BTC Faces A Spike in On-Chain Activity

News / 10.04.2020

Last week, Bitcoin recorded outstanding growth trading with more balance and less price volatility. This remarkable surge has seen BTC trading at the $7k zone. 

Bitcoin whales have significantly contributed to the coin’s sudden growth because they have accumulated many coins since the market crash in March. Bitcoin seems to have an outstanding strength that could see it through to stability in the market.

A recent weekly report by Glassnode shows that BTC recorded a significant growth as observed in its transaction volume. The report noted an increase of more than 23%. Additionally, there was an increase in the number of active traders that saw Bitcoin rising from $6.7k to $7.5k. 

Since April, two positive news have been reported. One came from Binance, where the company announced to have acquired the largest data monitoring resource in the field, CoinMarketCap. The other report stated that a viable cure or COVID-19, the virus responsible for the ongoing pandemic would probably be available by the end of the year. 

Other Cryptocurrencies’ Performance

Bitcoin ended the week trading at $6,182 and seemed to raise the price even further. Etherium recorded a 15% increase throughout the week and broke beyond the resistance barrier at $140. On the other hand, Ripple RP has seen a tremendous increase of 4% in the past couple of days. Other cryptocurrencies with a notable increase include Tether, Litecoin and TRON.

CoinMarketCap is one of the most extensive cryptocurrency market analysis and tracking websites to be acquired by Binance. CoinMarketCap acquisition proves that the crypto market is a credible player among other financial markets.

Next Week Probable BTC Market

The Bitcoin value should stabilize its price even further in the next week. However, the coronavirus crisis might negatively impact other financial markets. BTC should drag along most of the altcoins and help them trade in the green as it surges.

Any positive news regarding a possible coronavirus vaccine will help stabilize the market by the end of the year.

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.