Talking Points
- Bitcoin continues to move higher on Korean interest.
- Ethereum struggles but rebound may soon be on the cards.
The DailyFX Bitcoin Glossary is designed to provide traders with a continually updated reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.
Bitcoin (BTC) Aims to Break the All-Time High
Bitcoin’s march towards $5,000, and potentially higher, continues as the token makes back all of its recent China-related losses and more. BTC’s market capitalization is back above 50% of the whole cyrpto-currency market value, while the average price of BTC’s in the last 24-hours has been pushed higher by Korean Won related turnover. The average KRW-pair price – as seen at Bithumb – was $4,898.8 while the global average price for BTC trade was $4,833.9.
A look at the daily chart shows no reason for BTC not to hit, and push through, its $4,988 record high, made just five weeks ago, while the push above $5,000 will inevitably prompt a rash of headlines, both positive and negative. At the moment, unless some negative regulatory news comes out, the path of least resistance for Bitcoin is higher.
Chart: Bitcoin (BTC) Price Daily Timeframe (July 5 – October 10, 2017)
Ethereum Lags But Hard-Fork Noises May Spark Interest
As we noted here when talking about Ethereum just under two weeks ago, ‘The first stage of the Metropolis hard-fork was rolled out in mid-September with the second stage expected to be implemented in mid-late October with the potential for a new соin to be created.’ While Bitcoin is likely to make a fresh high in the coming days, Ethereum continues to lag around the $300 level, compared to its all-time high around $412. Short-term upside targets remain at $315 and $340.
Chart: Ether (ETH) Price Daily Timeframe (June – September 26, 2017)
I will be discussing all things Bitcoin and Ethereum every Wednesday at 12:00 pm – if you would like to join me, please click here.
Market Moves/Top 8 Capitalizations – October 10, 2017
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--- Written by Nick Cawley, Analyst.
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
