QKL123 market analysis | Bitcoin computing power breaks 100 EH/s, Ethereum is accepted by BitPay (0917)

Abstract: Bitcoin's network computing power and mining difficulty continue to hit new highs, indicating that miners still have strong confidence in the market, and bitcoin's long-term upward trend remains unchanged. Affected by good news, short-term Ethereum performance is still strong. Recently, the market risk aversion has eased and it is expected to stabilize in the near future.

According to QKL123 statistics, at 13 o'clock on September 17, 2019, the total market value of the global Token market was 1,890.019 billion yuan, the total market value of 24-hour increased or decreased by -0.58%, the total turnover was 376.237 billion yuan, and the total turnover changed by +19.10%. Market activity has increased. The Babbitt Composite Index reported 13712.88 points, up 24 hours to -0.57%; the Alternative sentiment index was 41, a slight increase from yesterday (38), and the market sentiment was still fear.

Among the top ten encrypted assets in the market value (excluding USDT), ETH had the largest increase in 24 hours (+1.76%), and BNB had the largest decline in 24 hours (-2.67%). BTC rose by -0.71% in 24 hours, market share (67.52%) was slightly lower than yesterday, and market risk aversion was slightly lower. USDT's 24-hour ups and downs were +0.23%. Today's net inflow of funds was 21,408.30 million, up from yesterday. ChaiNext USDT's over-the-counter discount index was reported at 99.16, with a 24-hour rise to -0.70%.

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In the past day, Bitcoin's Google search relative value (peak 94) increased from yesterday (peak 97), higher than the seven-day average. The top seven countries in the heat are Nigeria (100), Ghana (38), South Africa (38), Brazil (36), Austria (36), Germany (32) and Switzerland (32). In the past day, the relative value of Google search for Ethereum (peak 100) was significantly higher than yesterday (peak 78). Among them, China's search heat ranked third and increased significantly.

Analyst's point of view:

Bitcoin's average network computing power exceeded 100 EH/s yesterday, more than doubled compared with the same period of last year, and the difficulty of mining this year is also a record high, indicating that the miners have confidence in the market performance in the coming period, that is, the expected bit The price of the currency will rise further, which also supports the inference that the upward movement will be turned on after the bitcoin adjustment is completed.

Last night, BitPay, the world's leading digital currency payment provider, now supports Ethereum, allowing users to make payment transactions without any integration. This is a long-term good news for Ethereum, and the short-term market has already been fermented.

First, the spot BTC market

Yesterday, the BTC dropped, and the lowest hit of $10070 was pulled back after a small amount of heavy volume. At present, BTC has oscillated around $10,200 and continues to explore the upper edge of the line-level triangle convergence interval. The possibility of a recent change has increased.

Fund face

As of 14:00, BTC's net inflow of funds today was 480,806,200 yuan, which was reversed from yesterday. Among them, the large outflow (greater than or equal to 1 million yuan) net outflow is 127.410 million yuan, the large single (between 300,000 yuan and 1 million yuan) net inflow is 72,737,500 yuan, and the medium single (between 50,000 and 300,000 yuan) net Inflow of 25018.17 yuan, small single (less than 50,000 yuan) net inflow of 29255.71 yuan. The market is mostly small and medium-sized.

2. Fundamentals

Yesterday, the average calculation power of BTC's entire network was 101.23EH/s, which was significantly higher than the previous day (84.70EH/s), a record high, and the long-term upward trend has not changed; the number of active addresses on the chain was 773,300, compared with the previous day (55.48 million). ) Significantly increased, approaching a one-month high. Yesterday, the number of coins destroyed was 3.826 million (historically smaller), which was lower than the previous day (467.05 million). The long-term uptrend was not destroyed.

Second, the spot ETH market

May be affected by good news, ETH continues to maintain the offensive, approaching the resistance level of 200 US dollars in the early hours of this morning, there is a certain callback demand in a short time. The relative price of ETH's BTC is currently fluctuating around the previous month's high of 0.0190 BTC, showing a strong short-term performance.

Fund face

As of 14:00, ETH's net capital inflow today was 62,326,900 yuan, an increase from yesterday. Among them, the large outflow (greater than or equal to 1 million yuan) net outflow of 138,552,700 yuan, the large single (between 300,000 yuan and 1 million yuan) net inflow of 82,456,100 yuan, in the middle (between 50,000 and 300,000 yuan) net The inflow of 160,157,600 yuan, the small inflow (less than 50,000 yuan) net inflow of 5,191,769 yuan. The market is mostly built with small orders.

2. Fundamentals

Observing the DappRadar statistics, the overall activity of the 24-hour ETH DApp has dropped, adding 5 DApps. Among them, the financial application MakerDAO's 24-hour active users 3.1k, 24-hour change -11.21%; game application My Crypto Heroes 24-hour active users 1.7k, 24-hour change -23.07%; trading application IDEX 24-hour active users The number is 445, 24 hours change +11.53%.

Third, the spot LTC market

Yesterday, it fell back to 69 US dollars and then increased its power. In the early morning, it hit a high of 73 US dollars in the previous few days, and it was short-lived. The LTC/BTC trading pair continues to move upwards and is currently oscillating around 0.0071BTC. It has a short-term heavy volume and is relatively strong against BTC.

Fund face

As of 14:00, the net inflow of LTC funds today was 239,201,100 yuan, an increase from yesterday. Among them, the large outflow (greater than or equal to 1 million yuan) net outflow of 34.83 million yuan, the large single (between 300,000 yuan and 1 million yuan) net inflow of 12757.72 yuan, the net inflow (between 50,000 and 300,000 yuan) net inflow The net inflow of 1993.57 million yuan and small orders (below 50,000 yuan) was 126.587 million yuan. The market is dominated by large orders and small orders.

2. Fundamentals

Yesterday, the average net computing power of LTC was 306.27TH/s, which was slightly lower than yesterday (307.68TH/s), which was close to a one-month low. After the halving of the block reward on August 05, the computing power has declined. This may be related to the withdrawal of some miners or the elimination of equipment, which will take some time to recover. Yesterday, the number of active addresses on the LTC chain was 97,600, which was close to a one-month high; the number of currency days destroyed (646.33 million, historically small) was slightly lower than the previous day (668.98 billion), and the long-term trend has not been destroyed.

Fourth, the spot EOS market

EOS yesterday dropped to 3.9 US dollars, and now rebounded to around 4.0 US dollars shock, EOS / BTC trading to the near 0.00040 BTC continued to oscillate, and there is heavy volume, short-term linkage bitcoin-based.

Fund face

As of 14:00, EOS's net inflow of funds today was 512,187,200 yuan, an increase from yesterday. Among them, the over-single (greater than or equal to 1 million yuan) net outflow is 4.814 million yuan, the large single (between 300,000 yuan and 1 million yuan) net inflow is 51.92 million yuan, and the medium single (between 50,000 and 300,000 yuan) net The inflow of 11,142,840 yuan, the small inflow (less than 50,000 yuan) net inflow of 363,953,300 yuan. The market is mostly built with small orders.

2. Fundamentals

According to DappRadar statistics, the overall activity of the 24-hour EOS DApp was slightly reduced, adding a new DApp. Among them, the number of 24-hour active users who applied Dice was 9.1k, which was -2.93% compared with yesterday; the number of 24-hour users of game PROSPECTORS was 3k, which was +0.78% compared with yesterday; the number of 24-hour active users of data application Lumeos was 1.5k. Yesterday changed -0.20%; trading application Newdex's 24-hour active users 1.4k, compared with yesterday's change -1.75%.

V. Analyst strategy

1. Long line (1-3 years)

The long-term trend of BTC is improving. At present, the high probability is in the stage of partial adjustment. The mad cow market is likely to arrive in the next one to two years. The relative price of the BTC of the intelligent contract platform leader ETH, the cottage coin LTC, and the DPoS leader EOS is close to the low of the year, and can be configured on a dip.

2. Midline (1-3 months)

In the near term, the market is expected to step out of the upward trend.

3. Short-term (1-3 days)

In a short period of time, the BTC or LTC small positions are backed by the support, and the ETH or EOS small positions are mainly high-low and low-suction, and the stop loss is broken.

VI. Appendix – Index Interpretation

1. Babbitt Composite Index

The Babbitt Composite Index (8BTCCI) consists of the largest and most representative Tokens in the global market for existing blockchains to reflect the price performance of the entire blockchain Token market.

2.Alternative sentiment index

The Fear & Greed Index reflects the emotional changes in the market, with 0 meaning “extreme fear” and 100 meaning “extreme greed”. The indicators include: volatility (25%), trading volume (25%), social media (15%), online questionnaire (15%), market share (10%), trend (10%).

3.USDT Off-exchange Discount Index

The ChaiNext USDT Off-Site Depreciation Index (USDT OTC INDEX) is obtained by dividing the USDT/CNY OTC price by the offshore RMB exchange rate and multiplying by 100. An index of 100 indicates USDT parity, an index greater than 100 indicates a USDT premium, and a value less than 100 indicates a USDT discount.

4. Google search trends

This refers to Google web search data results, the relative value of the search in the specified time and region: the hottest record of 100, the heat accounted for the highest half of 50, there is not enough data of 0. Note: The higher the score in a country, the higher the percentage of search terms in all local search terms, and does not mean the absolute number of searches.

5. Net inflow of funds (out)

This indicator reflects the inflow and outflow of funds from the secondary market. By calculating the difference between the inflow of funds and the outflow of funds on the global exchange (not including false transactions), positive values ​​indicate net inflows of funds, while negative values ​​indicate net outflows of funds. Among them, the turnover is calculated as the inflow of funds when the rise, and the turnover is calculated as the outflow when the decline occurs.

6. Coin-day destruction

Bitcoin Coindays Destroyed refers to the product of the number of Bitcoins traded on the chain and the number of days of Bitcoin holdings. The larger the value, the greater the risk of selling pressure on the secondary market. BTC currency day destruction number classification: greater than or equal to 100 million is the maximum value; 50 to 100 million is the larger value; 10 to 50 million is the median; less than or equal to 10 million is the smaller value. LTC currency day destruction number classification: greater than or equal to 500 million is the maximum value; 100 million to 500 million is the larger value; 50 to 100 million is the median; less than or equal to 50 million is the smaller value.

7. Number of active addresses on the chain

The number of active addresses on the chain refers to the number of addresses in the chain address of the block chain. Usually, this indicator can reflect the activity level of a chain of a public chain, and the demand activities under the chain such as secondary market transactions and wallet use will have a greater impact on it.

Note: Encrypted assets are high-risk assets. This document is for decision-making purposes only and does not constitute investment advice.

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