Global Crypto Volumes Hit 2018 Low as Bitcoin and Ethereum Prices Hold Firm
Global cryptocurrency trade volumes hit a new low for 2018, and reverted back to November 2017 levels in the process.
Global volumes dipped to $8.5 billion on October 26th, and have remained at much the same levels through to Saturday. Bitcoin and the majority of major altcoins have remained stable in that time, in stark contrast to previous instances when global volumes dipped so low.
One of the most uneventful periods in the history of Bitcoin continues this week as BTC persists within its tightest range ever recorded.
BTC opened trading seven days ago at a price of $6,472, and as of Saturday evening is still trading at $6,471 – a mere one dollar swing.
Monthly numbers look very much the same at this point, discounting the major price eruption caused by Tether’s sudden drop earlier in the October. Quarterly numbers place BTC still some way below the three-month high of $8,230 – the last peak before the plunge of late July, early August.
Bitcoin developments, or rather, cryptocurrency developments, have still been forthcoming, despite the market cool-down. Japanese regulators recently suggested that the cryptocurrency scene could regulate itself; while a Chinese court recently ruled that there was nothing illegal about cryptocurrency transactions, and went as far to say they were protected under law.
At this point, there are a lot of reasons to have faith in the number one cryptocurrency, not least its stubborn refusal to dip below the $6,000 mark for over a year now (or ~$5,800 allowing for fluctuations).
Even for the skeptics among us (myself included) who believe another dip is just round the corner, there’s also reason to be cheerful. Even if BTC dipped 10% in the coming weeks, it would still land right on the previously mentioned support of $5,800.
Ethereum developments have been few and far between in recent months. Ever since the Ethereum Improvement Protocols (EIP’s) for the upcoming Constantinople hardfork were decided back in September, it has basically been a waiting game.
Just like BTC, it has also been a tight range recently for ETH. The current price in the $204 range is the same price at which the coin opened the week; while the monthly high of $218 is just over 5% away.
However, the quarterly numbers are where we see the extent of Ethereum’s fall-off in recent months. Going back to late July, one ETH held a value of $470, meaning the value of the second biggest cryptocurrency has fallen at twice the rate of Bitcoin.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.