Nov 8, 2020
Weekly Outlook For The Cryptocurrency Market Along With The Best Performance Assets
Over the course of the week from October 31 to November 8, the market showed significant growth, with close to 99% of cryptocurrencies registering price increases. Like Bitcoin, almost all altcoins rebound with advances exceeding 40%, according to statistics from Coin Check Up.
The most appreciated cryptocurrencies in these seven days are led by Gnosis (GNO), which associated its portfolio with a payment platform to avoid transaction jams; and NEM (XEM) with their progress for the launch of their new Symbol platform.
They are followed by Decred (DCR), which has just launched a decentralized broker (DEX). The weekly top of outstanding cryptocurrencies is completed with Stratis (STRAT), which now has support on the Bithumb exchange; and Chainlink (LINK) whose oracle function was integrated into xDAI.
Trip To The Moon
Bitcoin, for its part, became the star of the week, surpassing $ 15,000. The cryptocurrency reached that value on November 5, reaching a peak of USD 15,800 on the 6th. Since then, it has fluctuated in those ranges, so the advance in these 7 days has been 11.9%.
To the factors that had already been influencing the rise of the cryptocurrency, such as its inclusion in PayPal and institutional investments, is added the uncertainty that exists around the presidential elections in the United States. With this rally, the price of Bitcoin shortens the distance towards the historical value of USD 20,000, which it reached in 2017.
Weekly Bitcoin closed in a critical zone and within the 0.2 fibo and at approximately 1571.68 where it would be a new entry point for a next long position that can lead the price to expand Elliot wave number five, for which we are .
Two important confirmations were made: (1) a strong break from the upper Bollinger band; and (2) break of another downtrend line within the Fib Speed Resistance Fan angles.
Indicators in favor of the trend, but with tolerance to go towards the overbought zone with a relative failure of approximately 60%. Relative confidence and 50/50 person to achieve short-term returns with low alternative risk.
Expectations Expectations
The price of Ether (ETH) is also on the rise this week, hovering between $ 374 and $ 464, for an average weekly growth of 17%. The value began to rise steadily from November 4.
This week, CriptoNoticias reported a 65% drop in commissions to make transactions on Ethereum in the month of October. The decline is maintained so far in November. The decrease in movements corresponding to decentralized finance platforms (DeFi) appears to have been the cause.
The prices of other relevant cryptocurrencies on the market are also on the rise. Ripple’s XRP gains 8.3%; Ethereum Classic (ETC) appreciates 3.6%; and Litecoin (LTC) is up 12.8%.
Relay Transactions
Among the main announcements this week, related to Gnosis, is the service to relay transactions on Ethereum through the Gnosis Safe Multisig wallet, which was developed by the blockchain-based payments platform, Rockside. The information was released on November 4, as the price of GNO began to rise to achieve a growth of 44% in seven days.
The objective of this mechanism is to avoid jams in transactions. According to what Gnosis explains on its blog, thanks to this new service, users can sign a message containing information about the transaction they would like to execute, and “Rockside guarantees that the transaction will never be blocked.” They assure that the service will be very useful for users of decentralized applications (dApps).
According to data provided by Rockside on Twitter, in the last 7 days users deployed more than 1,200 gnosis safes (secure contracts) through this new service, triggering portfolio growth. Meanwhile, the price of GNO peaks at $ 66 on November 6.
In the last hours the market capitalization of Gnosis is estimated at USD 67 million and the volume of trade in the last 24 hours is about USD 486,000.
Next Blockchain
On November 5, the XYM Opt-in was opened for the allocation of the tokens of the new Symbol platform, whose launch is scheduled for next December. Since the start of subscriptions for this process, last September, it was said that users would get an amount of XYM equivalent to their balance in XEM. The NEM team now promises that after the snapshot of the balances, the equivalence will be 1 XEM = 1 XEM + 1 XYM.
Since the announcement of the opening of the process, the price of XEM rose dramatically, from USD 0.0999 on the 5th to USD 0.1309 on November 7. The weekly advance of the cryptocurrency is estimated at 23%.
To receive XYM tokens, users will need to download a new version of the desktop NEM Wallet (v.2.4.7 opt-in). With the Opt-In, a new Symbol account will be created automatically, so that XEM holders can receive their XYM tokens there. As Dave Hodgson, Chief Investment Officer (CIO) of NEM Group recently explained, the launch of Symbol is not a fork, but rather an expansion of the NEM ecosystem.
As of press time, XEM’s market capitalization is $ 1,052 million and 24-hour trading volume is $ 40 million.
Decentralized Exchange
A week ago Decred launched a new decentralized platform (DEX), identified as DCRDEX. It is a decentralized broker in which the team has been working for some time. The platform has been up and running for a few days now and briefly boosted the DCR price recently, although the cryptocurrency’s growth became more apparent since November 3.
On average Decred appreciated around 20% this week. About DCRDEX, a Decred tweet describes it as a new kind of DEX that provides “a better way to trade live on the mainnet.” In this sense, the characteristics of this type of exchange stand out where the user operates without intermediaries. “You stay in control of your money and protect your privacy,” in Decred’s words.
DCRDEX is software that can be downloaded by Windows, Linux and macOS users. So far, Bitcoin, Decred, and Litecoin are listed as the brokerage’s top cryptocurrencies. The promise is that Ethereum and Bitcoin Cash will be listed on the platform in the coming months.
Meanwhile, the advance of DCR has been constant in recent days and the cryptocurrency reaches a maximum of 15 dollars this November 7. The market capitalization of DCR is USD 190.4 million and the daily trade volume is USD 6.2 million.
Technology Change
The Bithumb exchange now offers support for Stratis’ cryptocurrency STRAT. The announcement was made in a tweet published on November 6, while informing that the exchange house supports an airdrop and the offer 100 STRAT as a prize, in the middle of the transition to a new platform called STRAX. As part of the dissemination of these events, STRAT appreciated around 18% in the last seven days.
The proposal for the new platform, more focused on DeFi, was put to a vote last October. In this process, the community approved to execute the supply of the new STRAX tokens from STRAT’s holdings, in addition to the creation of an additional 25 million STRAX. The airdrop, which takes place between November 6 and 9, is part of the preamble for the distribution of the token of the new STRAX platform.
The price of the cryptocurrency ranged from a low of $ 0.3499 to a high of $ 0.4815. The price gained greater momentum since November 5, although it corrected its price in the last hours. STRAT’s market capitalization is $ 44.5 million and last 24 hours trade is $ 3.5 million.
Side Chain
The Chainlink team reports via a tweet that Chainlink’s oracle solution was activated on Ethereum’s xDAI sidechain this week. The information was released on November 6, while LINK’s price achieved a 17% advance in these seven days.
As part of the integration in xDAI the team behind the sidechain works on the validation and adaptation of the Chainlink smart contracts to ensure compatibility. This will ensure that LINK connects properly to xDAI. The value of LINK began to rise substantially from November 5, reaching a peak of $ 13.3 on November 7.
Once the validation is complete, it is expected that the developers will be able to take advantage of the Chainlink services without dependency on the Ethereum network. Oracles have been widely used in recent months to bet on the results of the US presidential elections. This fact placed the cryptoactive among the most appreciated in October.
To date, LINK’s market capitalization is USD 5,048 million and its daily trading volume is USD 2,233 million.
Options Records
In October, it was hard to keep up with the BTC price, but even more challenging to keep up with the fast-paced growth of the options market, which yet again has brought numerous new records, and it was written on the last Derebit Report. The total monthly turnover in October was USD 16.9 billion — the highest monthly turnover since June 2019!
Moreover, our options market reached a new monthly notional turnover record — USD 5.8 billion, new daily notional turnover record — 47k BTC contracts, largest block trade — 20k BTC contracts and the highest OI — USD 2.4 billion!
Also, in October BTC 15-day realised volatility increased from 35% to 61% and significantly boosted the options market. The monthly notional turnover in October was USD 5.8 billion up by 27.2% versus September, and up by 18.4% versus the previous record month in August.
Altogether, the options market has shown a 427% YoY growth, with 89% of the volume coming from the BTC options market. In the past month, the BTC price has also increased by more than 30% and has achieved the highest price since January 2018. For the most bullish traders — 40k strike has now been added to the January, March and June 2021 expiries!
Additionally, the average daily traded notional volume of BTC options in October was USD 167 million a 36% increase versus September. And OI of BTC options reached a record value of USD 2 billion. As the monthly BTC and S&P 500 correlation remains at a moderate 33% level, the macroeconomic uncertainty and price spike of BTC has fuelled the growth in OI on longer-dated call options, and November put options to hedge the potential short term election risk.
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