Understanding of Market Dynamics with Huobi Research Data Analytics

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Understanding of Market Dynamics with Huobi Research Data Analytics

Last week on June 22, 2018,  situation of cryptocurrency market was have big correction, this was happened when Bitcoin price vs USD make declined for continued rise. Downtrend on Bitcoin vs USD begin when BTC cannot higher than $6,800. Other cryptocurrency asset followed BTC-USD price for decline and make correction price. However, BTC-USD price on last week was touch lower price under $6,000 – $5,850 and after that this downtrend will broke and support price of BTC-USD will happening because on this downtrend BTC-USD transaction volume its still rising, its means on every dip price of bitcoin, trader still buying bitcoin.

Bitcoin Transaction Volume still Continued Rise

Based by Huobi Data Analytics Weekly update (Vol.2 2018/6/13–2018/6/20), transaction volume on Bitcoin network in four week it still continued rise  3.4% from 9.16 million BTC in last week and increased to worth a 9.48 million in BTC. Average transaction volume on Bitcoin this week is increased significantly to 7.18 BTC per transaction from 6.57 last week, a 9.2% increase in a week. The number of transactions per second (TPS) on the Bitcoin network has decreased slightly, from 2.3 to 2.18 in a week. In the past of four week transaction fee on Bitcoin network has been highest increased , if we compared with last week its increased 70% , with the average of transaction fee 0.00017 BTC/ transaction.

Source; Huobi Data Analytics Weekly

Average Value Transaction on Ethereum Network Significantly Increased

In four consecutive week, transaction volume on Ethereum continued decrease from 5.33 million last week to to worth a 5.09 million, but overall transaction on ETH in this week has has increased 21.6% to 18.1 million ETH. Average value per transaction on Ethereum network is  3.55 ETH, if we compared with last week, its significantly increased 27.3% from 2.79 ETH. Overall, number of transaction volume has been decreasing recently, the average value of each transaction has been increasing steadily. This week, number of transaction Ethereum has been continued decreaseing consistently four week, down 4.5% from last week 8.4. For transaction fee, Ethereum network this week increased 25% from 13,000 to 15,000 ETH. On this week every transaction on Ethereum network will have fee 0,003 ETH .

Source; Huobi Data Analytics Weekly

Price Top Digital Asset Followed Increased Bitcoin Price

The cryptocurrency market has seemed to put a break on its current downtrend. Among all top 10 cryptocurrencies, TRON experienced the largest increase of 7% and IOTA experienced the largest decrease of 13% in their respective market caps. In terms of price volatility, BTC has the smallest volatility rate of 0.0028 usd and IOTA has the largest volatility rate of 0.0063 usd.

Source; Huobi Data Analytics Weekly

Tron Performs Well on the back After Recent Mainnet Swap

This weekly cryptocurrency update Tron (TRX) on Day Pattern looking for make resistant price at 0,00000750 BTC. After correction price to  0,00000650 BTC, Tron (TRX) price raised 50 satoshi and then will be back again to 0.00000650 BTC before price Tron (TRX) increased again. We can see on Huobi Research Data Analytics, “Rate of Return vs Price Volatility” on Tron (TRX) price seems like good to buy some Tron in this current market. You can Buy TRX on Huobi Pro market with USDT,  BTC and ETH.

Source; Tradingview

EOS, TRON, BTC Largest Turnover

EOS, TRON and BTC are the three cryptocurrencies with the largest turnover this week, each with EOS 80% , Tron TRX 49.4%, and BTC 29.3% respectively. Stellar, Ripple and Cardano have the smallest turnover this week, each with 7.8%, 10.6% and 16.1% respectively. With biggest turnover this weekly coin correlation is EOS, you can trade and buy EOS on Huobi Pro market. For situation on EOS MainNet, don’t worry Huobi Pro will handled and you can still trade EOS with BTC, ETH and USDT on Huobi Pro. You can Created New Huobi Pro Account Here

Source; Huobi Data Analytics Weekly

As we know almost all top 10 digital asset on last week followed Bitcoin to decline and make correction price. We can see price of BTC USD this week hass been lower than $6000 and touch lower price in the past four week $5850. If we learned from trading pattern, in last four week Bitcoin price is on accumulation price before real breakout from downtrend happening.  Resistant price of Btc – Usd its $6,800 and this week bottom price was $5,910. If market want to breakout from current downtrend, price of Bitcoin need to raising more than $6,800 usd.

Source; Tradingview

Top 10 Cryptocurrency are Waiting to Follow Bitcoin Price Movement

Overal this week, the price of top 10 Cryptocurrencies no longer moves in tandem this week, with IOTA/XRP (0.93), IOTA/NEO (0.92), IOTA/BCH (0.91) having the strongest correlations in price while IOTA/ETH (0.12), EOS/NEO (0.22), EOS/IOTA (0.28) having the weakest correlations in price.

Source; Huobi Data Analytics Weekly

This week price of Bitcoin raised again to $6,270, there are so many reason why bitcoin price volatile really high. Another information from twitter, Tether has just granted 250,000,000 USDT on Monday, Jun 25, 2018 and after that Bitcoin price raised almost $250 from $6,000.

Source; Twitter @BotFomo

Price of top digital asset on Huobi Pro market,  e.g; Tron TRX, EOS, and NEO on USDT and BTC market its waiting for raised followed BTC-USD movement. So its time for you to buy top 10 digital asset on Huobi Pro for hold and waiting to increased price. You can trade and buy TRX, EOS, NEO, ETH and many more digital asset on  Huobi Pro with USDT, BTC, ETH, and HT. Register New Huobi Pro Account Here. 

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Understanding of Market Dynamics with Huobi Research Data Analytics

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