The bitcoin transaction volume has reached a new high, and the price has not reached a new high and is undervalued.

At the beginning of 2019, Bitcoin opened a bull market after a year-long bear market. As of the end of the year, the company has stabilized $9000 from a low of $3,000. Through Coinmaketcap data, we can intuitively feel that the current trading volume of Bitcoin has exceeded At the end of 2017, bitcoin reached the highest transaction price of $20,000. The transaction volume has reached a new high, while the price has not reached a new high. The value of Bitcoin is underestimated?

We can probably feel that in 2017, bitcoin and other cryptocurrencies ushered in explosive growth in a short period of time. In particular, Ethereum officially launched the 1CO period. Various altcoins have soared dozens of times in a short period of time because of the use of Crowdfunding has also produced amazing power. It is necessary to know that the market value of Ethereum is approaching the market of Bitcoin. Some people in the market think that Ethereum will surpass Bitcoin. Currently, it is only 1/6 of the market value of Bitcoin. .

In fact, the outbreak of the cryptocurrency market in 2017 is a false prosperity, which is a market over-expectation of the cryptocurrency market and the blockchain's subversive effect on the traditional market. With the early public hotspots of the major public online lines, its application has not seen obvious results, so in 2018, the entire market is in the process of defoaming, even Bitcoin fell from 20,000 to 3,000 US dollars. The decline was over 80%, and other currencies basically fell more than 90%.

(Photo from Reddit Forum)

After a whole year of bubble digestion, in 2019, the cryptocurrency market such as Bitcoin began to pick up. It is necessary to know that this is in the global trade friction, the financial environment is unstable, and the market is heating up, so it attracts major financial institutions. Note that Facebook, JP Morgan Chase, NYSE, NASDAQ and Fidelity Group are particularly important in the United States and around the world.

At the same time, these institutions have also attracted a large number of users to participate in the cryptocurrency market. As we have seen, the current trading volume of Bitcoin has exceeded the transaction volume of the highest price of 20,000 US dollars at the end of 2017. The transaction volume is high, but the price is not new, and the value is underestimated? Let's make a conclusion first, it may be.

First, the market is maturing. There is a market that is skyrocketing and plunging. It must be an immature market performance, mainly reflected in market manipulation. This means that a large number of bitcoins were mainly concentrated in the hands of a few people, which led to the bias of a few people to forcibly reverse the direction of the market. In the bubble of the year, more bitcoins are scattered among different groups of people, which makes the mood more and more close to balance. This is also the concentrated expression of full competition in the market. Full competition is more and closer to value in price performance. Deviation from value will move closer to the real value range, and the market will become more mature.

Second: the depth of the transaction is re-precipitated. Using time to weaken the spatial difference in exchange for a higher transaction depth, we can call this process the process of bottoming or topping, for the sake of the subsequent accumulation. Based on the current market fundamentals and mainstream bias, this is a bottoming process, probably waiting until BT halving by 2020 to release its backlog.

Third: the stock market is accumulating. First of all, from the point of view of maintaining the secure market for Bitcoin security, Bitcoin’s network computing power continues to record high, meaning more people have joined the Bitcoin mining market. The mining market mainly includes manpower, power, mining chips, etc. Of course, there are more users flooding into the market. Whether it is from the Baidu Index or the Google Index, it has been showing for nearly half a year, and users continue to grow… The stock market has been accumulating and has not yet erupted.

In summary, we can probably conclude that the current value of Bitcoin has the possibility of being underestimated, but it does not anchor any valuable assets in itself, and there is still a high risk. It still needs attention, because no one is. Knowing tomorrow and meaning which one comes first, if there is no belief in world currency, it is better not to participate in this market.

Author 丨莱道君

Source 丨莱道 blockchain (laidaoblockchain)