Weekly Market Performance Report

Transcription

1 Cryptocurrency Market Performance Weekly Market Performance Report 29th October 4th November 2018 Previous week s overview (22 nd Oct th Oct 18) Cryptocurrency (As on 28 th Oct 18) Week s end price (28 th Oct) Week s start price (22 nd Oct) % Change Bitcoin (BTC) 6, , % Ethereum (ETH) % Ripple (XRP) % Bitcoin Cash (BCH) % Last week leading digital currencies like bitcoin and ether continued to hover around average price points which remained relatively steady. Nearly all of the top 10 digital currencies by market cap traded fairly horizontally overall throughout the week. Although some of the coins and tokens saw marginal dips heading into the end of the week, bitcoin remained relatively close to its $6,500 threshold, while ether was tied to its $200 price point. Current week s overview (29 th Oct 18 4 th Nov 18) Cryptocurrency (As on 4 th Oct 18) Week s end price (4 th Oct) Week s start price (29 th Oct) % Change Bitcoin (BTC) 6, , % Ethereum (ETH) % Ripple (XRP) % Bitcoin Cash (BCH) % The market fell victim to the classical inverted Bar chart pattern this week. Over the week, the entire market cap fell from $210 billion to $208 billion. Bitcoin, the birthday boy, was up by 0.44%to just above $6,350. Ethereum surged minutely by 0.97% and now sits at right below $200 and XRP bucked the falling trend with a 2.24% rise in price to around $0.45 Possible reasons for market movement This week seemed to be flat as well and no major movement was witnessed as all the major coins saw a movement in the range of 1-2% except Bitcoin Cash which increased by 25% Developments over the week in Cryptomarket

2 1) The chairman of Russia s State Duma Committee on Financial Markets has claimed that the entity is considering the launch of state-backed cryptocurrency pegged to the Russian ruble 2) Israel-based projects have raised over $600 million through Initial Coin Offerings (ICOs) as of the third quarter (Q3) of ) A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched this week in Hong Kong

3 Bitcoin (BTC) Trend Bitcoin price is gaining upside momentum against the US Dollar. BTC/USD could dip a few points before it climbs above the $6,380 and $6,400 levels. This week, we saw a decent upside move from the $6,220 swing low in bitcoin price against the US Dollar. The BTC/USD pair moved higher and traded above the $6,300 and $6,325 resistances. Later, there was a minor downside correction and the price tested the $6,290 support, which was a resistance earlier. The price bounced back again and traded above $6,335 and the 100 hourly simple moving average. BTC was trading at $6,332 at the beginning of week (29th Oct 18) and reached $6,360 by 4th November, an increase of 0.44% over the week. On 3rd November 18, the average number of transactions per day stands at million and volume is $3.7 billion at the time of writing

4 Source: CoinMarketCap

5 Ripple (XRP) Trend Ripple price bounced back nicely against the US Dollar and Bitcoin. XRP/USD has moved into a bullish zone and it could break the $ resistance zone. This week, we saw a decent upward move above the $ level in ripple price against the US Dollar. The XRP/USD pair traded towards the $ level and later started consolidating gains. The price dipped a few points and tested the $ support and the 100 hourly simple moving average. XRP ended the week in green with price increasing from $0.44 on 29th Oct 18 to $0.45 on 4th November, an increase of 2.27%. On 3rd November 18, the per day number of transaction of XRP stands at million and volume is $280 million at the time of writing Source: CoinMarketCap

6 Ethereum (ETH) Trend This week, there was a decent recovery initiated from the $191 support area in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $194 and $197 resistance levels. Besides, there was a break above the 50% Fib retracement level of the last drop from the $205 high to $191 low. However, the price faced a strong resistance area near the $ zone The total week s performance settled at 0.97%. The price was $ on 29th October and it gradually increased to $ towards the end of the week (4th November). On 3rd Nov 18, the per day number of transaction of ETH stands at million and volume is $1.3 billion at the time of writing. Source: CoinMarketCap

7 Bitcoin Cash (BCH) Trend This week, there was a strong buying interest noticed around the $410 level in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and broke a few important resistances near $420 and $430. It started a solid rally and even broke the $440 resistance and the 100 simple moving average (4-hours). Moreover, there was a break above the $450 resistance and the $460 pivot level. The total week s performance settled at 25.81%. The price increased from $ on 29th Oct to $ with a total market cap of $8.5 billion at the time of writing (4th Nov 18) On 3rd November 18, the per day number of transaction of BCH stands at million and volume is $503 million at the time of writing (4th November) Source: CoinMarketCap

8 Top Ten Cryptocurrencies (28 th October - 4 th November) Cryptocurrency Week s price ($) (4th Nov) Week s price ($) (28th Oct) % change Market Cap ($mn) (4th Nov) Market Cap ($mn) (28th Oct) % change Bitcoin (BTC) 6, , % 110, , % Ethereum (ETH) % 20,602 21, % Ripple (XRP) % 18,288 18, % Bitcoin Cash (BCH) % 8,513 7, % EOS (EOS) % 4,813 4, % Stellar (XLM) % 4,464 4, % Litecoin (LTC) % 3,011 3, % TETHER (USDT)* % 1,776 1, % Cardano (ADA)* % 1,861 1, % Monero (XMR) % 1,770 1, % Source: CoinMarketCap The market cap of cryptocurrencies is a product of the volume of the currency and its price. The top 10 cryptocurrencies comprise almost 85% of the total market cap of cryptomarket at the time of writing. Over the week, the market cap of top 10 cryptos decreased from $177 billion on 28th October to $175 billion on 4 th Nov, a decrease of almost 1.02%. *This week, Cardano with a market cap of 1,861 million has jumped one point above in the top 10 table and surpassed Tether to place itself at 8th position.

9 Conclusion This week is a big week for the world s most loved cryptocurrency as it turned ten years old on Wednesday (based on the publication date of the white paper). It s amazing to look back and realize just how far Bitcoin has come in the past decade. Growing from a simple, unknown concept to being hailed as everything from a scam to the most influential invention ever, it s clear that it has already made a significant mark on the world. There s been plenty chatter recently of the lack of volatility across the cryptomarket and most significantly Bitcoin that has seen its top end resistance in reverse through October, limiting the upside, while finding plenty of support on the downside. This market is exceptionally calm considering the 5th November deadline for the SEC decision on the 9 Bitcoin ETFs is just around the corner. Considered by some to be the main driving force for the alleged upcoming crypto rally, the future of nine Bitcoin ETFs is likely to be defined soon, with the SEC officially setting up a deadline for reviewing proposed rule changes related to a series of applications to list and trade various Bitcoin ETFs The current state of the crypto market is slow with markets still slumbering. There has still been no movement for most of the major digital currencies leaving markets at the same level around $210 billion. Crypto markets have seen some minor fluctuations, with most of the top 20 coins by market cap seeing price changes within 1 percent - 3 percent over the week, according to CoinMarketCap. Considering how sensitive the markets are to crypo news in general and the general lack of news that has left Bitcoin and the broader market in limbo in recent weeks, it is difficult to assume where the market will head. Investors should invest with caution and make an informed decision.

10 Disclaimer: This publication is provided by Invsta in good faith for general information purposes only. Information has been prepared from sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Information, analysis or views contained herein reflect a judgement at the date of publication and are subject to change without notice. This is not intended to constitute advice to any person. This does not constitute advice of a legal, accounting, tax or other nature to any persons. You should consult your tax adviser in order to understand the impact of investment decisions on your tax position. Past performance is not indicative of future results, and no representation or warranty, express or implied, is made regarding future performance. Cryptocurrencies are a highly volatile, high risk investment in which the value can change significantly. Before making any investment you should consider your own risk tolerance level and personal financial situation.