XRP and Bitcoin Cash became heroes of the week for the cryptocurrency market
The last week of September 2018 from 25 September to 1 October launched in the gloom. After the first series rally XRP (Ripple) that ended on the morning of 24 September, it began a correction that lasted about a day and a half — from mid-day on 24 September at the first minute of September 26.
The correction affected all kryptonite, but bounced back, not all.
Largest by capitalization of cryptomonad 25 September to 1 October 2018
The price 01.10.2018 09:01 UTC+3, $
Change within the week
In the evening in the night from 25 to 26 September, the trend reversed: XRP started to actively grow and in just a few hours back lost a day earlier. The reason for yet another upgrade of XRP after the correction — news from financial services company SBI Holdings, which has announced that it has received a license from Japanese regulators to use software for smartphones with blockchain solutions operating on the Ripple network.
28 Sep Ripple announced that its technology xRapid started to use one of the banks in South-East Asia — Siam Commercial Bank (SCB). On 29 September, the market responded with a small rise of XRP.
Bitcoin and Cash (BCH) pulled up later — at the end of the day on September 26 CET. The reason for the growth BCH — financial data report released by the Chinese company Bitmain within the prospect of its coming IPO. The largest manufacturer of mining equipment demonstrated during the first half of 2018 much better results compared to the same period of 2017. For the first 6 months of this year the company showed a profit 742,7 million US dollars and has demonstrated a sales volume of 2.8 billion dollars. What is important: about two thirds of the revenue Bitmain received from sales of Bitcoin mining systems (1.9 billion dollars). And the rest to sales of other types of mining equipment.
October 1 in San Francisco (USA) kicks off the conference SWELL dedicated to the blockchain, and cryptocurrency pentaho. Rumor has it that there will be a performance by bill Clinton, but the stock market is eagerly waiting for this event is not for this reason. There are persistent rumors that SWELL held technology start-up system xRapid, and perhaps — its official premiere. Depending on what happens at the conference SWELL, rally can abruptly be that rally that took place on September 19-21.
What about the market in General? Capitalization of the stock market rose to 224 billion dollars, but the proportion of bitcoin has dropped to 51.2%, although three weeks ago, its share exceeded 55% and continued growth. The decline in the share of bitcoin on the recovery of the capitalization of the overall market suggests that there is a flow of capital into altcoins. It is understandable — bitcoin is one of the least volatile amount of cryptocoins, with the exception of tablconv, of course.
On the morning of 1 October, the market continued to slowly grow.
Mike Novogratz, founder and CEO of Galaxy Digital, said on 26 September in the program of the company Now Markets CNNMoney that bitcoin has prospects for significant growth in the prospect of coming to the stock market institutional investors. A few days before the Novogratz said that bitcoin is expected to rise to 30% by the end of 2018 after he probet key resistance levels at 6,800 USD 8 800 USD and $ 10,000. He linked the passage of these marks after institutional investors will enter the market through the trusted custodial institutions (custodians).
A few days earlier the presentation, the financier also referred to the fact that the market, in his opinion, reached the bottom: “panic selling” is over, as to how private investors and teams ICO. And most importantly, according to Novogratz, “there was quite a serious rebound, but the real growth will start later. We see that institutional investors are gradually preparing for the entry into this market, it is much more important.”
Tom Lee, founder of research firm Fundstrat Global Advisors’m sure that after all the failures of the Ether (ETH) expects “the trend reversal and rally to $ 1,900 by the end of 2019”. In addition, Whether a few weeks ago confirmed its previous forecast for bitcoin (BTC) to 20 thousand U.S. dollars by the end of 2018.