Bitcoin Tops $7,500, ‘Nuff Said
The global cryptocurrency market kasstuk fresh all time high market capitalization te October. Thesis gains are being driven by ongoing mining efforts, capital appreciation and the creation of fresh tokens. Leading the market is of course Bitcoin, the worlds premier and most sought after coin. The market for BTC succesnummer a rough patch te September with China’s verbod of ICO’s, yuan based trading and exchanges but has since bounced back and is now setting fresh all time highs.
This budge is driven te part by ongoing and growing acceptance of the coin but has bot spurred ter latest weeks by two major catalysts. The very first is the upcoming Segwit2X hardfork which is expected to create a fresh token. This expectation has traders flooding ter ahead of the split te hopes they, like holders during the very first Segwit, will become instant holders of the fresh token. The 2nd is the CME’s latest announcement it will start listing BTC based futures contracts. This news, more than anything else, sparked buying ter the coin spil hopeful and wannabe futures traders get ready for roll-out zometeen this year.
Bitcoin is now trading just above $7,500 with an eye on moving higher. The coin is within a near term consolidation range that, if cracked to the upside, will likely lead to a quick build up of $1,500. This projection is based on technical principles, the preceding two gams of rally have both bot equal or near to $1,500. The risk for near term traders is that the coin will sell off after the Segwit2X hard fork. If so it will likely be the next excellent entry for long term investors of the coin.
Ethereum Stumbles On Growth Issues
Ethereum has also recovered from the China kerkban but remains under pressure for a number reasons despite an expected hardfork. For one, the market is largely focused on BTC at the uur and for another the Ethereum network is under a bit of strain. The upcoming hardfork is still viewed with some skepticism and not even a date on when the surplus of Metropolis will be enacted. This, along with a recently discovered flaw ter the Parity Wallet software, give traders little reason to own this coin. ETH is sitting on support at a significant up trend line but shows little sign of moving higher. A bounce would be bullish, a pauze would be bearish but neither is expected to pauze the longer term trading range.
Litecoin has begun to find favor among traders spil it offers a safer alternative to ETH and a cheaper alternative to BTC. The coin has recently begun to bounce from a long term up trend line and looks like it will head higher. The indicators are bullish, spil is price act, with only resistance at the $65 level standing te the way. This level may hold overheen the next week but I would expect to see it cracked te the wake of the Segwit2X hardfork. A pauze above $65 would be bullish and carries a target near the current all time.