Weekly Crypto Report October 2 to October 8

    News and Updates

    It was a fairly tame week this time around with no major drops in value to report. If anything the market stayed reasonably flat with only slight losses on BTC and DOGE, while BCH, LTC, ETH, XRP, and EOS all reported positive gains.

    As we were writing this at the stroke of midnight, we also managed to include a few spoilers. It is only early doors at the moment, but Wednesday is already showing some positive rises in value for many of the cryptos in our report. Stay tuned to see where the market eventually ends up after 7-days of trading between 10/09/19 and 10/15/19 - it looks like we could be in for an exciting report next week.

    For the time being, it is time to focus on the last 7 days' ups and downs.

    Here are the latest movements for 00:00 am on Wednesday (10/02/19) to 23:59 pm Tuesday (10/08/19) UTC +7.

     

    Bitcoin (BTC) – Down $255.22 (-3.01%)

     

    It was another unremarkable week for BTC as further declines in value continued. That said, at the time of this writing, the midnight clock has already struck into Wednesday, and we have just seen BTC shoot up to $8,601.80. Could Bitcoin be staging a comeback? We'll save the details for next week's report which already looks like it could be positive for Bitcoin investors.

    As for this week, Wednesday to Saturday BTC was on a slow cooldown incrementally declining in value with no major drops or spikes to report. That was until Sunday when, according to social media, a Bitcoin crisis had been declared when BTC fell below $8.000. Apparently, BTC was dead and buried - simply on its way back to the dark days of the $4,000 mark. In reality, since the start of the week, BTC was only down 6.5% valued at $7,920.39.

    Albeit, any concerns were put to bed quickly when on Monday BTC staged a steady recovery that led in an upwards trend into Tuesday. BTC then spiked to $8,327.27 giving it a 4.9% increase on the week's low point. As fast as the negativity came on social media the banter soon changed its focus to ridiculing the crypto pessimists - as so often happens in this volatile world of cryptocurrencies. From here on out BTC remained above the $8,000 mark.

    By Tuesday morning it looked as if we could be reporting minimal losses when BTC was valued at just $144.74 shy of its week's starting point. It wasn't to be though as BTC came down another $110.48 just before midnight to finish at $8,216.79 depreciating $255.22 (3.01%) over 7 days. It's not great news for investors, but the spoiler is certainly worth getting excited about because so far BTC has risen 4.7% in value.

    Start – 10/02/19 00:00 am: $8,472.01

    Finish – 10/08/19 23:59 pm: $8,216.79

     

    Bitcoin Cash (BCH) – Up $3.37 (+1.48%)

     

    Bitcoin Cash was on fire this week. After losing almost 19% of its value last week and 11.6% the week before, reports of a potential upsurge in value will come as welcome news for investors. In fact, there has been an increase in trading surrounding BCH this month, which it is most likely because of the newfound belief BCH has harnessed. Some predict that it will recover faster than Bitcoin. With prices low, it is fair to say that those in the know have been snapping up BCH while the going is good in hope of brighter days to come.

    Well if this week is anything to go by, BCH could well be on that road to recovery. It started the week with only a slight dip as it performed much the same as BTC did by going on a slow cooldown in value before making a late U-turn and suddenly piling on $ signs. At the start of Monday, BCH began trading at $223.49 and by Tuesday afternoon it had climbed to $238.34, but would eventually shave $7.87 off that number before the day was out to finish up at 11:59pm on Tuesday valued at $230.47.

    Just to give you a spoiler for next week, BCH has begun Wednesday positively with a rise to $239.45.

    Start – 10/02/19 00:00 am: $227.10

    Finish – 10/08/19 23:59 pm: $230.47

     

    Litecoin (LTC) – Up $0.54 (+0.95%)

     

    Litecoin had a bumpy week, but it was worth it in the end as it ended up wiping out early losses due to a bad start and made up for a small percentage of its previous week's shortfall in the process.

    It began the week down $8.82 from last week's report and continued to slide in the wrong direction all the way up to the weekend. Things started to change shape on Saturday as LTC then rose to $57.43; however, once the weekend was over it seemed like LTC could go on another downward slope as come 8am Monday it was down again sitting at $54.76 which was ever so slightly on the wrong side of its starting value this week.

    Any thoughts of LTC going on another negative run were soon diminished as everything fell into place when it moved upwards to begin Tuesday valued at $58.59 thus recovering an entire week's losses. In the end, just before Tuesday was over, it would lose $1.40 finishing up valued at $57.19.

    It may only be a slight increase, but spoilers for next week already show a leap in value early Wednesday morning meaning there is every possibility that the last few weeks' losses could potentially be reversed.

    Start – 10/02/19 00:00 am: $56.65

    Finish – 10/08/19 23:59 pm: $57.19

     

    Dogecoin (DOGE) – Down 0.000116 (-4.74%)

     

    DOGE didn't have a good week, but the movement from week beginning to the week's end was nothing special. Everything seemed to be out of favor at the beginning of the week as DOGE coins dropped to a low of $0.002286 (-6.5%) by Friday. When Saturday afternoon came around DOGE did bounce back to $0.002346 and that rise in value continued on through to Sunday night helping DOGE finish the weekend valued at $0.002370 - not far off its week beginning value.

    Between Monday morning and Tuesday morning, there were some decent rises in value. DOGE had reached a valuation close to its starting week's value reporting $0.002404, which was a (5.2%) increase on the weekly low point. By Tuesday afternoon DOGE slid out of favor again checking out at $0.002329 meaning a 4.74% loss.

    Start – 10/02/19 00:00 am: $0.002445

    Finish – 10/08/19 23:59 pm: $0.002329

     

    Ethereum (ETH) – Up $0.16 (+0.09%)

     

    It could have been a week for panic for ETH investors, but in the end, it turned out to be an OK one. By Thursday things were looking down as ETH had dropped to $172.82 (3.7%) since the week began. From Friday to Sunday there were several spikes in value with the high point being when ETH reached $178.33 - effectively recovering most of the week's earlier losses. It would definitely have been a tough time for traders as values were jumping all over the chart between the $172-178.00 mark.

    Come Monday any increases over the weekend had been diminished as ETH had fallen to $171.65 (4.1%); a 6-day low. By Tuesday, the seventh and last day of this report, ETH dramatically shot up to a high of $184.11 giving ETH a 2.3% gain on its starting value and a 7.3% increase on the weekly low. After holding on for the rest of the day ETH finished the week valued at $180.06 just before midnight on Tuesday leaving ETH slightly up on last week.

    It is not a huge gain over the week, and pretty much a stalemate this week. No winners or losers here for long term investors, and some decent swings of up to 7.3% for short term traders, but overall quite a hot and cold week with some heavy fluctuations between the $171-$184.06 mark.

    Start – 10/02/19 00:00 am: $179.90

    Finish – 10/08/19 23:59 pm: $180.06

     

    Ripple (XRP) – Up $0.019050‬ (+7.21%)

     

    It was an amazing week for XRP investors as finally, it has started to gain at least some traction once again. Any gains in value are welcomed, and this week was one of those welcoming times that saw XRP finish up with a 7.21% gain.

    To be honest it was, in fact, a pretty average week with not much going on at all in the beginning. Nothing seemed to be moving up or down in a hurry and as a result, it looked like as if this was going to be a bleak-ish report for XRP. However, Monday changed all that when the much-esteemed crypto rocketed up to $0.277612. Although, this was to be the high point for the week. It did eventually fall back to $0.274206, but all the same, this brought it into the green for our report with a $0.019050 gain.

    As for next week, there are no spoilers to report as such. As far as we can see, XRP has held on to its value with a slight drop on Wednesday. That depreciation has already been wiped out as XRP has since regained momentum. We can only sit back and wait to see how this pans out for next week's report.

    Start – 10/02/19 00:00 am: $0.255156

    Finish – 10/08/19 23:59 pm: $0.274206

     

    EOS.io (EOS) – Up $0.18 (6.04%)

     

    Last week EOS lost $0.44 and this week it gained $0.18 meaning close to half of its losses have been regained. Back on 9/18/19 in our Weekly Crypto Report September 18 to September 24 EOS was at the dizzy heights of $4.10 and has since had roughly 25% wiped off its overall value. Unfortunately, due to these losses, it has been a while since EOS has seen some positive upward movement. Therefore, it is great to report on a week of positivity surrounding this particular crypto.

    Albeit, there was a point this week where all felt lost as EOS fell to $2.88 - below that elusive $3.00 mark - and nowhere near the $4.00 point we saw just a few weeks ago. Luckily, the buck stopped there and EOS started to make waves of ups and downs flickering over and under the $3.00 all week. In the end, though its resilience took over and a spike to $3.22 on Tuesday meant that it would stay above $3.00 by the end of this week's mBit weekly crypto report. On Tuesday at 11:59pm EOS was valued at $3.16.

    Moving into our Wednesday spoiler zone, and we can already see that EOS has jumped in value again and is currently worth $3.26. It seems like there could be some exciting news to come in the next mBit Casino weekly crypto report.

    Start – 10/02/19 00:00 am: $2.98

    Finish – 10/08/19 23:59 pm: $3.16

     

    Usually, we would save this area for next week's predictions, but we can already see a recovery on its way for most cryptocurrencies in this report. That said, in a volatile cryptocurrency still in a bear market anything could happen. We have seen sudden drops in value and amazing rises in value before, so whether the early spoilers mean anything remains to be seen when next week's report is due. For now, let's keep out fingers crossed and hope for a solid week ahead.

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