Market Update Report Oct.31

This week, we have been rewarded with an additional wave of increases in Bitcoin’s price and altcoins prices. The ongoing downtrend we have seen with the altcoins have stopped since October 24th, the coins have changed their trend and went up by dozens of percents until Bitcoin’s price broke the $6000 price and stabilized the market.

Bitcoin Gold’s fork brought a lot of attention and has set a new all-time high price for Bitcoin. As it seems, the upcoming fork in November (Segwit2X) will not be the last one. It is hard to tell what will be the upcoming forked coin’s value and use.

BitPay announced today that it will support Bitcoin2X, a move that can affect the market in the near future. Will the upcoming fork receive support? Soon we will probably know, but as it seems, the effects of this fork will be different than the previous ones. Will businesses accept the current Bitcoin, or will they shift to using the new one (Segwit2X)?

Bitcoin Gold’s test-net is supposed to be launched tomorrow, the real network is supposed to go live afterward. Bitfinex exchange and some additional exchanges already offer trading “futures” of Bitcoin Gold, the coin is already traded around the price of $130.

Altcoins had a very positive week, some of the major altcoins were quite stable and found their floor (for the short time), some of them had a nice uptrend and above all – Vertcoin (VTC), whose price rose by 50% during last week. The Altcoins returned to the main arena this week, but it seems that in the past two days the momentum somewhat stopped because of the rise in Bitcoin’s price. The effect is felt in Bitcoin trading versus the USD. The major altcoins didn’t lose their USD value, though they lost their Bitcoin’s value, and as I mentioned before, some went up.

The situation seems very positive all around the crypto market in such a way that the interest and buzz around Blockchain and crypto trading are only growing and people are starting to understand its huge potential.

The question is…until when. In a situation like this, when things look really positive, will things continue along this path? Is this the bubble everyone talks about?

We have already mentioned the bubble situation in our previous update reports since the market has grown to a market value of around 180 billion USD.

This article was first published on Oct-31, 2017

Here are some interesting updates that happened this week

A university in Australia will reward their students with Ethereum coins.

Businesses in Zimbabwe start to accept Bitcoin. Stellar Lumens project (XLM) is in collaboration with IBM. Another interesting article – the battle for the soul of Bitcoin (related to the upcoming fork of Segwit 2X). Here is a link for a little more information regarding B2X.

One of Apple’s co-founders, Steve Wozniak, says that Bitcoin is better than gold. A pioneer in the Bitcoin world claims that the next major crypto coin will be a cryptocurrency that will combine several blockchains.

Enigma had announced a cooperation with the Kyber Network decentralized exchange and EtherDelta exchange, which is also decentralized. A new coin named Bitcoin Silver, is this a joke? This will be another fork planned for the near future

Zcash’s Trust Fund filed a request with the SEC, this step could bring the project closer to being traded by funds.

One of the founders of PayPal is talking about Bitcoin, a bit on HashGraph, the technology that came to compete with blockchain. CoinBase had released some press regarding their plan for B2X. And here is Bitpay’s announcement regarding B2X.

CMEGroup, a world-leading diverse derivatives marketplace, announces the launch of Bitcoin futures.

Bitcoin BTC

The resistance level around $6000 is behind us and we are now conquering new highs. The all-time high is currently at $ 6420 from the past few hours. The Bitcoin had gained around $800 in only a week.

Ethereum ETH

This week, the price rose back slowly to 0.05btc, but when Bitcoin broke the $ 6000 level the ETH value was immediately affected. At the moment, we are now back at support levels of the last weeks (0.047) and Ethereum is still suffering from a negative momentum vs. the Bitcoin.

Against the dollar the $ 300 level is maintained with slight shifts of 10-20% up and down

Bitcoin cash BCH

A sharp rise during last week to 0.09BTC and a correction down right after, following the rapid increase of Bitcoin value. Right now traded around 0.07BTC and there seems to be a demand at these levels. 0.066BTC should be the support level for the short term..

Bcash vs. USD is such a beautiful graph – from $ 300 to $ 520 and stabilizing around $ 440 where it is currently traded.

Litecoin LTC

Against Bitcoin – Lite is in a continuous correction. We remember the peak levels at 0.021BTC where it encountered a strong resistance. From there, came the major correction to 0.01 BTC areas, where the support levels gotwere broken and at the moment we are at 0.0088 BTC on Fibonacci support levels.

Against the dollar the Litecoin level is still holding above $ 50