Bitcoin Trades Sideways, Then Hits Another All Time High
Following a full day of sideways trading, traders finally restored a bit of stability in the cryptocurrency market at the close of business on 20th October 2017. For a better part of the day, both Bitcoin and Ethereum declined less than 1% slightly.
This decline was also experienced by most major altcoins. However, not even a single top-leading cryptocurrency was able to make a step past 3%. This gave the entire market one of its relaxed day-over-day performances that have been witnessed in the recent happenings.
Friday, October 20th
On Friday, the 20th, the cryptocurrency market cap shed about $1.4 billion USD. At the beginning of the day, the cryptocurrency was at $169.8 billion USD but made a number of thrusts across the threshold of $170 billion USD. However, it ultimately held below the $170 billion thresholds and had seen one back to $168.4 billion for 0.9% decline in 24 hours.
Following an early week sell-off; the price of Bitcoin had stormed back to $5,700 USD. However, on Friday, the currency was unable to hold above that particular mark. After spending the entire week fluctuating between $5,630 USD and $5,730 USD, the price of the Bitcoin ended up around the lower end of that particular range.
By the close of business on 20th October, the Bitcoin price was trading at a global average of $5,649 USD. This represents a 0.7% decline of one day, leaving the Bitcoin with a market cap of $94 billion USD. As had been early reported, the decline of Bitcoin as the week began was reversed when traders started to purchase the dip.
This was a true indication that the flagship cryptocurrency has an unwavering support beyond the $5,000 USD mark. Even so, the markets are a bit perturbed to carry bitcoin past the mark of $6,000 USD. This is definitely as a result of the lingering concerns regarding the controversial SegWit2 hard fork that is planned to take place in the month of November.
Bitcoin Cash Prices Fluttering
The Bitcoin cash exchange rate also depreciated from $433.40 USD to $315 USD. This happened between the first days of October to around 15th of the same month. It came with the largest fluctuation in the daily range that was equal to $49.90 USD. Despite the restrictions and bans of cryptocurrencies in China that became to effect in September 2017, the month of October presented a new hope for growth in this industry.
It’s Now Clear that China Won’t Affect Cryptos Long Term
The bans in China had earlier caused a fall in the rates of exchange of most cryptocurrencies. The growth that has been seen this week in the cryptocurrency market attests to the international scale of circulation of cryptocurrency. It also shows the impressive growth that still exists in the global markets of this kind of trade. It has happened even in the absence of real security.
ICOs Still Strong in CryptoCurrency Market
This week has also seen about eight Initial Coin Offering projects go through successfully. Each of these ICO projects fetched more than $100,000 USD, with a total amount of funds collected of not less than $104.9 million USD. The Airswap project became the leader this week with $32.7 million USD.
However, the total amount of funds that the other projects collected did not reach the mark of $100,000 USD, although the complete information on certain projects is not yet out. The total cryptocurrency market growth in the second week of October equaled 15.20% from $149.91 billion USD all the way to $176.77 billion USD.
It is therefore very important to note that a tremendous growth in the cryptocurrency market has been witnessed over the past 7 day trading cycle. Since the month began, the exchange rate for Bitcoin has varied from $4,164.05 USD to about $5,852.48 USD. It has not been a bad week.