Crypto Brief – February 1st 2021

News

🌎 #Crypto exchange trade volume broke all records in January, crossed $900 billion mark – The Blockhttps://t.co/3QgM8VW9hZ

— Christophe Barraud🛢 (@C_Barraud) February 1, 2021

Coordinated groups of traders look to have helped $XRP rally to two-month highs above $0.60.

Via @godbole17 https://t.co/IJmjkjh7lQ

— CoinDesk Markets (@CoinDeskMarkets) February 1, 2021

#Bitcoin is still waiting for its moment as the market focuses on #Reddit and @ElonMusk https://t.co/IS2oDqLstt

— Cointelegraph Markets (@CointelegraphMT) February 1, 2021

Fundamental Analysis

FIRST MOVER: As bitcoin trades in a range, traders are studying the "Grayscale premium" and watching traditional markets for clues to the next market move. Reports @liqquidity @godbole17 https://t.co/oZgm8VQbC3

— CoinDesk Markets (@CoinDeskMarkets) February 1, 2021

Charts

#Bitcoin network activity at ATH.

In January, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin's history to date 📈

Chart: https://t.co/yPPOix0KFx pic.twitter.com/yjWwYbRC98

— glassnode (@glassnode) February 1, 2021

$USDT market dominance in stablecoins is below 75% for the first time ever

On the other hand, $USDC market dominance has grown to its highest ever level of ~15%https://t.co/ovrTyyEpuf pic.twitter.com/a4v6fNRTch

— CoinMetrics.io (@coinmetrics) January 31, 2021

Technical Analysis

Usually an uptick in active addresses after falling prices results in a bounce@santimentfeed pic.twitter.com/rH2z5PXFKG

— Crypto Adam (@adamcrypto_) January 31, 2021

🔴 #bitcoin January close $33,141 .. phase5 has started!
We only know for sure when we have more data and run the cluster analysis, but for now I mark December as the month where we transitioned to phase5. Note S2F multiple drops to ~0.1 ($31K/$288K). 2021 will be spectacular🚀 pic.twitter.com/W4OcWJcK9a

— PlanB (@100trillionUSD) February 1, 2021