Breaking News
0

Altcoins Find Stability

By Covesting ResearchCryptocurrencyNov 08, 2018 05:01AM ET
www.investing.com/analysis/november-7th-market-update-altcoins-find-stability-200356704
Altcoins Find Stability
By Covesting Research   |  Nov 08, 2018 05:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 


Following a day of tremendous gains for multiple altcoins, Bitcoin has followed their lead and has risen into the $6,500 region. The tremendously positive price action over the past couple of days is leading to renewed hope for an end-of-year rally, and one analyst believes that an upwards price break is imminent.

After being stuck in the $6,400 region for the past few days, Bitcoin’s (BTC) price made a minor upwards move into the $6,500 region, likely as a result of increasing market sentiment stemming from multiple positive advancements within the altcoin markets.

Altcoins Stable After Posting Massive Gains In Prior Days

As discussed in yesterday’s market update, multiple altcoins saw significant gains on November 6th, with the markets being led primarily by XRP and BCH. Despite seeing gains of over 10% yesterday, the aforementioned cryptocurrencies have not yet cooled off, and seem to have found stability at their current prices.

XRP is currently trading up 0.5% over a 24-hour period at its current price of $0.53. It is down slightly from its 24-hour highs of $0.56, which were only temporarily reached before falling to its current price. Over a one-week period, XRP is up significantly from its lows of $0.447.

Part of XRP’s unprecedented price rise could be the result of continual rumors that the cryptocurrency will eventually be added to the major cryptocurrency exchange, Coinbase. These rumors, which have been circling for a couple years, tend to come in waves, and are typically propagated heavily during times of major XRP buying activity.

Bitcoin Cash (BCH) has also had a fantastic week, currently trading up nearly 50% from its 7-day lows, with a current price of just over $620. BCH’s massive gains are the direct result of its upcoming hard fork event, which is scheduled to occur on November 15th. BCH may see further gains as this date approaches.

Analyst Believes Volatility Will Likely Return And Upward Price Movement Is Likely

One popular cryptocurrency trader and analyst, known as Phil_RX on Twitter (@Phil_RX), spoke to Covesting about where he sees the market heading in the near future, noting that the markets are likely reaching a new pricing stage. He wrote:

“Speculators took it over on the big names, volatility is dropping and we’ve reached out to the compression phase turning point (apex of the triangles) meaning that a new stage is probably about to come. After compression we should see expansion, meaning that volatility should return slowly, and more likely to the upside (but certainly not only).”

Investors are keen to see where the prices head as we enter the final months of 2018, and all eyes are watching to see if the markets have an end-of-year rally that is widely expected to occur in the winter months.

Altcoins Find Stability
 
Altcoins Find Stability

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email