The most recent data from Coin Metric displays a time-based trend of blockchain activity. It indicates the times of day when specific coins are most often used or when their blockchain activity is highest. We may also make an educated guess as to where the coins are most in demand right now based on the various countries’ varying work hours.
The results are, to put it mildly, intriguing. Let’s look at some of the well-known Coin Metric and the time zone when their highest activity occurs.
The time chart for Bitcoin reveals that the NYSE opening and the immediate aftermath saw the highest activity. Just prior to the LSE closure, it also begins to get saturated. It demonstrates that there is a lot of Bitcoin activity during US/European business hours. On the other side, there is less activity during the Asia/Pacific time zone. The activity in the Asia/Pacific timings was significantly greater in July 2021.
The activity graph for Ethereum is exactly the reverse of that for bitcoin. The HKSE and LSE open are the areas with the most activity there. However, it also appears that the activity at NYSE open was enough.
The ADA graphic is extremely intriguing since it demonstrates how intensely focused the activity is during US business hours. Between the European, Asian, and Pacific business hours, there is relatively little activity. We may also claim that this demonstrates how well-liked the ADA is in the US.
It is yet another interesting chart with most of the activity concentrated around the Asia/Pacific session. Coin Metric reports that this activity could be because of the mining pool making their payouts during that time.
USDT and USDC
Interesting trends have been shown by stablecoins. It can be shown that USDT (Tether), the largest stable Coin Metric at the moment by market capitalization, is mostly used by Asian and European corporate entities. On the first chart, we can observe that the area between the LSE open and close is deep red.
When it comes to USDC, activity is focused more during US business hours and at the conclusion of the European business day. This demonstrates that investors in the US are gravitating toward using USDC rather than USDT.
What do you think of Coin Metric’s newest report, which depicts the movement of various currencies at various times? Please like and share our material with your friends if you find it to be educational.
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