Top Cryptocurrencies of the Week – As at Oct 25, 2018
- Bitcoin (BTC) – This week, Bitcoin’s short volume has been sitting 50% greater than longs demonstrating negative market sentiment as many people are expecting a drop while those playing the long game are expecting the price to go up. But market overexposure to shorts could spell susceptibility to a short squeeze that may create a rapid price rally.
- In this segment, I’d like to highlight a number of key dates in the coming months. Firstly, Bakkt Futures exchange is expected to launch on December 12, more on this later.
- Futures are a market-rationalizing force, and it’s possible the media attention are this event may disrupt the very speculative crypto market as we near the trading launch date. An example of this was during Bitcoin’s 2017 bubble as the CBOE Futures launched.
- On the other hand, ETFs generally provide long exposure to an asset class and developments continue as the SEC’s next decision date for the SolidX VanEck ETF is set for late December. However, given the SEC’s previous track record, the decision could be postponed until February next year.
Caleb and Brown’s Spotlight Cryptocurrency of the Week:
- Monero (XMR) – This top privacy coin successfully performed its cryptography update named “Bulletproofs”. The update improves Monero scalability, dropping transaction fees by 95%, down to an average cost of only 2 cents.
As the cryptocurrency industry develops, the need for private transactions in public blockchains will find demand from employee salaries and business-related payments.
If you’ve been following our segment all season, you can find a summary of our portfolio’s performance published on Coincast News and Multiplier – Crypto Business News – Here
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