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According to the latest research report of the blockchain forensics startup Chainalysis, among all the cryptocurrencies in the first quarter of 2021, the top four trading volumes are stablecoins (US$869 billion), ETH (US$840 billion), and wETH (US$635 billion). ) And BTC (623 billion U.S. dollars).
Classified by wallet holders, investors hold 73% of Bitcoin, while Ethereum holds only 58%, and the stable currency USDT_ETH holds 43%. At the same time, only 7% of Bitcoin is held by traders who tend to seek short-term gains by trading between a wider range of assets, compared to 18% for Ethereum and 14% for USDT_ETH. It can be seen that Ethereum is where the new capital flows in.
It can be seen that:
- Bitcoin is mainly used for long-term investment;
- The transaction frequency of Ethereum is higher than that of Bitcoin, and its main purpose is to power the new DeFi platform;
- Stability ratios such as Tether are the most frequently traded type of encrypted assets. Their main two use cases are for transaction settlement on exchanges and for traders to wait for new trading opportunities to deposit funds in exchanges.
The crypto winter has arrived. In the surrender phase, Bitcoin may fall to $10,000, because Bitcoin continues to repeat the same pattern based on the halving event every four years. Chambers added that Bitcoin may fall to $7,000 during the surrender phase, but it will not stay at this level for a long time. However, he sees this as an opportunity to accumulate money.
As of the end of June, the total value of DeFi (TVL) reached 117.6 billion U.S. dollars, and by the end of June 2020, it was only 773 million U.S. dollars, an increase of more than 15170% in just one year. Among them, Ethereum has more than 80 billion US dollars of funds. The second is Binance Smart Chain (BSC), with $13.4 billion. This is the growth rate of this industry. A country’s GDP growth rate of 8% is a high-speed development, while the high growth rate of traditional industry is 10-20%. The current growth rate of the Internet industry is 30%-50%, and the average growth rate of cryptocurrencies is still growing at several times a year. How can this not be a wealth-creating market? High growth means big opportunities.
Bitcoin is trading sideways to build the center, but changes in the market environment in the short term may not allow the market to support 33,000. It is likely to fall back to 31,000.