Today’s latest analysis shows that spending on Bitcoin (BTC) has receded since March 9 amid the worsening coronavirus pandemic. Chainalysis data from the blockchain analytics company also shows that even the amount of Bitcoin spent on illegal activities through darknet marketplaces is down from pre-coronavirus rates.
Given the decline in transactions, traders still regard such values as an honest investment opportunity and glassnode data shows that the quantity of Bitcoin whales carrying at least 1,000 BTC has risen to its highest point in additional 2 years. This shows that investors are still feeling bullish about the future prospects of Bitcoin and it is useful as the halving is just 31 days away, now it’s very important to investigate trading volume and transaction patterns.
The number of transactions decreased to October 2018 rates Bitcoin transactions decreased from March 12 when the price of Bitcoin fell by about 50%. Current daily volume mirrors levels of around 281,700 daily transactions in October 2018. At the same time, the amount of daily Bitcoin sent from unique addresses has seen a pullback of 43 percent, while the typical Bitcoin transaction fee is down to $0.503.
This shows that the uncertainty surrounding the bullish scenario of Bitcoin in the midst of the worldwide economic meltdown caused by quarantines worldwide causes investors to act with more caution.
Historically speaking, volume grows significantly on Mondays, data analysis shows that the volume of Bitcoin faces a significant dump on Saturdays and shows the highest growth on Mondays.
Although the degree of growth varies between 2017 and 2019, there is little room for uncertainty about the quality of the daily average volume increase. Bitcoin’s volume on Mondays rose 19 percent in 2017, 9.4 percent in 2018 and 10.4 percent in 2019.
The most frequent losses in Bitcoin’s value materialize in a contrasting situation on Saturdays, with transactions falling between 7.4 percent and 17.7 percent.
Days with higher volume display higher returns When comparing year-on-year volume results the regular volume trend is similar over the last three years. As Cointelegraph showed earlier, an equivalent effect occurs when the day of the isolation week with the best and lowest average Bitcoin returns.
Transaction History Trends
Bitcoin’s price experiences Monday’s strongest rises, whether in bull or bear situations, although newer data from January 2019 to January 2020 indicate a superior return on Fridays for investors.
Spot orders and perpetual contracts move in the same direction Data from Skew also shows that Bitcoin’s perpetual contracts traded on BitMEX have similar oscillation volumes within the last 30 days. Volume tends to be higher on Crypto exchanges on Fridays, Thursdays, and Mondays.
Aside from the trend of perpetual, much of Bitcoin’s spot trading on Binance and Coinbase in Tether (USDT) happens on the same days. For a fact, the hours with the predominant operation are still repeated — 10 a.m., noon, 1 p.m. And, at 4 p.m. — in both spot and eternal orders.
Due to the worldwide rise in cases of coronavirus, major economies drastically scale down their operations, uncertainty and fear remain the common denominators that will decide if conventional markets and crypto-assets are recovering in the short term.