Analysis of key indicators of the cryptocurrency market in 2020

Larry Cermak, Research Director at The Block, is confident that the mood of crypto market participantsdramatically changed in January.

“In cryptocurrencies, the mood determines everything. "Almost all indicators increased compared to the previous month, most reached six-month highs."He writes.

So, the volumes of "full" cryptocurrency exchangesrose from $ 39.83 billion to $ 67.53 billion. The growth was 70%, as a result of which it was possible to reach a five-month high. This is also the largest increase since April last year. The price of bitcoin then rose above $ 13,000.

</p>

The volume of trades in perpetual swaps on Bitcoin (BTC) exchanges BitMEX in January jumped by 55%. This is the first case of an increase in the last 8 months.

</p>

Cryptocurrency exchange traffic also jumped noticeably. Due to this value, it is possible to accurately follow the interest of retail investors. The number of visits increased from 79.8 million to 94.3 million. The first rise since April.

</p>

Estimated volume increased, although by a smaller share - 19.7%.

</p>

Bakkt has continued to attract increasing activity since its launch in September. The volume of open positions is currently at an absolute maximum and amounts to about $ 15 million.

The average daily trading volume peaked in January:

• September - $ 1, 21 million;
• October - $ 2.15 million;
• November - $ 15.16 million;
• December - $ 21.55 million;
• January - $ 26.45 million (an increase of 18%).

</p>

However, Bakkt is stilla relatively small trading platform amid the Chicago Mercantile Exchange (CME). On average, CME trading volumes are 17 times higher than Bakkt. The average daily CME trading volume in January increased by 144%. In addition, the volume of active positions is now three times higher than the values ​​of the end of December.

</p>

“In general, the market shows signs of a reversal of sentiment. This does not happen so often. The last time, in my memory, it was in April "- adds Chermak.

Positive changes are observed and analystsWeiss Rating Agency. On February 7, they announced an increase in Bitcoin's rating to “A-” (excellent) “due to improved fundamental characteristics and positive course behavior in anticipation of halving.”

At the time of publication, Bitcoin for the first time in 2020 overcame the $ 10,000 mark:

</p>

5
/
5
(
1

voice
)