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Weekly Market Brief 8th October

 

BTC Price:  $6,587

Last 7 Days: -0.52%        1month: -3.68%     12months: +47.9%

BTC Commentary:

Price action for the last 7 days within Bitcoin has been suppressed which demonstrates the point that BTC volatility is at year to date lows, (something that has been emulated by other Alt coins.) Surveyed Wall Street analysts have suggested that BTC has bottomed out in terms of price, with 57% of the 25 Wall Street institutions surveyed believing a price target of $15,000 is realistic for 2019. (Hedge fund CEO and Crypto evangelist Mike Novogratz doesn’t envisage much more upside than $9,000 for the rest of 2018 for BTC).

BTC Volume:  
30th September: $4,151,197,104 (BTC price of $6,590)
7th October: $3,279,075,388 (BTC price of $6,588)

21% decrease in trading volume in the last 7 days

Last 7 Days Big Market Movers:

CyberMusic        CYMT    UP 118%    Price: $0.000055
Digitex Futures    DGTX   UP 112%    Price: $0.075994
Haven Protocol    XHV      UP 111%    Price: $0.803292

ETH Price: $224

Last 7 Days: -2.6%        1month: -54.5%     12months: -27.9%

Commentary:

The tedium of Ethereums price continues with intraday trading ranges getting tighter.  There will, inevitably be a breakout at some point in the future on a technical basis which would then suggest either a target price of $322 to the upside or to $167 as the next level of support on the downside.

Market Cap. Dominance:

BTC: 52%
ETH: 10.5%
Other ALT-Coins: 37.5%

Past Week Talking Points:

  • BlackBerry, formerly one of the largest tech companies in the world is coming back to the market with its offering in the Blockchain space
  • Ripple has announced that XRapid is now commercially available. XRapid utilises XRP to carry out international transactions
  • Bank of America (BofA) have said this week that Blockchain has the potential to become a $7billion market
  • The US SEC has given a date of November 5 for reviewing the rule changes proposed with respect to the trading of Bitcoin exchange-traded funds
  • Former US President Bill Clinton has been quoted as saying: “This whole blockchain deal has the potential it does only because it is applicable across national borders and income groups.  The permutations and possibilities are staggeringly great”

Weekly Comment:

The lack of volatility in the market, particularly among the major cryptocurrencies is not something that speculators relish at all however it does give a it more confidence to the long term investor looking to buy and hold.  It feels to us that once again the market particularly surrounding BTC is waiting for the results of the SEC and their stance on ETF’s before deciding which direction to break out, we certainly feel it is a more of a “when” rather than “if”.  It was also interesting to see this week that one of the worlds most influential endowment managers has publicly moved into crypto with investments into two funds that are dedicated to cryptocurrency, providing further ongoing proof that this asset class is gathering credibility amongst some of the global markets finest business minds.

Have a great week,

The GlobalBlock Team