- Jins of the Bitcoin World Research Institute has reasons to say that Bitcoin fluctuates sideways.
- The data of the on-chain transactions as on February 20, indicates the number of ETCs being used for short-term retail transactions is very high.
- The transaction volume of the mainstream currency LTC has increased significantly to 9.29 million.
Analyst, Jins of the Bitcoin World Research Institute, has reasons to say that Bitcoin fluctuates sideways, and there are only a few short-term trading opportunities. This reason behind this scenario is that most currencies are currently in an adjustment state.
At this time, a lot of questions are being raised, such as what is the main force doing? What currencies are the retail traders trading, and what the data is saying about it?
By taking a look at the data of the on-chain transactions for February 20. It can be inferred that the number of ETCs being used for short-term retail transactions is very high.
In terms of the number of active addresses, we have seen a recent high of as much as 444,300. This number shows that the number of investors participating in short-term trading is high. At the same time, the number of transactions on the chain reached a new high of nearly 70,000 simultaneously.
However, the overall transaction volume remained stagnant. Considering the background of ETC’s short-term oversold rebound, most of the buyers are retail investors. Retail investors may drive today’s increase by 7%.
At the same time, the transaction volume of the mainstream currency LTC has increased significantly to 9.29 million. Still, the number of transactions is running at a low level.
It can be seen that these trading characteristics of the primary investors indicate that in the “strong earthquake” of LTC yesterday, the main forces were obviously involved. In terms of capital flow, LTC’s capital inflow today has reached 99.96 million yuan, getting the top spot, higher than ETC, which ranks second.
At the same time, LTC rose 3.6% in the short-term today, and capital inflows and prices performed quite well. LTC and ETC prices may be promoted by the main force and retail investors, respectively.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.