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Interdax's Weekly Market Report March 24th

By Interdax | interdax | 24 Mar 2020

Interdax’s overview of fundamental metrics, technicals and sentiment for bitcoin and ether.


Cryptocurrency markets, along with traditional markets, are looking like they will rebound and attempt to shake off the recent panic surrounding Coronavirus. Bitcoin is now up almost 73% from its 2020 low on March 13th. Gold, other precious metals and stock indices have also rebounded higher this week.

The markets were eased by the Fed’s announcement of what is essentially quantitative easing to infinity, which is also seen by some crypto market participants as the strongest buy signal for BTC in its entire existence.

Demand for block space increased over the past seven days, with fees on the Bitcoin network rising by almost five percent. However, the 7-day moving average for the number of transactions on the Bitcoin network (transfers only) reached a new low for 2020 and the number of active addresses has declined more than 12% in the past seven days.

In fact, each of the top five coins have experienced negative growth in the number of active addresses. ETH, XRP and BSV saw modest growth in the number of transfers while the median transaction fees rose for not just bitcoin, but also XRP and BSV and by a larger magnitude. Bitcoin Cash saw the steepest declines in the number of active addresses and number of transfers.


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