Weekly Crypto Market Analysis: Bitcoin on the rise, Ethereum going steady and China gets behind blockchain technology

Data & Research / 03.11.2019

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

The Crypto Market ends the week at a total market capitalization of $247 billion
Bitcoin price recovers from last week’s slump and nears the $10,000 mark
Ethereum continues its upward journey beyond the $180 threshold
Ripple rests on the sidelines patiently waiting for next week’s Swell Conference
Libra’s chances of success get another blow. This time from a social media giant
Chinese President XI Jinping has a newfound taste for blockchain technology

Crypto Trends 27th Oct – 03rd Nov 2019: PERFORMANCE & ANALYSIS

The past week has seen Bitcoin oscillate once again between $8,000 and nearly $10,000 per BTC. It started the week on the rise from its previously poor run that saw it drop down to $7,300. It fluctuated mid-week only to rise considerably high towards the weekend when a surprising piece of news arrived from China.

For almost a decade, Beijing strongly opposed the development of crypto digital assets. In an unexpected turn of events, President Xi Jinping declared that his country should seize the opportunities that blockchain technology has to offer.

Xi Jinping was adamant that China should step up its efforts to become a major global player in this field. Almost immediately, China’s National People’s Congress passed a law to support the development of crypto assets.

The news that China has entered the blockchain arms race has sparked worldwide public interest. Bitcoin price surged to almost $10,000 and ended the week at its current value of $9,223.01. It was a 20% increase in value that few were expecting, and which should follow the same ascending trade throughout the next week.

On the other side of the world, Facebook’s Libra cannot get any slack in its fight to prove its worth to investors and regulators. It seems that not even in its project form it doesn’t promise enough stability to lure in major market players. Even Twitter’s CEO, Jack Dorsey publicly declared that his company will not enter the Libra Project with a definitive “Hell No!

Elsewhere, Ethereum is continuing its ascent past the $180 mark, finishing the week at 182.38.

XRP is still hovering around the $0.30 mark, but many expect its value to change next week when the Swell Conference takes place in Singapore. At the time of this writing, its price was $0.2925.

What’s in the News?

Telegram has released a test wallet for its native cryptocurrency GRAM token
Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert declares that Ethereum futures contracts should become available in 2020
Binance announces that US users can now buy Bitcoin and other cryptos with debit cards
The Central Bank of Argentina restricts citizens from purchasing cryptos with credit cards
Binance announces a new pair between ARPA (ARPA) and Carry (CRE)
Japanese company Lifull launches a proof-of-concept test of transfer of rights using blockchain technology to solve the problem of unoccupied real estate
Bakkt working on an app for payments using cryptos.

Next Week’s Market Forecast

In the upcoming week, the global crypto market should experience a steady increase in value as a result of China’s embrace of blockchain technology. This aspect should be mirrored in the continuous rise of BTC price and daily trade.

Elsewhere, crypto enthusiasts will be eagerly expecting the outcomes of several events around the world, such as:

The Stellar Meridian Conference in Mexico (4-5 November)
The Swell Conference in Singapore (7-8 November)
The AI & Blockchain Summit in Malta (7-8 November)
The SteemFest in Bangkok (6-10 November)
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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.