Weekly Crypto Report (Oct 10 – Oct 17)

    News and Updates

    Over the week pretty much all the cryptocurrencies in our report showed the same trends. Sharp falls on Thursday with marginal recoveries to report on Friday. Over the weekend prices remained low but consistent. Come Monday and all hell broke loose as sharp spikes in value were reported across the board, but those increases were short lived.

    On Tuesday there most cryptos dropped again, but most were fine as the drop left them close to the value that they began the week at. On Wednesday there were mixed trends with most cryptos heading in the wrong direction, but with such as volatile market who knows – anything could happen.

    XRP was the only crypto to report a positive increase over the week, which is something we will be keeping a close eye on because since  September Ripple’s much esteemed virtual currency has been showing some promising signs.

    Here is the round up for BTC, ETH, XRP, LTC, BCH, and DOGE from 11:59 pm October 10th to 11:59 pm October 17th.

    Bitcoin (BTC) – Dropped just $9.39 (0.1%)

    It could have been a very bad week for Bitcoin after having quite a stable run as of late. It finished up last Wednesday at $6559.12 with a stable increase in value over the 7-day reporting period. On the contrary, this week Bitcoin investors saw their BTC portfolio end this week with a slump in value, but not by much.

    On Thursday BTC fell to $6,300.19, which had the market in disarray. That said, it was great news for those that are currently stabilizing Bitcoin by purchasing BTC in times of market decline. The Bitcoin whales reported on earlier in the month are squirreling BTC away for what many predict to be the inevitable stabilization of the currency, which is said will be the beginning of a simmering rise in value as it is believed BTC will become a mainstream in around 2025.

    For those that are looking for a quick return on their investment in light of its recent marginal gains and more stable than usual trends, things seemed to just worsen as the week went on. By Friday evening BTC was down to $6,242.66 with no sign of a sudden spike to spark a recovery.

    Luckily, as volatile as BTC can be, that spike did come. Throughout the week Bitcoin was down in the dumps until Monday afternoon when, in true form, it started to rise again.

    It jumped from $6,304.82 and continue to rise minute by minute incrementally until it reached $6,965.96. In true form though, It then dropped back to $6,593.66, which is where the crypto stabilized eventually hovering between $6,550.82 and its end of week valuation of $6,549.73.

     Start – 10/10 Wed 11:59 am: $6559.12

    Finish – 10/17 Wed 11:59 am: $6,549.73

     

    Ethereum (ETH) – Lost $17.51 (8%)

    After 4 weeks of consistent valuations hikes, Ethereum finally burned out losing a considerable percentage of its value from last Wednesday’s $225.61 finishing amount.

    On Thursday night there was a sharp dip to $204.44. Those drops in value continued into Friday morning where ETH hit its bottom for the week at $188.98. In exactly the same fashion as Bitcoin the value never really showed any signs of recovery back to its previous week’s values, although it did come back to just under $200.00 by Friday night.

    For the rest of the week ETH remained reasonably stagnant, but just like Bitcoin, the spike was always going to come. In fact, looking at the market data charts, the ETH and BTC trends look pretty similar. A huge spike on Monday to $222.12, then it dropped off to $205.86 by Tuesday morning and then stabilized at $208.10, which left ETH down for the first time in 4 weeks.

     Start – 10/10 Wed 11:59 am: $225.61

    Finish – 10/17 11:59 am: $208.10

     

    Ripple (XRP) – $0.01 Increase (2%)

    Last week XRP lost 15% in value after its recent impressive climb. This week it looked as if XRP was going to return to its pre-Money Tap announcement mentioned a couple of weeks when we introduced XRP into the report. Luckily it turned out to be a profitable week for anyone invested in Ripple’s blockchain crypto.

    XRP began the week completely on the wrong foot tumbling down to $0.38 and leaving a mountain to climb if there was any chance of it recovering. Notably, the new low in XRP for the week was still up on its $0.34 September start, but not quite as high as its $0.67 September 21st peak.

    As the week went on XRP did manage to climb that mountain. It began by bouncing back to $0.44 on Friday and remained stable throughout the week. It then spiked on Monday to $0.47 following the same trend as BTH and ETH. However, there was a slight drop in valuation on Tuesday. However, since that Tuesday dip, XRP has been moving back up in the right direction ending Wednesday valued at $0.47.

    Start – 10/10 Wed 11:59 am: $0.46

    Finish – 10/17 Wed 11:59 am: $0.47

     

    Litecoin (LTC) – Reports another loss down by $4.15 (7%)

    With Litecoin being closely tied to BTC, it also followed the same trend as the rest of the cryptocurrencies in this report.

    It began with a drop to $57.40 on Thursday with Friday not offering much consolation as it dropped further down to $50.99 on Friday. Luckily Friday was not all doom and gloom as LTC did come back to $53.73 by the end of the day leaving many with high hopes over the weekend.

    Saturday was the closest to good news LTC investors were going to get as it peaked at $54.16. For the remainder of the week, there was not much action to report until things took a turn for the worse on Monday morning when it plummeted again – this time down to $51.96.

    Nonetheless, Litecoin joined the party along with all the other cryptos skyrocketing its value to $57.46, which may not be above last week’s end, but it was a relief for LTC investors. Although since then it has been slowly declining in value and is now valued at $53.67.

    Start – 10/10 Wed 11:59 am: $57.82

    Finish – 10/17 Wed 11:59 am: $53.67

     

    Bitcoin Cash (BCH) – 12% Decline in Value 

    Bitcoin Cash just never seems to get a break as it continues to tank. Last week’s $509.84 value has been wiped out quite convincingly this week. As with BTC, ETH, XRP, and LTC, there were sharp drops in value on Thursday and then a sharp increase on Monday. However, the Monday increase was not as much of a recovery as the other cryptos reported. In the end, BCH was down to $448.94.

    Start – 10/10 Wed 11:59 am: $509.84

    Finish – 10/17 Wed 11:59 am: $448.94

     

    Dogecoin (DOGE) – 1.7% Down for the week

    Not even DOGE could dodge a decline this week as it also sunk in value. The falls were not as dramatic as all the other cryptos mentioned here. There were some sharp declines on Thursday, but by Friday Dodge was back valued at $0.005263. It remained consistent throughout the week, but on Monday it dropped to $0.005147 and trickled further downwards ending the week at $0.004618.

     Start – 10/10 Wed 11:59 am: $0.005575

    Finish – 10/17 Wed 11:59 am: $0.004618

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