Bitcoin firm as bullish calm awaits the crypto storm

storm

The cryptocurrency market has held eerily steady so far this weekend, but there are signs of stirrings. The market may not be becalmed for too much longer.

Bitcoin is nearly 1% higher over the past 24 hours according to coinmarketcap, at $6,545. All the other top 20 coins are flashing green with the exception of Stellar (XLM), off 1.8%.

Stellar’s performance has been notable this week as one of the coins that held on to its advance when bitcoin jumped to $6,924 on 15 October.

Zcash (ZEC), Stellar (XLM), XRP, Tezos (XTZ), Cardano (ADA), NEO and EOS are among the winners this week.

Sixth-ranked asset Stellar looks particularly promising from a technical and fundamental perspective, so let’s take a closer look.

More Ethereum delays

Ethereum has been cruising higher in the past couple of days, and is now valued at $207.

That comes despite the delay to Constantinople upgrade, which is now not expected to be implemented until next year in yet another set back for development plans. Ethereum needs to improve scaling and security in order to be fully enterprise-ready.

Tron claims it has now surpassed Ethereum in the number of dapps running on its network and it has only saw its official launch in June (and the Tron Virtual Machine this month), and has recently started rolling out a suite of tools for developers.

Constantinople would, among other things, reduce block rewards for ETH miners.

Top 20 ranked crypto assets by market cap, best performers, week to 21 October 2018 13:30 UTC

Name Symbol % ch 7d % ch 24h
Zcash ZEC 13.16 1.46
Stellar XLM 13.11 -1.44
XRP XRP 9.95 0.45
Tezos XTZ 8.15 0.37
Cardano ADA 5.41 0.25
NEO NEO 4.36 0.14
EOS EOS 4.21 1.34
Bitcoin BTC 3.45 0.84
Ethereum ETH 3.43 0.77
NEM XEM 2.98 1.38
Monero XMR 2.95 1.77
Binance Coin BNB 2.81 1.02
IOTA MIOTA 1.66 0.47
Ethereum Classic ETC 1.38 0.52
TRON TRX 0.8 1.2
Bitcoin Cash BCH 0.5 1.27
VeChain VET 0.19 0.64
Litecoin LTC -0.25 0.21
Tether USDT -0.41 0.28
Dash DASH -2.44 1.42

With volumes in bitcoin market still in the $3.1 billion region and volatility restrained, it is not going to take much to move the price decisively north or south.

An indication of the thin trading is the spread opening up on price between exchanges, with Coinbase, for example, currently quoting bitcoin at $100 dollars below ($6,444) coinmarketcap’s aggregated price.

Trader calls BTC bottom at $3,600

One trader with a following on Twitter, Crypto Thoreau, thinks the price could fall to as low as $3,600. His evidence is the repetition of the triangle pattern from 2014, as you can see in his tweet below:

Now of course bitcoin may have further to fall but what Thoreau’s technical analysis obviously misses out is the changed nature of the market, with many much maturer participants, as in institutional investors.

Meanwhile, Clem Chambers, the chief executive at financial network and research website ADVFN, writing for Forbes, says heย  is accumulating at current bitcoin prices, but will be loading up at a hoped for much lower price around $2,500 โ€“ although Chambers thinks the market is more likely to break higher given the bullish signals from the narrowing price triangle.

Shorters friend

In other news, over-the-counter crypto specialist Genesis Global Trading has lent as much as $553 million worth of crypto since March, according to Bloomberg.

Trading firms and others lend to market participants who want to short an asset. They can borrow from the broker or trading firm and when the price falls profit on the difference, after the loan is paid back.

Hacker demands bitcoin from Apple

A north London computer analyst named Kerem Albayrak tried to blackmail Apple to the tune of ยฃ115,000 ($150,000) in bitcoin and ยฃ800 in iTunes vouchers, according to the Daily Mail newspaper.

It is the sort of “bitcoin is for crime” story the mainstream media love, but we think it is our duty to inform the criminal community that bitcoin does guarantee its bearer anonymity.

 

About the Author

Jennifer Collins
Jennifer has been writing about crypto since 2016 when she first got interested as a student at Queen Mary University in London. You can email me here: jennifercollins@coinintelnews.com

Be the first to comment on "Bitcoin firm as bullish calm awaits the crypto storm"

Leave a comment

Your email address will not be published.


*