Market Analysis Report

12 October 2017

Market Update

Since the 8th of October, the Bitcoin price has increased from $4,450 to almost $5,000, sustaining a strong upward momentum as a result of the growing confidence from investors and traders over Bitcoin’s short and mid-term growth.

Yesterday, the Bitcoin price reached a high of $4932, very close to the $5,000 level. However, mass selling at the end of the day has pushed the Bitcoin price back below the $4850 levels.

At press time, the Bitcoin price is sitting at $4,919 and has risen 2.6% in the last 24 hours, with over $350M worth of BTC exchanged on the BTC/USD pair, representing a 25% share of daily volume, second only to the JPY at 61%.

Yesterday, the Ethereum price continued to tread water at the $300 mark as it awaits the official release of Byzantium, the first phase of the network’s next major protocol upgrade.

Currently sitting at $305, the Ethereum price has risen up to 1.2% in the last 24 hours, with over $80M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 36% share of daily trading volume.

See live charts here

Bitcoin-Ethereum Atomic Swap Code is Now Open Source

A team of cryptocurrency startup developers is open-sourcing technology that enables trustless trading between the Bitcoin and Ethereum blockchains. Available on GitHub, the code has already been used to execute what startup Altcoin Exchange claims to be the first so-called "atomic swap" between the two largest cryptocurrencies. As a result of the release, a now larger community of developers can play around with and build on top of the code.

Read more here

Bitcoin Gold Responds to Criticism

Yesterday, the Bitcoin Gold project sent an official response regarding all the accusations that are currently circling the web. The project developers discuss each accusation, starting with the fact that replay protection has not yet been blended to the code stating that there has only been one volunteer developer operating on this project so far. The team has also stated that a new change to the difficulty adjustment algorithm has not yet been merged into the code and that the Equihash algorithm change is yet to be achieved. Furthermore, the announcement also shed some light on the pre-mine issue, stating that is was just a fundraising idea, conceived in July. The announcement reads: 

“Recently we have been targeted and attacked by people who don’t understand the importance of decentralization in the Bitcoin network, this deceptive attack was made by using a snapshot of our site from months ago. Compared with the PoW change, replay protection is a relatively simpler code change — We have consistently stated that BTG must have replay protection before launch.”

Read more here

Lithuania's Central Bank Publishes New ICO Guidance

Lithuania's central bank has become the latest financial institution of its kind of release new guidance for those seeking to organize an initial coin offering (ICO) in the country. The four-page position note features two sections: one that largely reiterates a 2014 statement effectively banning banks and financial institutions from handling with cryptocurrencies, and another that hones in on the issue of ICOs. Marius Jurgilas, one of the central bank's board members, said in a statement:

"Notwithstanding the fact that such activities are not regulated, in their essence, they are the raising of funds from investors, often unprofessional, to finance some activity. Since the risk of losing investors' funds and other risks are particularly high, our position is that such offering, in certain cases, should be subject to investment-related legislative requirements and restrictions."

Read more here 

Recently Added

ERT added to upcoming ICO list

CAN added to upcoming ICO list

CZC added to upcoming ICO list

Press Release

State of the Crypto

Bitcoin is up 4.43% at $4,919 with a volume of $77.6k - $376.6M on the USD pairs.

Litecoin is up 1.57% against the dollar for the day at $51.24 and down 2.58% to Ƀ0.01019 on volumes of Ƀ2.9k.

Ether is down 2.75% against Bitcoin at Ƀ0.06064 per Ether and up 1.36% against the dollar to $305.38 with average volume Ƀ15.4k on the ETH/BTC pair.

Dash is down 3.55% at Ƀ0.05846 with Ƀ2.8k volume and up 1.14% against the dollar at $295.13.

Ripple is down 7.38% to Ƀ0.00005050 with volumes of Ƀ5.7k and down 3.14% against the dollar at $0.256.

Zcash is down 6.48% for the day to Ƀ0.04605 per ZEC and down 2.08% against the dollar to $232.83 with an average volume of Ƀ2.6k for the 24 hour period.

Monero is up 1.25% against the dollar at $88.32 and down 3.41% against Bitcoin at Ƀ0.01749 on volumes of Ƀ2.7k.

Ether Classic is down 4.27% to Ƀ0.002252 with volumes of Ƀ1.1k and up 0.26% against the dollar at $11.45.

Waves is down 7.72% to Ƀ0.0008222 on Ƀ877.443 volume.

Stratis is down 7.3% to Ƀ0.0006741 on Ƀ859.282 volume.

Market risers
1 TX +94.83%
2 ZEN +79.90%
3 SDRN +52.53%
4 VUC +50.94%
5 ZOI +50.10%
Market losers
1 UNO -76.10%
2 RGC -53.13%
3 DAZZ -47.37%
4 B3 -31.76%
5 INCNT -25.38%
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