Skip to main content

Bitcoin Takes a Breather as Prices Drop Below $5,700 (17.10.2017)

The world’s most talked about digital currency pulled back early Tuesday, a sign that the latest rally is nearing its end.

BTC/USD Price Levels

After a positive start to the week, bitcoin prices have reversed back toward $5,600 on Tuesday. The BTC/USD exchange rate opened up a nearly $200 trading range on Tuesday. At press time, the pair was down 1.3% at $5,653. Bitcoin remains in overbought territory, based on the RSI, with underlying momentum maintained.
Bitcoin’s current price level translates into a market cap of roughly $92.7 billion, according to CoinMarketCap. That nearly triples the Ethereum blockchain, which is currently valued at $31.2 billion. When assessed by market cap, bitcoin and Ethereum combined account for more than two-thirds of the cryptocurrency asset class.
The BTC/USD has registered a five-day gain of 15.%, which is equivalent to $772. The pair’s 52-week range is $627.77 – $5,861.15.

Analysts Struggle to Explain Rally

Analysts and market participants are struggling to explain bitcoin’s latest upsurge. The uptrend seems to have begun around the time of news suggesting Chinese policymakers may soon relax their ban on cryptocurrency. However, this alone doesn’t explain the 18% gain over the past five days.
Another plausible catalyst is the anticipated hard fork of the bitcoin blockchain in November, a plan that would benefit existing holders of the cryptocurrency.
The developers behind the Segwit2x protocol have identified a bitcoin upgrade approximately 90 days after the activation of Segregated Witnesses. The controversial plan, which aims to increase the transaction capacity of the blockchain, will occur at block 494,784.
Bitcoin Gold was also on some traders’ wish list before the blockchain community raised suspicion over the project. Several red flags have been identified by Gert-Jaap Galsbergen.
For now, bitcoin’s bull market appears to be taking a breather. As we’ve seen in recent weeks, it doesn’t take much to stoke investor exuberance in a market that has gained nearly 500% since Jan. 1.

Comments

Post a Comment

Popular posts from this blog

Analysis 23.10.2017 : Notable Bitcoin Price Growth Events in October

  October has been an interesting month for Bitcoin, with growth of about 40% so far, breaking a market cap of over $101,881,681,652. But if you are looking at Bitcoin long-term, this is more than just numbers now. Yes, Bitcoin did experience some explosive growth this month (and has been this entire year), but we shouldn’t let that distract us from some of the main components that will fuel Bitcoin’s growth in the long-term. Not only did the price break $6,000 per Bitcoin for the first time ever, we started to see Bitcoin’s market cap rate  surpass that of big banks such as Goldman Sachs ($93 billion) and Morgan Stanley ($89 billion) . While comparing the market capitalization of a cryptocurrency with that of publicly traded companies doesn’t make much financial sense, it’s entertaining to watch financial institutions stress out about Bitcoin. For example, the CEO of JPMorgan Chase Jamie Dimon  can’t stop talking  about Bitcoin and venting h...
Post a Comment
Read more

Trade Recommendation 31.10.2017: Litecoin

The price bounced from the uptrend line and moved above the cloud. The new high is a good level for placing buy orders. If the market moves above 59.00 level, we’ll have a confirmation of further price movement. DMI shows that bulls become stronger and we can expect new highs. Entry is 59.00 level with stop orders below the local swing low at 53.50 level. Profit targets are 70.00 and 80.00 levels.  If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit. Market: LTCUSD Buy:  59.00 Stop:  53.00 Profit Targets:  70.00 and 80.00 The trading signal is based on Poloniex chart.
Post a Comment
Read more

3.10.2017 ICO Analysis: Gizer

The growth and widespread adoption of eSports has shined the spotlight on Gizer, the real-time platform connecting gamers, hosts and services. The Gizer Network provides the gaming community the opportunity to connect through tournament hosting, service and product listings, and brand sponsorships all found directly on the platform. For those unaware, eSports are multiplayer video games played competitively for spectators. What Is Gizer? The Gizer startup was officially launched in 2016. Over that short period, it has already acquired thousands of users worldwide. In September 2017, the official Gizer mobile app launched on the App Store, with Android development also moving to beta testing. Web application and localization into various languages are expected to continue throughout the year. The company is already eyeing partnerships with top eSports brands to commence as soon as February 2018. In a 2017 whitepaper, Gizer outlines its value proposition by iden...
Post a Comment
Read more