$10K Catalyst? Bitcoin’s 7-Day On-chain Transaction Up 45%

While many traditional assets continue to struggle their way up, several crypto assets are seeing positive movement, which at this time, backs objections that cryptocurrencies can hardly be influenced negatively by specific economic issues like the recent Coronavirus of China. 

According to data from Xangle, a global crypto-asset market data provider, the best-performing asset of the last decade, Bitcoin (BTC), has recorded a +55.96% increase in 7-day on-chain transaction volume.

The on-chain volume increased accounts of +71 Billion in the US dollar. Besides, the normal Bitcoin transactions had also surged by +4.12% to 2,232,962 over the last seven days, Xangle’s data revealed. 

Bitcoin is seeing a total of $170,594,873,159 as on-chain market cap. In addition, Bitcoin’s new addresses increased by +7.61%, which accounts for over 2.7 million, while the active addresses followed by +6.77%, which amounts to over 4.1 million.

Xangle

Following the data, there are high chances that Bitcoin will soon drive its way up to $10k or above. At the moment, the leading cryptocurrency is valued at $9,358.01, although it sees a -0.73% change in price for the day so far, according to Coinmarketcap.

Looking at the stock market, the S&P VIX index noted a 21.63% increase to reach an all-time high since October 2019. Meanwhile, the Chinese Shanghai stock market opened at a negative trend down -8.05% after six days of suspending trading activities.

ETH, BCH, LTC Performance

Alongside Bitcoin are the altcoins. Ether (ETH) 7-day on-chain transaction volume increased by +42.26% to account for +$1.7 billion in USD. ETH new addresses increased by +16.53% (522,015), while active addresses raised by +0.78% (1,606,153).

Bitcoin Cash (BCH) and Litecoin (LTC) increase by 16,526,899 (+28.34%) to $6.3 billion and 22,033,661 (+51.31%) to $1.5 billion respectively in 7-day on-chain transaction volume, according to Xangle.

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  • bitcoinBitcoin (BTC) $ 16,450.18 1.4%
  • ethereumEthereum (ETH) $ 1,217.56 4.07%
  • bnbBNB (BNB) $ 296.04 0.81%
  • xrpXRP (XRP) $ 0.399941 2.15%
  • solanaSolana (SOL) $ 13.38 0.19%
  • terra-luna-2Terra (LUNA) $ 1.60 1.69%