Weekly Crypto-analysis: November 5th to November 11th

Dennis Wafula

November 12, 2018

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.

Ethereum (ETH)

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.’

Bitcoin (BTC)

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%)

Ripple (XRP)

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%.

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