Weekly Crypto Report 31 October – 7 November
After last week’s dismal performances, things have been alright this past week. In terms of fluctuations, there was plenty to keep day traders interested, but also not too many to scare off new investment. Overall there isn’t much to report, but most coins were ending the week at a better position than they started, which is good news for a change. Following the big birthday celebration of Bitcoin, the market seemed to return to a place of positivity, but not enough to consider the market out of the bear trend that it has been since the decline from the festive season in 2017.
This week’s stability has also been a sign of a potential shift in the market according to some whales. There have been observations that the drops are getting significantly less and that is one of the key signs of an upmarket swing. This is good news for those holding on to bitcoin and those looking to make money by investing before the next big spike that many investors predict.
Bitcoin (BTC) up $137 (2,16%)
After last week’s big drop, followed by relative stability, things are going a little bit better for the BTC team, however, the prices are still down compared to this time last year.
The biggest event of the week was a large spike that occurred on the 1st of November. In the early morning hours, the price shot up to $6533. This was a $209 increase from the days’ opening at $6324. This was one of the largest increases of the month, equalling 3,3%.
The remainder of the week was filled with small ups and downs, with the largest decline occurring on the 2nd of November, only to be replaced by an equally large increase the following day. It was only on the 4th of November that the price changed significantly. First, things went negative, dropping to $6,301, the lowest price of the week, but soon after BTC went up to $6,479 the second highest price of the week. The rest of the week was stable, with the price ending at $6,471, a mere $6 lower.
Start – 31/10 Wed 11:59 pm $6,324
End – 7/11 Wed 11:59 pm $6,471
Ethereum (ETH) up $18,88 (8,8%)
Ethereum was one of the main winners in this week’s cryptocurrency market. They shot up by a large 8,8%, ending the week significantly higher than they began. Ending on a high wasn’t the only positive thing from the week, in general, ETH performed well and maintained stability in the opening days before shooting up before the week’s end.
The coin started the week at $197,17 and experienced a small increase in the opening hours of the 1st of November, increasing by over 1$, ending the day at $198,60. The second was similar to the 1st, with the price staying constantly until experiencing a small increase. It was only by the weekend that things started going a lot better for ETH.
Between 4 pm and 10 pm on Sunday the 4th, the price increased from $200 to $209,63. This is almost a 5% increase in the space of 5 hours. The next few days saw ETH decreasing a bit, only to increase by another $10 on the 6th and 7th, leaving it at its final price of $216,05.
Start – 31/10 Wed 11:59 pm $197,17
End – 7/11 Wed 11:59 pm $216,05
Ripple (XRP) up $0.087 (19%)
After last week’s drop, XRP is back at it, taking a major increase this week of 19%. Investors holding on to the coin and day traders would’ve been happy from this week’s activity. It wasn’t the best time to buy, as the price only increased, but if you managed to purchase a few coins before the start of the week, you would have seen significant gains.
The week opened at a rather poor position at $0.448. This first few days remained very stagnant, with XRP showing some of the least movements for the first 4 days. On the 5th, things started turning for the better. The price opened at $0.463 and ended at $0.48. The next day was even better, with the price climbing to a high of $0.56 before decreasing to the closing price of $0.54.
The remainder of the week was similar to the beginning, with stagnant prices and a final price of $0.535, making it a very successful week.
Start – 31/10 Wed 11:59 pm $0.448
End – 7/11 Wed 11:59 pm $0.535
Litecoin (LTC) up $4.63 (9%)
Litecoin was one of the more consistent coins in this list, with price increases taking place throughout the week, apart from a small drop taking place towards the 7th’s closing price.
The price opened at around $50 and ended the day at roughly the same spot, a few cents higher. The next few days were more productive, with the coin racking up an increase of over $3. The price remained stable for the 2nd and 3rd, but it was on the 4th that things started turning up, with the price reaching its high at 8 pm on the 4th.
The next few days were stable, before another increase that took place on the 7th, resulting in the week’s highest price of $55.86. The price declined before ending the day on a low of $54.19.
Start – 31/10 Wed 11:59 pm $49.56
End – 7/11 Wed 11:59 pm $54.19
Bitcoin Cash (BCH) up $194,19 (45,9%)
BCH takes the crown this week as the best performing cryptocurrency on our list. The first two days were very quiet, with the price only starting to show signs of an increase late on the 2nd. The price rose considerably to $462 by the end of the day.
The next few days saw consistent growth, with every day ending a little bit higher than it started. The most significant 24 hours was between the 6th and 7th of November when the price rose from $563 to a high of $635. The price stabilized a bit before ending at $617.
Start – 31/10 Wed 11:59 pm $423.07
End – 7/11 Wed 11:59 pm $617.26
Dogecoin (DOGE) down $0.000124 (3,29%)
DOGE was the only coin to end the week lower and this is after it came off an increase the previous week. The coin started off well, with a $0.0002 increase before lunchtime. This was quickly countered, and the coin ended at very similar to where it started.
The rest of the week saw every day ending slightly worse than it began, with the lowest point occurring in the early mornings of the 6th of November when the price fell to $0.003630. DOGE recovered but not enough to bring it out of the red, ending the week at $0.00363.
Start – 31/10 Wed 11:59 pm $0.003761
End – 7/11 Wed 11:59 pm $0.003637