BTC, ETH on-chain transaction volume synchronized to a new high

 2020-09-18 10:34:21

With the continuation of the small price fluctuations, the market performance of BTC and ETH is not significant, but the transaction volume data on the chain has reached a new high position, which may indicate a possible price breakthrough trend. Especially considering that Uniswap issued the currency UNI, driving the DeFi market to maintain a high hot spot, BTC's strong sideways trading below 11,000 US dollars, all prompted the market to strengthen expectations.

The historical high of the transaction volume on the ETH chain appeared in early 2018, while the high transaction volume on the BTC chain appeared on August 21, 2019. The data on the ETH chain reached a new high this time, and the data on the BTC chain reached the highest value in a year, indicating that a short-term breakthrough trend in price may be formed.

The rebound of the data on the chain has a positive impact on the popularity of market transactions. In particular, the data on the BTC chain is obviously earlier than the price change recently, and the number of times reached a new high position, which has reached 2.93 million on August 17 and September 10. Best performance after 3.4 million. At the same time, attention was paid to the recovery of BTC from the short-term low on September 17, and the price quickly stabilized after the retreat. The market is in a relatively strong stage.

In terms of mainstream currencies, NEO, which has a relatively large price increase in 24 hours, and TRX and VET, which have rebounded more frequently, respectively indicate the breakthrough of strong currencies, the rebound of DeFi concept currencies, and the price recovery trend of oversold currencies.

Therefore, in terms of overall market performance, the recent rise in BTC prices has suppressed the upside of many currencies. As mainstream currencies such as BTC and ETH continue to maintain their strengths, the expectation of mainstream currencies to rebound in differentiation has increased.


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