Who is blowing the bull market charge?
In the past month, the price of the currency has generally risen, and the price of Bitcoin once rushed to around $9,000, which seems to make many people see the hope that the bull market is coming. In the transition between bears and bulls, who is making great strides, and whether new market trends are being revealed behind it.
PAData analyzed the top 30 cryptocurrencies in circulation on CoinMarketCap as of June 4 and found that since the end of March, the total market value of the TOP 30 cryptocurrencies has continued to rise moderately, rising from $130.4 billion at the end of March to $2432 in early June. billion U.S. dollars, an increase of about 86.5%. In the past 30 days, the average increase of the TOP 30 currencies was as high as nearly 33%. And BSV once again "became a monster", the currency price and market value have soared by 300% in the past month.
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Maker fell 6 places, and Cosmos ranked 15th
Compared with the previous two statistics, the overall pattern of the top 30 cryptocurrencies by market capitalization remains unchanged. 90% of cryptocurrencies fluctuate within the TOP 30 range. BTC, ETH, and XRP rank among the top three by market capitalization. In addition, the market capitalization rankings of BNB, BAT, GOGE, XMR, NEM, and USDT are also the same as last time.
Under the halo of Defi, Maker has dropped 6 positions in the market value ranking this time, which is the one with the largest drop in the market value TOP 30. At present, TRON, which is in the vortex of public opinion because its founder Sun Yuchen bought Buffett’s charity lunch at a historically high price, has dropped one place in its market capitalization ranking compared to the previous statistical day and remained basically stable. The market value rankings of well-known domestic public chain projects NEO, ONT, and VET have also declined.
The replacement rate of this statistics is 10%, that is to say, a total of 3 project tokens entered the TOP 30 market capitalization, namely BTG (Bit Gold), LINK (Chainlink) and ATOM (Cosmos), and the one that was replaced out of the TOP 30 was WAVE , OMG, QTUM. Among them, ATOM ranks 15th in market capitalization, BTG ranks 25th in market capitalization, and LINK ranks 30th in market capitalization. It is worth noting that ATOM, the token of Cosmos, which focuses on cross-chain technology, only landed on major exchanges in early April, and its market value entered the TOP 30 one month after its listing, which shows the enthusiasm of the market for it.
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The average increase in market value within 30 days is about 33%
Since the end of March, the total market value of the TOP 30 cryptocurrencies has continued to rise moderately, from $130.4 billion at the end of March to $243.2 billion in early June, an increase of about 86.5%.
In the past 30 days, among the TOP 30 cryptocurrencies, only BAT’s market value fell by 8.37%. This is a project trying to solve the problem of advertising display in browsers and user incentives, but the reason for the downturn is unclear. The market value of the other 29 project tokens has increased, and the highest increase is BSV, whose market value has tripled in the past 30 days. BTG, ETC, ETH, LINK, MIOTA, and XEM also saw a market capitalization increase of more than 50%.
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BSV skyrockets by over 300%, BTC has the least volatility
During the past observation period (2019/03/25-2019/06/04), the TOP 30 cryptocurrencies basically had no additional issuance, so the performance of the currency price and market value is basically similar.
From the perspective of currency price performance, BSV is the currency that has risen the most in this round of bull market. In the past 30 days, the currency price has skyrocketed by 308%, from the closing price of $54.16 on May 3 to $221 on June 3. This is equivalent to "eating" to the daily limit in A shares for a month in a row.
In addition to the skyrocketing BSV, the average price increase of other mainstream currencies in the past 30 days is about 32% (including 95%CI). Among them, BTC rose by about 42.31%, and BTG (50.32%), ETC (55.02%), ETH (50.41%), LINK (77.87%), MIOTA (50.54%) and XEM (55.38%) were the six that rose more than BTC. cryptocurrencies.
If stable coins are not counted, only BAT and CRO among the top 30 cryptocurrencies by market capitalization have seen their prices drop in the past 30 days, with BAT dropping as much as 8.94%.
In addition, there is no correlation between the market value and the stability of the currency price, that is, the higher the market value, the larger the market, does not mean that the cryptocurrency is more stable. Except for stablecoins, BTC is the least volatile among the top 30 currencies by market capitalization. The average daily fluctuation in the past 30 days was only 5.96%, which is far below the average level of 9% (including 95% CI). The volatility of Dogecoin, which ranks 28th by market value, is second only to BTC, with an average of 6.58% in the past 30 days. MKR volatility is also relatively low, averaging 6.88% over the past 30 days.
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BTC active addresses reached 610,000, mining difficulty increased by 11.26%
After Bitcoin opened the upward channel, what is the fundamental situation of its transactions? According to data from BitInfoCharts, since March this year, when the currency price continued to rise, the number of active addresses and the number of transactions also increased. In May this year, the average number of active addresses was about 370,000, and the number of transactions was about 690,000, an increase of 100,000 and 170,000 respectively compared with the bear market period in December last year.
However, a senior cryptocurrency investor told PANews: "This wave of market prices is mainly the result of large domestic and foreign households pulling orders." Therefore, from the time series, the number of active addresses and the number of transactions are not the same as the currency price. gradually increased over time. This is different from the bull market from the end of 2017 to the beginning of 2018, which resulted in an order-of-magnitude increase in the number of active addresses. The Maverick market this time does not actually represent the expansion of the actual market size/user group.
In addition, according to the data of BTC.com, the latest adjustment of BTC mining difficulty occurred on May 31, and the difficulty was increased by 11.26%, which exceeded the historical average (median) level. The last difficulty adjustment that exceeded the historical average (median) level occurred on January 1, 2019, when it was increased by 10.03%, and the last difficulty increase that exceeded 11.26% occurred on July 29, 2018, when it was increased by 14.88% %.
However, the increase in mining difficulty does not mean that the currency price has risen or is about to rise. According to the correlation analysis, the adjustment of mining difficulty has no direct correlation with the currency price, the number of active addresses and the number of transactions.
[1] Since February 24, 2010, when there is a record of difficulty adjustment (0% is regarded as no adjustment), the median value of difficulty adjustment is 7.57%.
