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Weekly Crypto Brief 12th November

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Weekly Comment:

A relatively quiet past week for cryptocurrency markets as a whole and still no decision made on an all-important crypto ETF with the next scheduled date penned in the diary for the 28th December.
Whilst markets have for the most part been narrowly trading amongst the top 3 coins in the last week, there has been slightly more volatility a little further down the top 10 as anticipation builds on further integration and listing of coins on the Coinbase platform.  Cardano, Stellar and Zcash have all squeezed higher over the last week emulating Basic Attention Token (BAT) ahead of its own listing on the platform.  (It is worth noting that once listed BAT then fell by 32% post listing- perhaps indicating the hype of the listing itself!)

Elsewhere, here at GlobalBlock we will shortly be starting a run of articles entitled “in-focus”.  The idea behind these is to look in brief at different industry sectors and identify where Blockchain technology could make an impact.  Topics to be covered include shipping, pharmaceuticals and retail amongst others, and so if you would like to have sight of these direct to your inbox then please sign up for our newsletter at www.globalblock.co.uk

In other news, global data and research firm YouGov have published the results of a British survey specifically surrounding Bitcoin.  93% of those surveyed knew of Bitcoin which is truly impressive given its relatively young age, however only 4% claimed to “understand” it “very well”- indicating there is still some way to go in terms of educating the masses on the Blockchain market and its overall benefits- something GlobalBlock hopes to do its part in with our future clients!

Past Week Talking Points:

  • Following last weeks patent award for IBM regarding augmented reality, a further patent has been submitted by the corporation to use Blockchain to aid scientific research
  • Venture capital investor Tim Draper reaffirmed at a Web summit last week his prediction that BTC will reach a price of $250,000 by 2022
  • A Swedish court has sentenced a man to six and a half years in prison after he sent a homemade bomb to a crypto business over a dispute on resetting his lost password
  • A joint study between Queen Mary University of London and the University of Cambridge concluded that, whilst challenging, it is theoretically possible for organisations to design blockchain applications that fully comply with recently implemented EU “General Data Protection Regulation”
  • Revolut CEO Nikolay Storonsky has said that he expects banks to remain on the “sidelines” of cryptocurrency until such time that big institutional investors and hedge funds enter the space as they (the banks) simply try to make money from these clients
  • Goldmans Sachs and an investment company set up by billionaire Mike Novogratz have invested in BitGo, a start-up promising to help institutional investors securely store their cryptocurrency
BTC Price:  $6,406

Last 7 Days: -0.49% 1month: +1.34%    12months: +3.82%

BTC Commentary:

Last week Bitcoin trading peaked at around the $6,500 mark before dropping back to $6,400 at the back end of the week showing further sideways trading and no direct sign of a break-out one way or the other.  As the week drew to a close- short term support levels were broken and volume fell out of the market, which is disappointing given the recent positivity that the bulls were back in play following months of bears being in control.  One cant help but feel that once again, barring any sort of high-impact market news that the indecision will remain until the ETF story resolves itself. Roll on Christmas!

BTC Volume:  
5th November:    $4,268,532,164 (BTC price of $6,433)
12th November:  $4,181,951,197 (BTC price of $6,409)
0.37% decrease in trading volume in the last 7 days

Last 7 Days Big Market Movers:

Davinci Coin                    DAC    UP 230%    Price: $0.012
Maximine Coin                MXM    UP 155%    Price: $0.016
Darico Ecosys. Coin        DEC     UP 145%    Price: $0.13

ETH Price: $211

Last 7 Days: +1.42%  1month: +6.63% 12months: -42.65%

Despite ex-chairman of Google, Eric Schmidt’s comments that the Ethereum platform has “untapped potential that is off the charts”, it has been another range-bound week for ETH. In fact, not even a statement from Star Trek’s very old William Shatner defending Ethereum and its technology from unfounded “scam” claims could do anything to really give it any impetus.  All the while there is nothing of real note to discuss on Ethereum’s current price action, the validation and backing from the great and the good keeps on coming from the likes of Google co-founder Sergey Brin who has credited the recent “tech renaissance” as in part due to Ethereum mining and the new Google CEO Sundar Pichai citing that his 11 year old son is an Ethereum miner with a better understanding of virtual currencies than Fiat currencies. 

Market Cap. Dominance:

BTC: 52.5%
ETH: 10.26%
Other ALT-Coins: 37.24%