[ad_1]
The cryptocurrency market closed the weekend in a state of relative stability. Bitcoin and the majority of the main altcoins ended on Sunday in much the same way as they started, and are now entering October with the possibility of finding new bases.
Made with the annual lows?
The annual minimum of $ 5,984 reached on Aug. 14 by Bitcoin seems to be the worst of the year. Since then, each downturn has rebounded to the $ 6,000 range and, at this point, Bitcoin can compete with major world currencies in terms of volatility or lack of currency.
Ethereum took a little longer to reach its lowest level in fourteen months, after plunging to $ 170.26 on September 12th. The recovery from the ETH at $ 230, the bar of $ 200 now appearing as a strong fortress.
Among the altcoins of the top 100, those who did not fall with Bitcoin in August sank with Ethereum in September, and since then, none has yet exceeded the limits of the market. In fact, many have outperformed the market in what could be the beginning of a divergence in altcoin.
Anticipation of October
While the market surge in 2017 can be traced back to April, the big gains began to emerge in October, when both Bitcoin and Ethereum grew by 50% in thirty days.
Remarkably, last year's trend is similar to this year's: Bitcoin experienced a disastrous fall in the fall (Sept. 15), dropping by 40% in just two weeks. Since then, everything has been purely upward – although this year's recovery has been more stable than spectacular at this stage.
Many had anticipated the SEC's expected acceptance of the VanEck ETF proposal as a trigger for this year's wave. The decision to postpone the result until December could prolong this process, even if last year's market surge occurred without an ETF, so the cryptocurrency market does not depend much on it.
A new normal
XRP is now only a few hundred million behind Ethereum's market capitalization and could end up in the top spot as a second cryptocurrency if Ethereum does not match its recovery. The good news for XRP fans is that trading volumes stayed in the room even after the recent 23% retracement.
When volumes went from $ 300 million to $ 5 billion in the September outbreak, it was the highest volume of XRP trading since January. Despite a considerable drop, transactions on the XRP have remained close to the billion dollar mark in recent days, the equivalent of Ethereum's.
If this proves to be the new norm, it represents either a new money supply in the crypto-space, or a simple remodeling of funds. Given the impact of the XRP retracement last week, when the $ 13 billion lost by XRP accounted for 60% of overall market losses, it seems that the former might be more likely.
Disclaimer: The author owns Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
Image presented with the kind permission of Shutterstock.
Source link
