On February 7th, according to CoinDesk, CryptoQuant's latest analysis pointed out that the fair value of bitcoin is between $48,000 and $95,000, indicating that the current market price of bitcoin may be overvalued. The Bitcoin Network Activity Index, launched by the analyst firm, shows that the index has dropped 15% since its peak in November to 3,760 points, the lowest level in more than a year. The decline was mainly driven by a sharp decrease in daily trading volume, which plunged 53% to 346,000 transactions from an all-time high of 734,000 transactions set in September.