Analysts at Bexplus believes that as BTC’s gains expand to a maximum of $37,665.82 as of press time, on-exchange investors have begun to trade BTC emotionally. At the same time, over-the-counter investors are not interested in entering the market, which limits the development of the market to some extent.
In terms of the number of active addresses, the number of BTC’s active addresses on January 6th soared to a historical high of 1.344 million, which was 5% higher than the 2017 highest value of 1.28 million. It can be seen that the trading trends of cryptocurrency investors have increased significantly. The main reason is the stimulus of rising BTC prices. After the increase in trading activity, the conversion of chips will undoubtedly increase the selling pressure.
After the number of active addresses rebounded, the number of new addresses rebounded to 650,000 in a short-term, which is far from the peak of 800,000 in 2017. In other words, the number of new investors is relatively small, and the market is not currently in the FOMO emotional fermentation stage, but it has already moved towards this market.
Taking into account the rebound in the number of active addresses, BTC fluctuated between $32,000 and $36,000 on January 6, and the changed hand rate of BTC chips was relatively high. Therefore, out of the price range spanning $4,000, BTC’s growth rate can be further expanded.