We present to you a report filed by our analysts for October 8–14.submitted by Golden_Island_Club to u/Golden_Island_Club [link] [comments]
The main market events on October 8–14, 2018
In the middle of the week, the expectations became reality — BTC lost about $300 in price within an hour. This time, the total cap failed to observe the periodicity — it dropped by $17 billion on Thursday and remained at this level until the end of the week. Thus, $219 billion on Monday turned into $202 billion by the end of the week.
Trading volumes were not particularly surprising: $12 billion on Monday, $16 billion on Thursday and $9 billion on Sunday. BTC dominated the market at 52–53% and up to 57% in the days of decline, followed by a reversal. The price for 1 BTC, as already mentioned, fell from $6,600 to $6,270 in the middle of the week, and recovered a bit to $6,330 at the end of the week ($6332 at the time of the report). There were no critical news, no far-fetched correlations with stock markets, and no fundamental reasons for such a decline. Most traders were happy with the current situation — the “pumps” of coins occurred every day. Top 10 coins showed complete correlation with the BTC price. In addition, intra-team and intra-project relations in the crypto-societies have strained, which was followed by a number of break-ups and heated public debates. There is a high chance that tycoons and market makers are trying to impose a thought that cryptocurrencies have no future. The advice is simple — to keep and purchase more strong coins, get rid of the weak ones and keep calm.
The big gains are right round the corner!
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