The price of BTC fluctuates while the heat of Metaverse remains
Rainbow Bitcoin Weekly 21.11.15
Hello, Snoopy here! 🐶
Apart from our Rainbow Crypto Expo, we are also bringing you the Rainbow Bitcoin Weekly — An analysis of Bitcoin indexes in the past week.
Let’s take a look now! 🌈
The price trend of BTC of last week fluctuates rapidly which can be clearly seen from the daily candlestick chart’s boll. Today’s critical ratio of the candlestick chart is much below optimistic. The volume ratio is still falling with no signs of bouncing back. Although the On-Balance-Volume keeps increasing but remains below average with non-sufficient power of bouncing back due to the massive resistance of breaking through. The market is still fluctuating in a certain range of steady. Therefore, it provides ample opportunities for copycat coins. As a result, a large portion of the funding from the market will be transferred from BTC into smaller currencies.
Metaverse NFT has still been the most popular topic over the last week. Governments and corporations have expressed their support to the conception of the Metaverse. One of the big four record companies, universe music, has announced that they are expanding their business into Metaverse. It is expected that Metaverse will be the trending topic in the second half-year.
What happened last week:
- The search volume of NFT and NFT purchasing has reached the highest in history. This means individual investors are entering the market.
- The destruction amount of ETH for this month has already reached 91.4 thousand. The supply of ETH has decreased by 1,181 ETH.
- The daily NFT trading value on the ETH chain of OpenSea has broken through 100 million USD again.
- The Korean government is planning to forge the “Korean Metaverse Tourism platform” with Metaverse Technology.
The recap of the additional data analysis for this week is down below.
Number of on-chain Bitcoin Transactions
The number of on-chain Bitcoin transactions has reached a new peak of 335 thousand transactions which is the highest for the last 7 months (Starting April 15th this year). This is an increase of 40 thousand transactions compared to the peak of the week before. The on-chain Bitcoin trading appears to be continuously popular. Generally, the number of Bitcoin transactions is getting rapid growth recently.
From February of 2018, the number of on-chain Bitcoin transactions keeps increasing slowly. Not only does the number of on-chain Bitcoin transactions symbolize the core value of Bitcoin, but also being an important supporting factor of Bitcoin market price. Currently, the Number of On-chain Bitcoin transactions is showing a rapid growth in the short term.
Hashrate of Bitcoin
Among the whole network, last week’s average hash rate of Bitcoin has been flat compared to the week before. There are barely any fluctuations. The highest of last week has reached 175.3 Ehash/s while the lowest has reached 146.1 Ehash/s. The number of on-chain transactions has been steady. The value of the Bitcoin hash rate among the whole network has been doubled since the low point in June this year. Hash rate is considered as the basis of Bitcoin since it directly affects the market price of Bitcoin. It is fair to say that the hash rate is the core stone of Bitcoin’s long-term value.
Bitcoin Supply on Exchange Wallets
Last week’s reserved amount of Bitcoin upon each mainstream exchange has been decreased to a total of 1.314 million BTC which is 7449 BTC less compared to the week before. The pressure of selling off is decreased which means the risk of Bitcoin’s market price falling off massively is small. The supply of Bitcoin among exchange wallets has been maintained to an approximate ratio of 6.3%. The circulation of Bitcoin of last week remains constant compared to the week before.
The supply of Bitcoin among exchange wallets is a vital index to monitor the trajectory of Bitcoin’s market price. The net inflow foreshadows the large pressure of selling off their Bitcoin while the net outflow indicates that the investors are more likely to hold their Bitcoin.
The open interest of Grayscale Trust
The grayscale BTC trust has underweighted 249 BTC in the last 7 days which results in underweight of 1031 BTC in the last 30 days. The ratio of underweight remains constant. The Grayscale BTC Trust has always been outflowing. Right now, the Grayscale BTC Trust’s open interest is 646542 BTC. The Grayscale Bitcoin Trust’s OTC premium rate is -13.79%.
USDT Premium Rate
Last week’s USDT premium rate on November 13 is 1.00030125. The USDT premium index is the ratio of USDT/USD and it reflects the volume of fund which enters the market.
Fear & Greed Index
Last week’s fear & greed index generally remains constant. The average fear & greed index fluctuates between 70 to 75 meaning the market is fairly confident with the trending of the price. However, the greed index maintaining a relatively high value in the long term often foreshadows the risk of massive falling off. It is recommended to carefully manage the investment for controlling risk. Fear & Greed Index, also known as VIX (Volatility Index). It is originally a stock market index that contains many factors such as market volatility, market trading volume, social media heat, and Google buzzwords analysis. The threshold of this index is 0 to 100. The lower index indicates the investors are more likely to sell while the higher index indicates the investors are more likely to hold. Fear & Greed index can be used to predict the potential risk for helping to make investment decisions. An extremely low fear & greed index could bring potential opportunities for buying while an extremely high fear & greed index could bring massive change to the market.
Google Search Trend
Recently, “Bitcoin” related buzzwords’ search volume has rarely fluctuated compared to the week before. The word “bitcoin’s search volume is 56 which is a slight increase to the week before. It is at the normal level of this year.
Disclaimer by Snoopy the CCO: This article is NOT in any form an investment recommendation, please research carefully before you make any investment decisions. The price of bitcoin is $64,000 while this article is being written.
Written on 2021.11.15