Biweekly Market Report (2020/10/21~2020/11/03)
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BTC/USD (BitMEX)
11,302 (10/18) → 13,223 (10/22) → high-end consolidation → 13,787 (10/28) → 13,113 (10/28) → 14,135 (10/31) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 11/01 00:00
In the past two weeks, BTC price ushered in a very strong bull market. The price rose from $11,302 on 10/18 to $14,135 on 10/31, marking the most stable increase of 25% for BTC lately. From Figure 1-A, it can be seen that the price continued to rise given BTC’s bullish news. For instance, third-party payment platform PayPal announced its entry into cryptocurrency. After the announcement, BTC once again set a high point this year. It stayed at a high-end hovering (as shown in Figure 1-B) until 10/27. Then BTC challenged another upward trend, but was met with a falling number of open positions and a wave of selling pressure (Figure 1-C). The final price was around 13,800.
ETH/USD (BitMEX)
366 (10/18) → 422 (10/23) → 387 (10/27) → 410 (10/28) → 390 (10/30) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 11/01 00:00
The price trends of ETH and BTC have diverged. While BTC has seen a 25% increase, ETH has only increased by about 6.5%, followed by many declines. As you can see in Figure 2-A, ETH here has not risen for a while like BTC, but started to increase after a period of decline (Figure 2-B). This time the increase was about 15%. Then the price of ETH returned to a high level before falling downward (Figure 2-C). After the 10/26 drop, there was a wave of rebound (Figure 2-D), but this time the rebound was relatively weak, marking the final price at around $390.
Binance mainstream crypto trend analysis
In the past two weeks, the prices of mainstream coins have mostly gone upwards, and BTC was the star among them. Given the large market value of BTC, the apparent growth of altcoin prices was a rare sight. This indicates a strong force was behind the rise. The only coin that fell was BNB, which fell by -5.42%.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
Major currencies have shown different trends in this period, which means that the correlation between each currency has declined. This also means that holding a portfolio, whether it is a mixed group of coins or a risk diversification strategy, now has increasing benefits. Investors should look to diversify their investments to reduce the risk of individual currencies.
This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.
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