Last 7 Days: -0.52%
One month: -3.68%
12 months: +47.9%
Price action for the last seven 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).
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 seven days
Last seven Days: -2.6%
One month: -54.5%
12 months: -27.9%
The tedium of Ethereum’s 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.
CyberMusic CYMT UP 118%Price: $0.000055
Digitex Futures DGTX UP 112%Price: $0.075994
Haven Protocol XHV UP 111%Price: $0.803292
BTC: 52%
ETH: 10.5%
Other ALT coins: 37.5%
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 little 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 ETFs 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 world’s 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.
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