The market for cryptocurrency has ended the weekend in a state of relative stability. Bitcoin and the majority of the big altcoins ended Sunday in much the same way as they started and now go to October with the possibility to have found some new foundations.
Done with annual lows?
Bitcoins annual low of $ 5,984 on August 14 seems to have been the worst for the year. Since then, each dip has returned to the range of $ 6000, and at the moment Bitcoin can compete with currencies of major currencies in terms of volatility, or the lack thereof.
Ethereum took a while to reach his lowest point in the fourteen months when it dipped to $ 170.26 on September 12. The recovery since then places ETH on the range of $ 230, with the $ 200 figure now appearing to be a solid stronghold.
Among the altars in the top 100, which did not fall in Bitcoin in August, were submerged in Ethereum in September and since then no one has fallen outside the market limits. In fact, many have surpassed the market in what may be the beginning of an altcoin divergence.
While the 2017 market hike goes back to April, serious earnings began to appear in October, when Bitcoin and Ethereum both increased by 50% in 30 days.
Remarkably, the pattern of last year is similar to that of this year – Bitcoin underwent a disastrous dip in the autumn months (15 September), 40% declined in the two-week period. Everything since then has been purely upward momentum – although the recovery this year has been more stable than spectacular at this point.
Many had retained the expected acceptance of the VanEck ETF proposal as a trigger for this year's wave. The decision to postpone the outcome to December can extend that process, although last year's market rise took place without ETFs, so the cryptocurrency market is hardly dependent on it.
A new normal
XRP is now only a few hundred million behind Ethereum through market capitalization, and could eventually strengthen its place as the number two cryptocurrency if Ethereum fails to match the recovery. The good news for XRP fans is that trade volumes have remained in the medal even after the recent retracement of 23%.
When the volumes in the peak of September had risen from $ 300 million to $ 5 billion, this was the highest volume of XRP traded since January. Although they have fallen by a considerable margin, XRP transactions have remained close to or above the $ 1 billion range in recent days, matching those of Ethereum.
If the new one turns out to be normal, then it represents either a new influx of money into crypto space or just a reallocation of funds. Given the impact of the XRP retracement last week, when the $ 13 billion lost by XRP represented 60% of the market-breaking losses, it seems that the first one was more likely.
Disclaimer: the author is the owner of bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the currencies, but does not engage in short-term or day trading.
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