On February 7th, COINOTAG News reported insights from CoinDesk regarding the current state of Bitcoin valuations. CryptoQuant’s latest analysis reveals that Bitcoin’s fair value could range from $48,000 to $95,000, potentially indicating that the cryptocurrency is trading above its intrinsic worth. The firm noted a concerning trend in Bitcoin’s network activity, with its activity index contracting by 15% since hitting a yearly high in November, now resting at just 3760 points. This downturn marks the lowest reading in over twelve months, driven chiefly by a staggering 53% reduction in daily transaction volumes. From a peak of 734,000 transactions in September, the figure has sharply declined to 346,000. This significant contraction could impact overall market sentiment as investors recalibrate their expectations in light of these metrics.
Source: https://en.coinotag.com/breakingnews/cryptoquant-analysis-reveals-bitcoins-fair-value-between-48k-and-95k-amidst-declining-network-activity/
