Top Cryptocurrencies of the Week – As at Oct 18, 2018
- Bitcoin (BTC) – This week, the insolvency scare of stablecoin Tether, caused a short-lived spike in Bitcoin’s price.
In a rush to withdraw funds from the Bitfinex exchange, investors purchased BTC, pushing the price from just $6400 to almost $7800 USD on the exchange. This happened in only a two hour window, before settling back down. This sudden spike cleared out $60 million dollars of short volume. But over a 48 hour period, short trader volume returned and is now over 50% greater than longs, demonstrating a pessimistic sentiment on price.
We suspect bitcoin price may fall further next week as those who moved their tether holdings into BTC are opening accounts in other locations to sell their bitcoin back into US dollars.
Caleb and Brown’s Spotlight Cryptocurrencies of the Week:
- 0x Protocol (ZRX) – The open protocol for decentralized exchange on the Ethereum blockchain, became only the 6th cryptocurrency to be listed on Coinbase Pro. With the ongoing Bitfinex controversy, we anticipate trading volume to migrate to Coinbase Pro, providing further exposure to the ZRX token.
- Bitcoin Cash (BCH) – The Bitcoin fork has been gathering steady merchant adoption across Australia. Having fallen to 6.8% of the BTC price, if it reaches the next point of support at 5.5% of BTC, it may represent a resilient entry point, as the asset is held by a community of ardent believers in the bitcoin fork.
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