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This Week at the Cryptocurrency Market. Read to learn about the trends for October 28 - November 3 , 2018.
Prices fluctuated within a very limited range for the two weeks leading up to October 28th. This is rare for the cryptocurrency market, which is notorious for its steep price fluctuations, but the trend of low volatility (range of price fluctuations) continues with Bitcoin volume being decreased. The worsening of the leveraging market may be a cause for this. Prices were recorded temporarily dropping sharply, dipping below 700,000 yen in value on the 29th and breaking free from the earlier trend. While there was some suspicion of an incoming downward trend, prices fully recovered from the sharp drop within a few days. Many suspects that the sudden drop was caused by automatic trading tools. Either way, the possibility of decreasing market liquidity as a result of decreased Bitcoin volume, signifying the death of the market, may not bode well with the SEC's (American Securities and Exchange Commission) upcoming decision regarding the approval of Bitcoin ETFs. Considering the positive developments on the technical side, Bitcoin is a neutral prospect for now.
Bitcoin Cash experienced the same sudden price drop as Bitcoin on the 29th before recovering in the same fashion. However, prices suddenly surged on the 2nd. The signal line hints at a slightly positive, short-term trend as well. With news of the increasing number of Bitcoin Cash ATMs in Europe, Bitcoin Cash could become the predominant cryptocurrency, should these ATMs expand worldwide. On the other hand, the long-term forecast for its technical capabilities is still bleak, so do remain cautious with Bitcoin Cash.
US-based crypto exchange Bittrex made the decision to delist Bitcoin Gold in September, leading to heated discussion. However, technical improvements in the beginning of October spurred growth. Prices dropped again in the middle of the month, but have been gradually improving since. There remain some concerns regarding volume and fluctuation, but the outlook for Bitcoin Gold is somewhat optimistic.
According to new information, ERC20, the technical standard used for implementing tokens on the Ethereum blockchain, now represents more than 60% of Ethereum's market capitalization. However, technological trends continue to slope downward for the long-term, and even if there was a bounce back, the amount of growth experienced would be limited at best. Ethereum is in a slump. For now, it's best to wait for something that encourages the reassessment of Ethereum as a platform.
Ripple's chief marketing strategist compared Ripple and Chevron (American oil company), saying Ripple's relationship with XRP was the same as Chevron's relationship to oil, in that they possess a large amount of it in a tweet that was heavily criticized. The steep drop in value caused by the tweet remains fresh in mind. The company, notorious for its constant stream newsworthy remarks, announced that it had sold 163 million USD worth of XRP, doubling its sales when compared to last quarter. News of former Googler Amir Sarhangi joining Ripple also resulted in a temporary burst of growth. Considering the XRP market's long-term, relative inactivity, however, it remains difficult to recommend.
It was reported that Litecoin would be reducing its transaction fees tenfold with prices at a low point not seen since 2015. Even with this information, however, was not enough to encourage growth. Litecoin remains stagnant in its long ongoing decline.
The information posted in the Cryptocurrency Market Report is for informational purposes only, and is not intended to be any solicitation for investment. This report was created based on sources deemed reliable at the time of edit. Bitwallet is not responsible and does not guarantee the accuracy, completeness or timeliness of the content and information. Investors must exercise their own independent judgment when making any investment decisions.
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