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Oklink blockchain browser Practical Guide: use the data on the chain to grasp the halved Market

Time : 12/07/2022 Author : jzrs25 Click : + -
        In 2020, the hottest topic in the cryptocurrency market is "halving". Driven by the halving market, the halved currencies led by BTC showed a strong upward trend. How to seize this wave of market and evaluate the right time? Of course, the answer to this question can be said to be controversial, but there is a reference standard that is recognized by everyone: data on the chain. The data on the chain provides a reference to another dimension besides the market data for cryptocurrency investment, which can be said to be one of the important indicators in cryptocurrency investment. The most direct way to obtain these data is the blockchain browser. The block browser is a professional blockchain information query portal.
 
        Through the block browser, you can search the transaction records, query the transfer progress, and obtain the balance, transaction details and other information under the address by querying the wallet address. In addition to these basic information, most block browsers also provide visual statistical information charts. It is understood that the blockchain browser is the first basic application of oklink in the field of blockchain + big data, and will also be an important part of oklink's compliance business strategy. Oklink blockchain browser currently supports the chain data overview of BTC, BCH, BSV, LTC, usdt, okchain (test network) and other currencies, as well as the latest block / transaction push, rich address ranking, address / transaction tracing and other functions.
 
        Next, we will take oklink block browser as an example to see how to query data and maximize the value behind the data. First, open oklink(), select currency in the search box on the home page, and enter address / transaction hash or block height to view the block data. We take BTC as an example to query information. It can be seen that each block will have a block number first. In addition, BTC block data also includes two parts: basic information and all BTC transaction data contained in the current block. In the transaction column, you can see a number of transactions packaged in this block. Where, the left side is the payment address and the right side is the receiving address.
 
        Above the payment address, And a long string of characters "2dca4061ed9b3be552eab7f124f2b73bde62e50e438fb2dd44. Most of the current data on the chain are generated for the purpose of trading and investment. The funds on the chain are either directly transferred to the exchange or on the way to the exchange. The information provided by the block browser is large and comprehensive, and the data analysis function often depends on whether different products provide statistical charts. The focus and difficulty of data analysis on the chain is to mine accounts / addresses Relationship between. Take BTC as an example. First, we need to count the number of active addresses per day from the transaction data on the chain, then get the BTC market value at the corresponding time, and establish the relationship between the bitcoin market value and the number of active addresses through logarithmic linear fitting.
 
        According to this method, we can use the model to evaluate different currencies. When the market value is higher than the valuation, it indicates that the currency value is overvalued, which can provide a reference for investing in cryptocurrencies. Back to the hottest topic of this year, "halving", how to use the block browser to analyze the data on the chain and grasp the investment opportunity? Open oklink, click the browser, and select the currency from the drop-down menu. You can see the statistical charts of the number of active addresses and the volume of transactions on the chain (the number of transactions on the chain, the volume of transactions on the chain, etc.). Among them, the data of "volume of transactions on the chain" is used in many cryptocurrency valuation methods as an evaluation indicator for specifying the network utility of cryptoassets.
 
        In other words, "on chain transaction volume" can be used to determine whether a specified encryption asset is actually being used. According to oklink's information, we made statistics on the number of active addresses and on-line transaction data of BTC, BCH and BSV, the three major halved currencies in the first half of the year. It can be seen that although the number of active addresses of BTC will be halved, the number of active addresses of BTC remains the first in the past month. In addition, BCH's chain trading volume is far ahead. In this way, we can infer that the main traders in the market are mainly long traders and are hoarding a large amount of BCH, so there will be a surge in the trading volume on the chain. At 12:00 Beijing time on February 18, the number of active addresses of BCH reached the peak of nearly three days after a small increase. In combination with the price of BCH, the number of active addresses dropped sharply after reaching a certain value, and the price curve also showed the same trend.
 
        It can be seen that the data on the chain has played a certain reference role in the investment strategy. With its trustworthiness, security and non tamperability, blockchain can liberate more data. When we talk about the data on the chain and which users need it, we often ignore the fact that everyone needs it. For example, when you need to query the transaction status, just open the block browser and enter the transaction hash to see the confirmation number of the transaction. If the user is a miner, through the block browser, the most direct network wide computing power information and difficulty change data can be obtained, so that the resources in the mine can be more rationally distributed and the corresponding hedging and other means can be used.
 
        At the same time, the traceability of the blockchain allows data to be stored on the blockchain from every step of data collection, transaction, circulation, and calculation and analysis, which makes the quality of data on the chain obtain an unprecedented strong trust endorsement, and also ensures the correctness of data analysis results and the effect of data mining. In the future, oklink will continue to support data query of more mainstream currencies and expand more application scenarios based on these advantages of data on the chain.
 
        
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