Interdax’s overview of the cryptocurrency market, including fundamental metrics for bitcoin (BTC) and ether (ETH), technicals and sentiment.
Fundamentals: Top 5
With the spread of coronavirus, all assets took a dive including safe havens such as gold. The demand for cryptocurrency also fell, as shown by the mostly large decreases in the number of active addresses and the mean transaction fees over the past week. Only BSV showed positive growth in the mean transaction fee. The mean transaction fees for BTC and XRP fell around 25%, while ETH saw a much larger decline of 56%.
Active addresses growth was negative for the top 5, except BTC. A similar trend is observed in the number of transations, which are negative for all but BTC and BSV. In fact, the 7-day average of active addresses for BTC is reversing from the lows seen in late February while a fresh 2020 high for the 7-day average of the number of transfers conducted on the Bitcoin network is imminent.
Fundamentals: Bitcoin
A summary of key metrics for bitcoin.
Mayer Multiple = 1.01
The Mayer Multiple has historically been higher than today’s value 60.18 percent of the time.
The Mayer Multiple has decreased from 1.08 last week to 1.01. Typically, tops in the price of bitcoin are indicated when the Mayer Multiple exceeds 2.4 (shown on the chart). The average value over Bitcoin’s trading history is 1.37.
Read more here: https://medium.com/interdax/interdax-weekly-market-report-march-3-b69ee0de916f?source=friends_link&sk=4c845e6baac2ffa8b00a2ed315e7ba8e
