Weekly Crypto Market Analysis: Bitcoin price oscillates, Ethereum is on the rise and Google claims “Quantum Supremacy”
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 $250 billion
- Bitcoin price drops to $7,300 before rising over the $10,000-mark and dropping again
- Ethereum finally breaks over the $180 target
- Ripple attracts more investors in its bid to overcome the $0.30 threshold
- Google’s parent company Alphabet claims that its new Sycamore processor is the peak of quantum computing
Crypto Trends 21-27th of October 2019: PERFORMANCE & ANALYSIS
The negative forecast that many crypto experts had for Bitcoin only a week ago went as planned, but not all the way to its end. The price of BTC dropped considerably as soon as the week started. By Friday the 25th it had reached a depressing $7,300 value. Things looked bad for the world’s most popular cryptocurrency. And then, out of nowhere, the tables turned!
In just a few hours, the market witnessed a rapid increase that took Bitcoin price to $10,485. It was a quick growth that led the crypto past the five-digit mark and reports a nearly 40% jump that BTC had not seen since it was valued at $0.40 and $5.65. The surge was short-lived, and the coin reverted to a current $9,469.06 at the time of this writing, according to coinmarketcap.
The depreciation of BTC was the result of the bad publicity that Facebook’s Libra has received over the past few weeks. The departure of giant corporations like VISA, PayPal, and eBay from the project has cast a shadow over the entire cryptocurrency market.
Additionally, the news that Alphabet has reached quantum supremacy has rocked the blockchain boat a little.
Alphabet is the parent company of Google, and it has been working on a supercomputer for years. Their latest achievement is Sycamore – a processor that allegedly resolved a highly complex calculation in 200 seconds. The most powerful supercomputer in the world at the moment would need 10,000 years to complete the same process.
This extraordinary leap in computer technology has fueled the crypto-skeptic propaganda machine. The greatest worry is that if such computers become a standard tool, blockchain resistance may become a thing of the past.
Elsewhere, Ethereum finally managed to get over the $180 threshold, and it is priced at $182.27 at the time of this writing. It is still far from the $213 mark that it hit in September of 2019, but analysts believe that it is likely to reach almost $195 in November.
Ripple attracts more and more investors as the XRP price nears $0.30 and sets 0.34 as its immediate target. According to crypto expert and chartist Peter Brandt, Ripple’s native token may soon hit a “diamond bottom.” The shape of two juxtaposing triangles in XRP evolution points to a clear and imminent change in trend that should excite Ripple investors. At the time of this writing, XRP is at $0.296816.
What’s in the News?
- Bermuda changes its tax collection system to accept cryptocurrency as a form of payment
- Nayuta launched a smartphone wallet for Bitcoin and the Lightning Network that works on both iOS and Android phones
- G20 takes serious Libra regulatory risks into consideration
- Mark Zuckerberg accepts possible Libra release postponement if the worries about its risks become valid
- HTC launches Exodus 1s, which is a cheaper version of its blockchain-friendly smartphone
- You can now Pay with crypto on Amazon
Next Week’s Market Forecast
In the upcoming week, we should witness fewer oscillations in BTC price. Bitcoin should remain somewhere in the $8,800 – $9,200 area with strong resistance against dropping below the $7,500 mark.
Libra seems to end the month of October in the villain role for the crypto market. The long-awaited digital asset from Facebook seems to have more bugs than expected. So far, it seems that it cannot put its money where its advertising mouth is.
Crypto enthusiasts are gearing up for long-expected events in the cryptocurrency world, such as