Based on the publication, Bitcoin’s 7-day average trading volume has increased by 125% just in the first week of 2020, with about $1.5 billion in trades recorded on the 8th of January alone.
The Crypto Market is Starting to Form a Bullish Trend
The research house also highlighted that the crypto Fear and Greed Index displayed on the website of Alternative.me has been on a steady rise since the end of 2019 and on the 6th of January, it dropped to a neutral level for the first time in 3 months.
The publication also remarks that Bitcoin’s volatility has also been rising with the price.
The website mentioned elucidates that in cases where the index enters the “Fear” region, it is a clear indication that investors are fearful which is a good buying opening, while when it gets into the “Greed” region, it means that the market might witness a retrace soon. The tool sources its information from market movement, social media, and Google.
The research company also highlights that the war between Iran and the US has driven Bitcoin’s correlation with gold to levels last witnessed in August 2016. It also cites that the war has had positive impacts on the price of gold and Bitcoin.
Bitcoin’s Activities are Going Through the Roof
Based on the publication, it has also been observed that Bitcoin’s blockchain has undergone a rebirth as its activities are spiking heavily. The number of transactions has climbed by 5% in just a week. Also, mining charges have risen by about 40% and the number of active accounts has gone up by 7.6%.
Bitcoin is becoming increasingly bullish with recent reports on the cryptocurrency becoming even more optimistic. The crypto giant is expected to rise even further running up to the next halving event in May.
It is also expected that Bitcoin will deliver more than 100% return to investors this year.
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