TokenInsight looks into the slowing down of Bitcoin since it's recent colossal price rise.
‘From Peak to Trough’
After the price of Bitcoin called-back to $39,000 last week, it stabilized around $36,000. However, the peace time was relatively short: Since Jan. 20, Bitcoin dropped to $29,112 on Coinbase at 0:30 UTC on Thursday, a level last reached on Jan. 4 when the leading cryptocurrency started rallying hard to an all-time high of just below $42,000 on Jan. 8.
However, in the term of recent trading volume, the market shock does not appear to cause panic selling or large scale liquidations. The trading volume is increasing relatively smoothly compared with the volume when the price was at the peak.
DOT Prices Remain Stable and Trading Volume Doubles
The biggest dark horse in the crypto market of January 2021 is none other than DOT. In the huge fluctuations, DOT has been holding on for a week: and this week, DOT bucked the trend again. Although the price did not increase significantly, the weekly trading volume increased by 110.76% compared to last week, and broke through $10B, which makes a new record.
As public chains other than BTC and ETH, Polkadot and Ripple have been competing for the third position of cryptos for a long time. With the gradual improvement of the Polkadot ecology and Ripple's regulatory turmoil, it seems that we have a winner. The outstanding performance of DOT in crazy January proves that a new consensus about “the third public chain” has been formed in the crypto market.
Highlights Picked by TokenInsight
Grayscale Submitts Six New Crypto Trust Products at Delaware
According to the Delaware government’s website, Grayscale’s new trust products include Chainlink, XTZ, FIL, LPT and BAT. Although these do not be disclosed on the official website of Grayscale, new investment CEO Michael Sonnenshein has stated that in 2021, Grayscale will release six products.
The Options Market Monthly Volume Breaks $10 Billion Dollars in 2020
In 2020, the average daily trading volume of options in the market reached $211 million, and the highest single-day transaction occurred on December 17, at $1.32 billion. Affected by the bull market of mainstream cryptos, the annual trading volume of the options market was concentrated in the fourth quarter, showing a high degree of positive correlation with Bitcoin prices.
Coinbase Buys Blockchain Infrastructure Startup Bison Trails
On Jan 20. Cryptocurrency exchange Coinbase announced it’s buying blockchain infrastructure company Bison Trails.