TRX also plummeted, following the general trend. However, its price rebounded at 9 o'clock, recovering its earlier lose, against the general trend of the market which is truly sluggish. By 21:30, TRX's quoted price is 0.0234 USD, with a daily gain of 12.37%.
A strong reason to explain TRX's recent price rise is the issuance of a new token and candy by BitTorrent which was acquired by TRX earlier on. On January 3, BitTorrent's Foundation in Singapore announced that it will issue BitTorrent Token (BTT), a new cryptocurrency, which will operate on the basis of the protocol developed by TRX. BitTorrent claimed that it currently has 100 million users globally.
TRX has been in hot demand since the announcement of BitTorrent's new token. Its CEO Sun Yuchen also posted eight consecutive microblog messages for the promotion of the new token when it was announced. Binance announced on the same day that Binance Launchpad will introduce new projects in 2019 to help more blockchain start-ups raise capital. Binance Launchpad's projects which are starting soon include BitTorrent and Fetch.AI. With all these going on, TRX is enjoying unmatched popularity right now.
ChainDD App Express News mentioned before that in July 2018, Sun Chenyu announced that TRX had successfully acquired BitTorrent into the TRX ecosystem. He claimed that “BitTorrent is the Jerusalem of decentralized networks” and the acquisition “is a perfect manifestation of TRX's 'All in Decentralization' strategic determination.”