Research report | Bitcoin trend is stable, small and medium-sized currencies enter the differentiation adjustment period

First, weekly industry dynamics

1. As of today, the total market value of the encrypted goods market is 173.552 billion US dollars, down 2.77% compared with the previous week;

2. The volume of the entire cryptocurrency market in the last week was 348.629 billion US dollars, down 17.43% compared with the previous week's trading volume of 422.224 billion US dollars, up 46.78% compared with the volume of 237.523 billion US dollars two weeks ago;

3. BitMEX, a well-known digital currency futures exchange, is considering issuing short-term bitcoin bonds;

4. “Bitcoin Jesus” Roger Ver said that he still holds BTC, but is more optimistic about BCH;

5. The French Parliament passed a new bill that would allow life insurance to invest in cryptocurrencies through professional funds;

6. The New York Financial Services Authority (NYDFS) rejected Bittrex's Bitcoin license application and ordered Bittrex to cease operations in New York State.

Second, the trading market: market differentiation, trading volume fell

It can be seen that the overall cryptocurrency market has a large correction in the past week. From the weekly line, the BTC trend is relatively stable, and the price is basically the same as the previous week's closing price. However, other small and medium-sized currencies with larger gains in the previous period began to call back, most mainstream currencies. The price has dropped by around 9%, while some small currencies that lack liquidity support have fallen by more than 20%. At the same time, the volume of cryptocurrency market transactions has also fallen, and some profit-making discs may have a phased withdrawal.

Source: CoinMarketCap

In the past 7 days, except for Monero, the trading volume of other mainstream currencies has decreased year-on-year in the past 7 days, the biggest drop is BSV. JRR Research Institute judges that its trend may be affected by the negative news of Aberdeen and the increase of BCH price. The struggle for the impact. As far as possible, the trading volume has declined. Recently, except for BTC, the prices of ETH, BCH, EOS, TRX and XMR have increased slightly.

Mainstream currency exchange prices and trading volumes

Source: CoinMarketCap

 

Third, ETH computing power bottoming rebound

As shown in the following figure, since April, the computing power of each mainstream currency has risen to a certain extent, especially ETH, and its computing power has completed a staged bottoming out. The computing power of LTC and Dash continued to rise, while the computing power of BCH and BSV declined slightly, but the trend of computing power between the two is still relatively obvious.

Nearly March BTC network computing power

Nearly March ETH network computing power

LTC full network computing power in March

Nearly March Dash network computing power

The network computing power of BCH and BSV in recent March

Source: Bitinfocharts

Based on the electricity cost of 3 Mao and the cost parameters of mainstream miners, the estimated number of days of the current major currencies is as follows:

Data source: JRR measurement

 

Fourth, J RR 30 index trend

According to the latest data released by the JRR Institute, as of 12 noon on April 15, 2019, the JRR 30 index closed at 2,913.50 points, up 0.13% on a single day. Since the establishment of the JRR 30 Index on January 1, 2017, the cumulative rate of return has been 2793.50%, while the cumulative rate of return of BTC has been 417.64%, and the cumulative yield of ETH has been 1954.35%. Since the cryptocurrency market has adjusted in the past week, it can be seen that the JRR 30 index has fallen by about 6.62% in the past week.

V. The trading volume of stable coins fell back

We have chosen to observe the trading situation of stable currency in the past week. We can see that the total turnover of stable currency in the most recent week was 101.251 billion US dollars, down 21.73% compared with the previous week's 129.361 billion US dollars. USDT's average daily turnover in the past week was 14.25 billion US dollars, accounting for 98.52% of the stable currency transaction volume, which was basically the same as the previous week. The second and third stable currencies were TUSD and PAX. The average daily turnover in the past week was US$91.97 million and US$80.45 million. Compared with the previous week, TUSD volume fell 18.27%, and PAX volume fell. 21.22%. The GUSD into a trading volume this week was basically the same as the previous week. The current daily trading volume of GUSD is about 7.53 million US dollars, which is only 3.63% lower than last week's data.

Source: Coinmarketcap

Sixth, EOS- based D App still dominates

The DApp list has changed very little. It can be seen that EOS-based DApps still dominate, while wave-based high-risk DApps still account for 11% of the total list.

Source: DappRadar

 

Seven , the market summary

In the past week, the BTC trend was relatively stable, and its weekly closing price was basically the same as the previous week's closing price, while other small and medium-sized currencies with larger gains in the previous period began to step out of the differentiation adjustment. In addition, since entering April, the computing power of all major currencies has risen to a certain extent, and the computing power of LTC and Dash continues to rise, while the ETH computing power has begun to bottom out, in addition to BCH and BSV. The computing power has declined slightly, but the trend of computing power between the two is still relatively obvious.

Note: This article only represents the author's own views and does not constitute any investment advice.

(Source: JRR Institute)