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This week at the cryptocurrency market. Read to learn about the trends for November 4 - November 10, 2018.
No major changes
BTC prices rose sharply at the first half of the week and return to its market price temporarily, before the sudden drop on October 11th. Since then, however, prices have slowly declined. As a result, prices are now in the process of returning to the levels seen before the increase at the beginning of the week. Trading volumes in yen have dwindled lately, adversely affecting yields in the process. Stock prices worldwide on the other hand, especially those in the Chinese markets, have been recovering, leading to an influx of funds into the inherently risky cryptocurrency market. Overall, the market remains healthy. In the short-term, it remains to be seen whether the 25-day and 75-day moving averages will form a "golden cross". Due to these reasons, there are no major changes to BTC's price. Do keep an eye out on the trends for the year end.
There is a lot of commotion in the markets concerning the upcoming fork of BCH on the 15th. However, many cryptocurrency exchanges have announced which currencies will be supported in the aftermath of the split, and this could soothe the worries of some investors. Prices have rose sharply and broke through the resistance levels. Overall, cryptocurrency values seem to be recovering in the face of market adjustments, and as a result, BCH's prospects have improved as well.
The slow decline of BTG has ended, and the currency is now maintaining its current upward trend. Judging from current support levels, even if there are adjustments, any decline would still be limited. However, do beware of changes in current trends as yields continue to drop in stages. Given BTG's continual rise, the outlook for BTG remains optimistic for the short-term.
As the rest of the cryptocurrency market's overall growth increases, ETH also increased. ETH co-founder Vitalik Buterin also predicted that the value of ETH would jump sharply after the next major upgrade in a statement that can be interpreted as an appeal to buyers. It is difficult to see how the current positive trend will maintain in the long term, and the current increase in value seems to be limited at best. ETH's long-term prospects remain weak.
No major changes
At the beginning of this week, XRP had a distinctive start as it completely exceeded sideways trend during the middle of October. The company behind XRP has also been announcing a great variety of projects related to XRP, and its positive valuation from multiple credit rating agencies can be seen as supporting the entire cryptocurrency market. Given that XRP has exceeded previous price ranges during its present increase, the outlook for this currency has improved. Keen investors should keep an eye on XRP's price movement.
LTC has been attempting to distinguish itself from other currencies in the market through trial and error, but it has been a hard-fought process. LTC has benefitted from the market's overall increase, but it still remains below upper resistance levels. However, LTC's outlook remains weak.
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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