Latest News

  • Home
  • Global
  • After Record High Stability, is Bitcoin Finally Ready to Bounce?
After Record High Stability, is Bitcoin Finally Ready to Bounce?
Tuesday, October 9, 2018 IST
After Record High Stability, is Bitcoin Finally Ready to Bounce?

On October 8, Bitcoin achieved a 17-month low volatility. Experts have stated that the cryptocurrency market is maturing as more funds from the traditional finance sector flow into the market.
 

 
 

Although the volume of Bitcoin still remains at around $2 billion on CoinCap.io and $3.3 billion on Coinmarketcap, the dominant cryptocurrency has recorded a slight increase in price to $6,600, allowing tokens like Tron (TRX) and 0x (ZRX) to surge by 14 to 18 percent.
 
17-Month Low Volatility of Bitcoin, Legs Building
 
According to Mike McGlone, Bloomberg Intelligence commodity strategist, the decline in the volatility of major cryptocurrencies is a sign that the cryptocurrency market is maturing. He stated that the cryptocurrency market is beginning to establish itself, finding comfort in a lower price range.
 
McGlone said:
 
“This is a maturing market, so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.”
 
 
Given the stability in the price of Bitcoin, technical price analyst Rampage stated that it is evident BTC has found its bottom. Even if the volume of the cryptocurrency market falls below the $10 billion mark, he explained that it is difficult to see BTC dropping below ots current level.
 
 

 
 

Similar to the viewpoint of billionaire investor Mike Novogratz, Rampage emphasized that the market has started to demonstrate seller fatigue, and the bears of the market are no longer willing to sell at a low price of mid-$6,000.
 
“Low volatility and volume gets more and more bullish the longer it goes on. Interest in the market is at an all-time low, supported with low volume and volatility, which means the sellers have finished selling. This is the bottom. Buy when no one is looking,” he explained.
 
Alex Kruger, a cryptocurrency trader, noted that BTC has begun to establish legs at $6,500, which suggest that Bitcoin is breaking out higher and the probability of a short-term rally is higher than before.
 
“BTC breaking out higher. Volatility at all time lows. Should have legs,” Kruger said.
 
The volume of Bitcoin still remains low and analysts expect it to be low throughout the weeks to come. But, at the moment, analysts in the cryptocurrency market consider the low volume of BTC as the lack of sellers in the market, which could create a bull-biased market in the near future.
 
Tron and 0x Rally
 
Tron and 0x recorded a 14 percent increase in price overnight, as Bitcoin, Ethereum, Ripple, and Bitcoin Cash recorded a slight increase in value.
 
0x is said to have increased by a large margin in the past 12 hours due to rumors that Coinbase, the world’s largest cryptocurrency brokerage, is close to integrating it into its exchange. Previously, Coinbase announced the launch of a new listing process of tokens and released its intent of listing 0x, BAT, Cardano, and Stellar in the months to come.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
'Worse than prison': A rare look inside China's detention camps to 'brainwash' Muslims

ALMATY: Hour upon hour, day upon day, Omir Bekali and other detainees in far western China's new indoctrination camps had to disavow the...

Recently posted . 194K views . 1 min read
 

 Article
What The Shape Of Your Belly Button Says About Your Health

If you have payed attention to the belly buttons of people on the beach or the members of your family, you have probably noticed that they have different shapes and...

Recently posted . 8K views . 2 min read
 

 Article
Top 10 Horrifying Acts of Chemical Warfare and Gas Attacks

In this age of terror, there might be nothing more terrifying than the thought of an attack carried out with chemical weapons. We’ve all heard the horrific ...

Recently posted . 3K views . 4 min read
 

 Article
Top 10 Best Gym Equipment Brands in India 2018

Body fitness is one thing that everyone wants to maintain irrespective of age. Going to the gym and doing some great exercise always helps to maintain your body fit...

Recently posted . 3K views . 2 min read
 

 
 

More in Global

 Article
US warns IMF against bailout package for Pakistan to repay Chinese lenders

The US today cautioned the IMF against a possible fresh bailout for Pakistan's new government to pay off Chinese lenders who have invested in the strategic Ch...

Recently posted. 619 views . 1 min read
 

 Article
Strange Video Shows Penguin Catching His “Wife” Cheating On Him

Imagine you enter your house after a tiring day and find your wife in bed with another man? What would you do? Of course, you will be terribly disappointed &ndash...

Recently posted. 819 views . 1 min read
 

 Article
Microsoft opens new engineering and innovation hub in Noida

Noida: To further tap engineering talent in India, Microsoft on Monday announced the launch of its third India Development Centre (IDC) in Noida, after opening two ...

Recently posted. 578 views . 1 min read
 

 Reviews
The Best 5 Camping Tents in India 2018 – Reviews & Buying Guide



Recently posted . 1K views . 99 min read
 

 Reviews
Leaseweb hosting review



Recently posted . 1K views . 67 min read
 

 Article
French Waiter Shot Dead For Being Too Slow With Sandwich: Report

The gunman, who a witness said lost his temper "as his sandwich wasn't prepared quickly enough", fled the scene.

Recently posted. 725 views . 0 min read
 

 Article
Scientists Prove Stephen Hawking's Prediction Of Black Hole Features 47 Years Later

Black holes exert pressure on the space surrounding them! The universe's secret holders known as black holes are no longer the scary half-imagined cosmic entiti...

Recently posted. 593 views . 1 min read
 

 
 
 

   Prashnavali

  Thought of the Day

Never worry about the delay of your SUCCESS compared to others. Because construction of Pyramid takes more time than an ordinary building.
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top