This week was characterized by fundamental news of: The Bitcoin Cash Fork disagreement which brought the markets down and Ripple overtaking Ethereum to become the second top digital coin by market capitalization. Additionally, there were opposing views from the regulators stemming from the IMF’s advisory opinion to governments that they should set up their own cryptocurrencies. The European Central Bank (ECB) distanced itself from the calls for national cryptos to be set up, terming it an evil scheme.
Bitcoin Cash (BCH/USD)
In the technical analysis, prices of most cryptocurrencies took a sharp drop across most markets chiefly due to the BCH hard fork meant to upgrade and enhance Bitcoin Cash’s protocol. This project initially ‘hard forked’ or otherwise split from the Bitcoin blockchain in August 2017. On November 14, it additionally split in two; BCH ABC and BCH SV. The result is that BCH ABC now has more accumulated proof of work while BCH SV was trading higher on crypto-exchanges. The fork led to a break of the recent stability, with most cryptos taking a 10% drop. Despite taking the beating, some like Ripple (XRP) went through mild recovery after the fork.
The strongest digital coin by market cap veered off from stability following the BCH fork meltdown which saw it lose 10%, breaking the $6000 support level. Throughout the week, the coin hit a high of $6434.21 and the low point of $5358.38. The coin’s performance is a total deviation of pundits’ prediction that the coin would gain in value towards the end of the year. Among them is crypto analyst Tom Lee who had said Bitcoin would hit $25,000 by the end of the year. He however lowered his prediction to $15,000.
Ripple (XRP/USD) overtook ETH in market capitalization
XRP moved to second place as Ethereum took a beating. On the top, this week the prices of XRP were at USD 0.525536 and towards the bottom, it quoted USD 0.430398. Ether prices took a beating and lost its long-standing second place to XRP. Ethereum on the top, this week was at USD 212.62 and were at lows of USD 170.19 breaching the USD 200 mark by distance. The fork downpour in the crypto market and subdued prices over past few months resulted in Ethereum (ETH) losing its second spot to Ripple (XRP). Ethereum’s value plummeted 38.6% in the past three months, dropping its market cap to $18.1 billion. XRP’s value rose 61.1 percent in that same period, pushing its market cap to $20.5 billion. CRYPTO IS COMING!
In the week starting from November 5th to November 11th, most cryptocurrencies showed green on price analysis charts. Market stability was witnessed across the top twenty cryptocurrencies with prices starting to gain a bullish momentum albeit slowly. Prices are rallying towards the higher highs as the year comes to a close as several pundits have implored. Venture Capital investor Tim Draper affirmed his belief that the price of the leading cryptocurrency, Bitcoin, will hit the $250,000 mark by 2022.
The upcoming Bitcoin Cash Fork on November 15 was perhaps the highlight of the week with opinions divided over its future. The hard fork occurs twice per year for protocol upgrades. This year is unique however, with opinions divided over the coin’s future with regards to increasing its block size. Two competing chains have increased the buzz around the scheduled Hard Fork hence its prices in the markets.
Ether prices, on the top, this week were at $221.65 and on the lower side, they were at $206.57.The digital coin found support at the $200 mark and resistance at around $230. The exchanges that were more active, in volumes, with ETH across various pairs this week were OEX (7.13%), BitForex (3.73%) and LBank (3.56%)
Among news surrounding Ethereum, Erik Voorhees-CEO of ShapeShift said in an interview that Ethereum [ETH] is now doing better because Vitalik is involved. Vitalik Buterin earlier indicated that Ethereum’s hundred times upgrade is ‘not far away.’
The stability of Bitcoin continues this week as well as it was up just around 0.34% this week. The Relative Strength Index (RSI) remained in the stable zone indicating increased stability with experts arguing that it is the calm before an upward shoot.
Prices hit a high of $6,552.16 and on the lower side, a point of USD 6,363.62 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, Bithumb (10.51%), Coinbit (9.23%), CoinBene (3.74%)
The pair hit USD 0.560547at the top and the lowest point was $O.460769. Across the markets, exchanges that were more active in trading volume this week were ZB.COM at 12.84%, Bitbank at 11.07% and ZBG at 9.45%.
Subscribe to our newsletter
Interested in other cool crypto content? Check out The Dawn of Crypto Lending and ICO teams paying for “fake” volume!
Follow us on twitter @cryptoiscomin
The top 20 cryptocurrencies have today been on a bullish trajectory with most candles turning green. Monero and Dash had the biggest percentage gains, standing at 4.26% and 6.85% respectively. Additionally, the BTC/USD recovered from last week’s slump. The pair saw an upward surge over the last 24 hours, gaining about 0.05. The total market capitalization stood at $209 Billion at the time of writing, with Bitcoin dominating the market at $109 Billion which translates to about 53% market dominance.
On price analysis charts, the Relative Strength Indicator for most cryptos showed a strong bullish momentum with trading activity increasing before dipping slowly this morning. The slow dip can be attributed to an imminent deadline set by the U.S. Securities and Exchange Commission (SEC) on 9 ETFs to file submissions against an earlier rejection by the same body. Owing to this, traders stood back awaiting SEC’s decision which could have the ripple effect of shifting crypto prices upwards or downwards or generally affecting the market.
Bitcoin’s stability subsided throughout the week. A small dip of around 2% was recorded with RSI at the stable zone. A high of $6548 and a low of $6307 was recorded throughout the week. The exchange market was active with BTC exchanges Bithumb, BitMEX and CoinBene dominating at 10.3%, 7.1% and 3.1% respectively.
Chart indicating various cryptos’ performance throughout the week
Among the top cryptos, Ripple recorded the least loss. Prices reached a high of USD 0.46 and a low of USD 0.43 indicating continued periods of stability. Ripple also recorded a high trading volume indicating low volatility in the market. Exchanges continued to trade in high volumes with ZB.COM dominating the market with 27.3% of the trades. Bithumb and Bitbank commanded 6.8% and 7.3% of the XRP/USD market respectively.
The ETH/USD pair hit a high of $205 and a low of $195 seeming to test the $200 support. Coinbit dominated the market, commanding 5.4% of the trading volume. This week, news from a Maryland University research indicated that a lack of diversity of ETH smart contracts poses a threat to the Ehereum blockchain ecosystem.
subscribe to our newsletter
Interested in other cool crypto content? Check out Interview with Q: The cryptocurrency trading BOT maker and Wanchain: One chain to rule them all?
Follow us on twitter @cryptoiscoming