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Asian Market Update – Tuesday 17.10.1027: Cryptocurrency prices consolidate after strong rally

Bitcoin

The Big Question: When can we expect the next short-term bitcoin rally?

Prices of cryptocurrencies pointed lower overnight during the Asian trading session on Tuesday, showing typical signs of a technical consolidation before the next leg up.
At midday in Asia, bitcoin was down 2.27 percent to $5,615. The loss in the price of bitcoin on Tuesday did not even get close to erasing the strong gains made in the past few days since, when bitcoin surged through the $5,000 mark and continued to rally all the way to about $5,850.
The price of ethereum also saw a loss of 1.5 percent loss to $328 at around midday in Asia. Ethereum has performed steadily following the protocol upgrade deployed on Monday, known as the Byzantium hard fork. Tuesday’s fall, though pretty steep, is still smaller than the single-day loss seen on Sunday ahead of the hard fork, when the virtual currency dropped to near the $316 level.
Litecoin on Tuesday saw the biggest loss, trading down 4.66 percent to $61.62. However, litecoin remains above the $60 mark after surging past that on Saturday.
Though losses in the price of the three major cryptocurrencies were far away from erasing the solid gains from the past a few days, talks of wether bitcoin has reached a level where correction is inevitable, have emerged.

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