On February 7, CoinDesk reported that CryptoQuant's latest analysis pointed out that the fair value of Bitcoin is between US$48,000 and US$95,000, which indicates that the current market price of Bitcoin may be overvalued. The Bitcoin Internet Activity Index launched by the analyst firm shows that it has fallen 15% since its November peak to 3760 points, the lowest level in more than a year. The decline was mainly driven by a sharp decline in daily trading volume, which plunged 53% to 346,000 transactions from a record high of 734,000 transactions set in September.