Weekly Crypto Report (Oct 17 – Oct 24)
Right now, the questions for those on the fence when it comes to diversifying their crypto portfolio or even getting into the world of cryptocurrency is when, or even should I invest?. You can be forgiven for feeling this way after this week showed another drop in all 6 cryptos we report on.
Although if we go by the habits of the whales investing in Bitcoin, (read our report on Bitcoin whales here) it should be that these times of price decline are the best time to buy.
Most of us are in doubt that digital currencies are going to become mainstream by at 2025, but right now it is hard to predict or see a point at which the market will level out and become more consistent.
The Big Cryptocurrency Questions Everyone Is Asking Themselves:
Q: Do you wait for the markets to slide a little further?
Q: Is this the time to start swapping your fiat for crypto?
We Have Not Seen the Same Rises in Value As We Did In Q4 of 2017
It is a tough market to predict, but you can be sure cryptocurrencies are here to stay. Especially with news of Coinbase Custody being the first company that manages cryptocurrencies to gain a prestigious license from the New York Department of Financial Services (NYDFS). The news of this license was recently released in a press release on the Coinbase blog, which uses Medium.com to spread its news.
This week cryptos continued their spiral effect – a spiral that is heading in the wrong direction for those that are currently invested in cryptocurrencies, but for those that have a keen interest in getting into the world of cryptocurrencies, could this be the time to do it?
It was the last quarter of 2017 when Bitcoin spiraled almost out of control reaching the dizzy heights of around $20,000, but that rise in value began in September 2017. This year the spike has not come – maybe one many were waiting for.
Last Week’s Downward Trend Continues into This Week’s Report
Previous week’s reports have been shown some small signs of promise, but last week’s WEEKLY CRYPTO REPORT (OCT 10 – OCT 17) the market started to take a turn for worse. That has continued into this week with valuation declines across all 6 cryptos.
Let’s look at what happened this week with our top 6 cryptocurrencies. We begin our assessment on Wednesday, October 17th 11:59 pm and round it up on Wednesday, October 24th at 11:59 pm giving us another 7 days of cryptocurrency stats.
Bitcoin (BTC) – Lost $45.74 (-0.7%)
To put it bluntly, Bitcoin stumbled big time this week. It started out at $6,549.73, but straight off the bat BTC was depreciating and continued to do so until it hit $6,452.26 on Friday morning. It remained stagnant with small swings in value not moving more than +$50 above Friday morning’s value, and this trend continued until in Sunday BTC jumped to $6552.55.
The quick burst in value later came back down to $6462.98 by Monday morning giving anyone trading in short bursts a very small window to make any profit. On Monday evening BTC jumped again and this time to 6543.53, which was closer to this week’s starting pin of $6,549.73. However, BTC would end Monday on a low of $6483.66.
Tuesday and Wednesday showed no signs of any recovery, but there was a slight improvement on Wednesday throughout the day leaving BTC valued at $6503.99 just before midnight on Wednesday.
Start – 10/17 Wed 11:59 am: $6,549.73
Finish – 10/24 Wed 11:59 pm: $6503.99
Ethereum (ETH) – Down $3.67 (-1.8%)
For Ethereum investors the week could not have started any worse. From a $208.10 start, the crypto fell to $202.06 by Friday afternoon. That said, ETH being ETH did bounce back as the week on. It did in usually ETH fashion too taking small milestones up the ladder until it hit what we now know was its boiling point as it started to cool down again.
At $207.96 on Sunday evening ETH started to simmer off again in another set of sudden drops in value. By Monday morning it was at $204.16 then spiked to $206.93 Monday evening before hitting another low for the week on Tuesday evening valued at $202.28.
Getting back to its week beginning value needed another sudden spike, which did come, but it only came in a very small dose leaving ETH valued at $204.43.
Start – 10/17 Wed 11:59 am: $208.10
Finish – 10/24 11:59 am: $204.43
Ripple (XRP) – Down Only $0.01 (-2.1%)
Ripple’s week was not too dissimilar from Bitcoin’s, but not as turbulent as Ethereum’s. Rather than sudden dips in value Ripple declined reasonably slowly in comparison. It fell by $0.02 by Friday morning valued at $0.45 before rising back up to $0.46 by Sunday evening. For the rest of the week, XRP remained at the $0.46 mark.
Just after midnight on Wednesday XRP was back down to $0.44 with little hope of it coming back to the $0.47 it had begun the week. Around 4 am Wednesday it then spiked back to $0.47 leaving many hopeful that it was going to come out even or even above last week’s value.
It wasn’t to be as slight drops means Ripple would end our week valued $0.01 less than it did when we began.
Start – 10/17 Wed 11:59 am: $0.47
Finish – 10/24 Wed 11:59 am: $0.46
Litecoin (LTC) – Drops $1.09 (-2%)
The graph was out of control as values zipped a dollar up and a dollar down all week. The short version of this is that LTC dropped to $52.07 by Thursday evening after recovering from a $50.99 low on Thursday. It then rushed back up to $52.51 on Friday morning before dropping to $51.76 by 3:30 pm, and then maneuvered back up to $52.58 by the end of the week.
Start – 10/10 Wed 11:59 am: $53.67
Finish – 10/17 Wed 11:59 am: $52.58
Bitcoin Cash (BCH) – A loss of $4.79 (-1.1%)
BCH has been performing badly for the past few months. This month alone it has lost more than $100.00 in value per token and has continued to decline since we added it to our weekly report. This week was another duffer for those digging for an investment out of this hard fork Bitcoin crypto.
This week it began priced at $448.94, and it ended up down to the tune of $444.15 by Wednesday at midnight. Like many other cryptos that all seem to be following the same trends, BCH saw drops over Thursday and Friday with the week’s low hitting $433.77 before a steady climb back up to $455.96 early Monday morning.
Over Tuesday and Wednesday, there were ups and downs as BCH remained at a value of between $438 and $456 before finally closing in at $444.15.
Start – 10/10 Wed 11:59 am: $448.94
Finish – 10/17 Wed 11:59 am: $444.15
Dogecoin (DOGE) – Dropped $0.000689 (-14.9%)
Last on the list is DOGE. This week DOGE coins fell quite dramatically in terms of percentage worth of value. Having 14.9% wiped off the value of any crypto is no fun. Its market capitalization began the week at $584 Million and ended at $458 million wiping off a massive 21.6% of DOGE’s value.
Along with all 6 cryptos in this report, DOGE also depreciated over Wednesday, Thursday and Friday, but there were some steady climbs to report over the weekend and into Monday. However, Monday it lost steam reporting hourly losses with rare signs of rises in value all the way up until Wednesday night where DOGE finished as low as $0.003929.
Start – 10/10 Wed 11:59 am: $0.004618
Finish – 10/17 Wed 11:59 am: $0.003929