Analysts at Bexplus noticed that since the price of BTC rose rapidly on February 8th, signs of contraction and consolidation are obvious. Since achieving a new ath to $48,960.30, the price of bitcoin has retraced somewhat, falling back to around $47,700 at press time.
In terms of on-chain transaction volume, BTC’s on-chain transaction volume rebounded sharply on February 9th, 1.5 times that of the previous day. In other words, investor trading trends are obviously driven by price increases. On the other hand, the transaction volume on the chain has increased, the chip conversion efficiency has improved, and the activity of BTC will not change.
As for ETH, its price trend is quite stable after the heavy betting on January 3rd. The price recovery trend has never been able to accelerate successfully. In the context of the accelerated rise of BTC, the expected increase in the mainstream cryptocurrency of ETH is worth looking forward to.
Holding currency to rise is a short-term trading strategy for most cryptocurrencies. BTC remains strong, and supplementary increases of different cryptocurrencies will appear in rotation. Before a full-scale rise, the release of selling pressure will be concentrated on cryptocurrencies with larger gains.
The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.