Today we talk about BITCOIN—Bitcoin, currently the world’s No. 1 cryptocurrency by market capitalization. Want to know how it's been doing recently? Is the market going up or down? What other important events deserve attention? Don’t worry, follow me and take a look!
Bitcoin price analysis
The price of Bitcoin in the past 24 hours was US$35,798.60. The highest price in 24 hours reached US$36,760.48, and the lowest price was US$34,770.93. Over the past week, its weekly change rate was -4.10%, while monthly change rate was +2.30%. Despite the losses this week, the price increase in the last 24 hours points to greater market volatility in the short term.
historical price trends
Bitcoin’s price history shows that it has experienced significant price increases since January 2022. From about US$7,000 at that time to over US$35,000 now, it has increased more than 5 times. This trend shows long-term investors' growing confidence in its value and future potential.
Trading volume and market capitalization
Bitcoin's trading volume and market capitalization changes are also important indicators for evaluating its market dynamics. Bitcoin trading volume will surge in 2024, mainly due to institutional adoption, regulatory changes and market dynamics. Specifically, on December 29, 2024, the total Bitcoin transaction volume in that month reached more than 4.3 million, setting a new high. Compared with the data in December 2023, it has increased by more than 80%. The activity of some exchanges has also increased significantly, and some have even increased by 250%.
These data not only indicate growing investor interest in Bitcoin, but also reflect increased market depth and liquidity. Therefore, when trading volume surges and is accompanied by market growth, it can be a positive sign that investor confidence is increasing and the market outlook is promising.
On-chain analysis
On-chain analytics is a method of assessing the health and user engagement of a cryptocurrency by analyzing activity on a blockchain network. For Bitcoin, important indicators include:
1. Number of unconfirmed transactions per day: This is a key metric for measuring network activity. If this number continues to grow, it would indicate high demand for transactions on the network, which could indicate investor optimism about the market.
2. Number of active addresses: The number of active addresses refers to the number of addresses with at least one UTXO (unspent transaction output). This metric helps us understand how many wallets are actively participating in trading activity. If the number of active addresses grows, then it can be inferred that the health of the network is good and user engagement is rising.
investment advice
It is very useful for investors to pay close attention to indicators such as Bitcoin’s price movements, trading volume, market capitalization, and on-chain activity. This data can help them predict future market trends and make investment decisions at the appropriate time.
Additionally, Indian cryptocurrency investors can leverage the 8ucoin platform to buy, sell and store their digital assets. The platform has an NBFC license and provides users with a safe and reliable environment to conduct transactions. At the same time, 8ucoin also provides a wealth of educational resources and support services to help novice investors better understand and participate in the cryptocurrency market.
Okay, that’s all for today’s talk about BITCOIN coins! Hope it helps everyone.
