Bitcoin’s new market (bold point: big bull market) started in October?
After the Bitcoin price exceeded $10,000 in July, the currency price adjusted briefly in August and then rose again in the shock. Entering September, the currency price once plunged to test $10,000. In the process, the rise of Defi can be described as personally absorbed Bitcoin’s capital flow, a large amount of funds flow to Defi to chase wealth, and even Bitcoin itself has been largely locked in Defi, becoming many “bitcoins” on Ethereum. Under such volatility, the OKEx cessation of withdrawals broke out in mid-October. For a while, the industry shook, and Bitcoin prices seemed to fall into a more miserable situation this month.
However, on the contrary, after the October currency price was calm during the Chinese National Day holiday, it climbed all the way to $13,000 in the middle of the month. Combined with the increase so far in November, a wave of Bitcoin’s big market seems to be bred by industry turmoil October. So, in this process, what are the fluctuations of the data on the chain? Next, let’s review and analyze the data on the chain in September.
In October 2020, the transaction volume on the Bitcoin chain was 76770155.37 BTC, which was 8.14% lower than the 83577456.2 BTC in September 2020.
In October 2020, the actual transaction volume on the Bitcoin chain was 17,175126.74 BTC, which was 5.89% higher than the 16,219040.76 BTC in September 2020.
From the comparison of Bitcoin price and transaction volume in the past two months, it basically fluctuates with currency price fluctuations. Especially in late October, the currency price rose sharply, and the transaction volume on the chain also experienced a significant jump.
In October 2020, the number of large-value transfers on the chain was 37,747, which was 4.83% lower than the 39,660 in September 2020.
Judging from the comparison of Bitcoin prices with the same period in September and October, after the currency price stabilized at 10,000 to 11,000 US dollars in September, the number of large transfers did not fluctuate significantly. After October 20, as the currency price rises, Bitcoin’s The number of large-value transfers on the chain has also jumped greatly, which also reflects the increase in the activity of exchange-related transactions on the chain.
In October 2020, the total number of transactions on the Bitcoin chain was 9,303,913, a decrease of 1.88% from 9,481,820 in September.
From the comparison of the number of transactions on the chain in the past two months with the price of Bitcoin, the fluctuations in the early period of September and mid-October were not large, but the number of transactions in the later period of the currency price increased instead.
Look at the number of active addresses, that is, the number of addresses that actively initiate transfers. The number of active addresses in October 2020 is 18030257, which is 3.60% lower than the 18,703,206 in September 2020.
From the perspective of the relationship between the number of active addresses and the currency price in the past two months, the number of active addresses in October has seen a slight increase in the currency price at the end of the month, but the overall change is not significant.
The above is the overall changes in chain transactions in October. It can be seen that after the currency price surpassed $13,000, the changes in data on the chain were mainly reflected in exchange-related data such as large transfers.
As the “O” in HBO, OKEx encountered a crisis in October. What impact will this have on the other two? How much impact will Huobi, which is considered to be similar to OKEx in terms of regional characteristics and policy environment, be affected? Will Binance, which is considered more international, be less affected? Will centralized exchanges be under pressure from users to withdraw coins? In the next part of the October data review, we will reveal to friends the latest trends of the exchange in October.
