Weekly Crypto Report (24 – 31 October)
As we are heading towards the end of October, the cryptocurrency markets have seen some renewed interest from investors. The market isn’t looking great, even though some investors are anticipating a shift from the bearish market. At the moment this is all still speculation and prices are still down, with an overall decline of approximately 9,4% still evident in the crypto markets.
One of the biggest points of contention is the year-on-year loss that Bitcoin has managed to hit. This was the first time in the country’s history that this has been the case. Looking at Halloween last year and Halloween this year, one will see a 3% difference in values, but on the red side. In one year it has Bitcoin has reached record highs, only to plummet further.
Bitcoin (BTC) down $144 (2.2%)
This week has been another hard one for BTC investors. Prices were still up from the low that was experienced in mid-October, with prices trading at $6,479 on the 24th, compared to the month low of $6,244.
Until Monday, the fluctuations were relatively stable, with a high of $6,521 and a low of $6,447. This 1% change took place over the course of the week and the average price was around $6,480. It was during this period that some speculators were beginning to criticize the stability of the coin, calling into question the volatile investment environment that made BTC a profitable investment.
This speculation was soon put to rest when things took a turn for the worse around lunchtime on the 29th. Prices dropped from $6,484 to $6352 in 3 hours. This was the second largest drop experienced in the month, about half of what was experienced on the 11th. It was during this time that investors were panicking over large spread worry that BTC would reach its first ever year-on-year loss – which it did.
The share prices remained under the $6,360 mark and closed on $6,337 a new record for BTC. The share price closed at $6,470 last year at the same time, now it is $110 less. This was not a great week for BTC holders, but a potentially great week for new BTC investors.
Start – 24/10 Wed 11:59 am $6,478.89
End – 31/10 Wed 11:59 am $6,334.27
Ethereum’s week was very similar to Bitcoins, with big losses taking place towards the end of the week after a relatively stagnant first portion. Things were looking stable at the beginning of the week, fueling speculation about the volatility of the coin. However, people were soon shown some action, with the second biggest drop of the month taking place. The spare prices dropped from $205 to $198 in just a few hours. This is a 3.4% decrease, which makes the impact felt by this coin slightly worse than those felt by BTC investors.
This week can be seen as another continuation of the bear market that crypto investors have been seeing for the majority of 2018. Prices have dropped to a point that all ETH profits from the price gains of 2017/2018 have disappeared and we are at the same point we were before. This could signal a time to buy for new investors and whales are mentioning that this is a pinnacle point for those wanting to get involved.
Start – 24/10 Wed 11:59 am $204.13
End – 31/10 Wed 11:59 am $197.56
Ripple felt this week’s drop harder than both ETH and BTC. The coin started out strong, but saw significant declines over the first 2 days, with a high of $0.4669 and a low of $0.4526. This was one of the biggest drops in the initial portion of the week, with most other coins showing relative stability during this time. XRP stabilized after this, with an average price of $0.45.
On the 29th of October XRP also dropped in price, significantly worse than the previously mentioned coins. The drop took place over lunchtime resulted in a 4.2% decrease. The coin prices decreased again the next day, reaching a low of $0.437 compared to the previous days $0.438. This was followed by a day of strength, with prices returning to $0.448. Since then XRP has been constant, ending the week on a small upswing in the market.
Start – 24/10 Wed 11:59 am $0.461505
End – 31/10 Wed 11:59 am $0.444759
Lite coin was very stable during the first few days of the week. It looked especially consistent when compared to the beginning of the month. Since the 1st, the share price had dropped by $9, starting at $61, only to be at $54 by the 24th. The stability was welcomed by holders of LTC, but new investors and day traders were not enjoying the period of stagnation.
The 29th brought a drop along with the rest of the cryptocurrency market. Litecoin started the day at $51.48 and ended it at $48,71, dropping by 5.2%. LTC’s month ended similarly to how it began, with a period of stability in the share price. Over the next two days, prices remained around the $49 mark.
LTC also experienced a year-on-year loss, with prices $7 lower than they were at the same time last year. On the 31st of October 2017, the share price was $56 and the LTC share price closed at $49 on the 31st of October 2018.
Start – 24/10 Wed 11:59 am $52.59
End – 31/10 Wed 11:59 am $49.24
Bitcoin Cash (BCH)
BCH started with a period of growth, reaching a high of $448.18 on the 24th. By the end of the day, the price was $1 higher than it began, at $442 per coin. Apart from on the 26th when the share prices decreased to $436 and recovered to $441, the share price of BCH was stable until the 29th of October.
The cryptocurrency market struggled on this day, with all coins feeling the drop. BCH started the day at $439 and ended it at $415. This $19 decrease translates to 3.5%, which is a large drop, but not the largest one experienced by the coins on this list. The coin ended strong with a price increase to $421 per share.
Start – 24/10 Wed 11:59 am $441.27
End – 31/10 Wed 11:59 am $421.93
DOGE had quite unique market movements this week, not following similar trends to the other coins. Overall, this month has not been great for DOGE, with the share price ending lower than it started.
The week started at $0.004162, which didn’t last long. By the end of the 24th, the price had dropped to $0.003928, over 5% in one day. This, contrary to other coins, was the largest drop DOGE would experience for this week. For the next few days, the coin was stable, with a slight drop on the 26th to $0.003705. On the 27th, the price increased to a high of $0.004242, 8.5% higher than it opened at $0.003918 per coin.
The remainder of the month remained in a bear trend, with prices slowly decreasing until the 31st where the price remained relatively constant for the whole day. Despite the large increase, the price was still lower than it began the week.
Start – 24/10 Wed 11:59 am $0.004162
End – 31/10 Wed 11:59 am $0.003850