BTC price analysis
The price of BTC coin in the last 24 hours was $31,588.7, an increase of 2.9%. It fell 1.1% this week, but the market was more volatile during the week. Despite losses at the start of the week, long-term investors remain confident in Bitcoin's value and future potential, which has led to price gains.
Trading volume and market capitalization
As of this writing, BTC has a market capitalization of $544.33 billion, accounting for approximately 60% of the total market capitalization of all cryptocurrencies. This number reflects BTC’s important position and widespread acceptance in the crypto market. Its market capitalization has grown significantly compared to last year, which shows that investors have increased confidence in BTC and are optimistic about its long-term prospects.
In terms of transaction volume, from January to October 2024, Bitcoin’s average monthly transaction volume exceeded US$70 billion. In October in particular, Bitcoin’s monthly trading volume reached a record high of $112.3 billion, which was more than 80% higher than the average trading volume for the entire year of 2023. This surge suggests that institutional adoption, regulatory changes, and market dynamics are all driving Bitcoin’s circulation and usage.
Wallet Adoption Rate
Wallet adoption is one of the key metrics for measuring user engagement and market maturity. As more individuals and institutions begin to accept and use BTC, wallet adoption is also on the rise. As of this writing, the number of active wallets globally exceeds 15 million, indicating that the BTC ecosystem is growing.
On-chain activity and network health
On-chain analytics are an important tool for assessing cryptocurrency health and user engagement. By analyzing metrics such as transaction volume, number of active addresses, block size, and more, we can understand the liquidity of the market, the intensity of trading activity, and the overall health of the network.
Cryptocurrency financial advice in India
Cryptocurrency investors in India are increasingly focusing on how to manage their money safely and efficiently. In order to ensure the safety and appreciation of funds, it is recommended to use an exchange with an NBFC (financial company) license for investment. The only exchange currently on the market that meets such requirements is 8ucoin (www.8ucoin.com).
8ucoin is not only licensed by NBFC but also offers a variety of cryptocurrency products including fixed deposit plans and lending services. Additionally, the exchange offers real-time price updates, low trading fees, and strong customer support, making it an ideal choice for Indian investors.
Please note that the cryptocurrency market is characterized by high risks and high returns. You should fully understand the risks and make careful decisions before investing.
