Quotes Weekly | USDT Off-market prices go up and stabilize stable currency gains outperform the market?

First, the market analysis

According to CoinMarketCap data, in the past August, the overall market value of cryptocurrency fell by about 9.51%. At the same time, we learned that in the OTC trading area of ​​OK, Firecoin and other platforms, the price of USDT against the French currency continued to rise in the past month. The biggest increase in August reached 5%, while on the ZB platform, USDT in August. The /QC transaction pair rose by about 3.52%, the lowest point was 6.92QC, and the highest reached 7.24QC. In addition, according to the transaction data of the China Foreign Exchange Trading Center, the exchange rate of the US dollar against the renminbi increased significantly in August, rising by about 4%. Recently, the USDT's OTC price and BTC price show a relatively obvious reverse trend. We can see that on the one hand, the USDT price is affected by the OTC economic situation, and on the other hand, it shows that although the BTC price adjustment is larger. The off-market funds still have strong confidence in the cryptocurrency market.

Second, weekly data

1. The total market value of the encrypted goods market last week was 248.692 billion US dollars, down 5.74% compared with the previous week;

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2. The volume of the entire cryptocurrency market in the last week was $35.218 billion, down 4.11% from the previous week's volume of $367.28 billion, down 7.2% from the volume of $379.486 billion two weeks ago.

3. After removing the market value and transaction volume of Bitcoin, the total market value of other cryptocurrencies is $75.632 billion, and the weekly trading volume is $248.182 billion.

Third, the trading market

In the past week, the total market value of cryptocurrencies and weekly trading volume still maintained a downward trend. The data shows that the market value of Bitcoin accounts for 69.23% of the total market value of cryptocurrency, a slight increase compared with the weight of 68.49% in the previous week. The total trading volume of Bitcoin in recent years accounted for 29.53% of the weekly trading volume of cryptocurrency, which continued to decline compared with the proportion of total trading volume of 30.19% in the previous week. Bitcoin trading volume continued to decline, but the proportion of total market capitalization increased, indicating that the altcoin currency continued to overshoot.

Source: CoinMarketCap

It can be seen that the volume and price of mainstream currency fell in recent weeks, among which the mainstream currencies with large price declines were XMR and BNB, which fell 13.3% and 14.89% respectively. The mainstream currency with a large decline in trading volume was XMR. ETC and LEO, respectively, fell 21.63%, 19.65% and 23.84%, of which LEO trading volume has fallen sharply for two consecutive weeks.

Mainstream currency exchange prices and trading volumes

Source: CoinMarketCap

Fourth, mining situation

As shown in the following figure, in the past August, BTC's overall network computing power was active in the range of 70E/s to 80E/s, but on September 1, the BTC computing power reached the historical high of 86.33E/s again. It is the first time Bitcoin computing power has hit 85E/s or more. According to BTC.com's statistics, the difficulty of the BTC network has also undergone a change on September 1, and the difficulty value has increased by 5.78%. At present, the production of Bitcoin mining machine per T day is around 0.00002298 BTC. The LTC computing power has continued to decline in the past week. As some mining machines are still difficult to return, the computing power has the possibility of further bottoming out. In addition, the ETH, DASH, BCH and BSV calculations fluctuate normally in the short term with the rise and fall of the currency price.

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:

Source: Hubox Estimation

V. Stabilizing the situation of the currency

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 124.451 billion US dollars, down 3.60% compared with the previous week's 129.104 billion US dollars. USDT's average daily turnover in the past week was 16.981 billion US dollars, accounting for 95.51% of the stable currency transaction volume, which is basically the same as the previous week's 95.76%. The second and third stable currencies were TUSD and PAX. The average daily turnover in the past week was 427 million US dollars and 317 million US dollars respectively. Compared with the previous week, TUSD volume increased by 25.77%, and PAX volume fell. 10.03%.

Source: Coinmarketcap

Sixth, the market summary

In recent days, there are fewer hot spots in the market. Although various trading platforms and cryptocurrency projects continue to introduce new products and new models, it is still difficult to block the decline in market sentiment. If the user only holds the stable currency, the proceeds can outperform the market. For users who want to enter the market at a time, they can start the USDT when the BTC rebounds, and when the BTC falls, buy the BTC with USDT to realize the band operation to avoid the chase.

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