Coin Metric’s new report shows a time-based pattern of blockchain activity. It gives the timings when certain coins are used the most or their blockchain activity is the most. And depending on the business hours of different nations, we can approximate where the coins are most popular at present. The findings are interesting, to say the least. Let’s have a look at some of the popular coins and their peak activity time zone.
Bitcoin’s time chart shows that the most activity happens during and after NYSE opens. It also starts to get saturated just before the LSE close. It shows that Bitcoin activity is high during US/Europe’s business hours. On the other hand, the activity during Asia/Pacific hours has reduced. The Asia/Pacific timings saw a much higher activity during July 2021.
Ethereum’s activity chart is completely the opposite of Bitcoin. Most of its activity is concentrated near the HKSE and LSE open. But the activity during NYSE open also seems to be good enough.
The chart for ADA is quite interesting as it shows that the activity is very highly concentrated during US business hours. There is very less activity between the European, Asian, and Pacific business hours. We could also say that this shows the popularity of ADA 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
Stablecoins have shown some interesting patterns. It is seen that USDT (Tether) is currently the largest stablecoin by market cap and has activity concentrated between the Asian and European business houses. We can see on the first chart that it is deep red between LSE open and close.
Coming to USDC, the activity is more concentrated during the US working hours and during the end of European working hours. Now, this shows that investors in the United States are flocking toward the use of USDC rather than USDT.
What are your thoughts on Coin Metric’s new report that shows the activity of different coins during different timings? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.