by Marco Rossi
What a week!
To start with, everyone’s waiting for the final episode of the most watched series in the UK: The Brexit Saga. However, new developments hint at the fact that 10/31 could not be the finale: talks of an extension to January are already in progress between London and Brussels.
However, the market seems to find this all the more interesting. Concerns on the British Sterling are driving investors in buying pounds again, after a bit of a low following 10/14:
Of course, remembering what we learned after the sudden crash of BTC, the Sterling is having strong ties with the cash outbound flow of money from Hong Kong — following the unrest the country is witnessing:
As we could see, while the Sterling was having its low on 10/14, the Yuan saw a high. On the other hand, while GBP was appreciating, CNY started to descend, manifesting a rather clear correlation between the two currencies.
As for the crypto, instead, the market is still receding.
In brief, BTC still presents a downward trend against the USD.
However, this means two things: 1) we are still on the path of finally leaving BTC dominance behind; and 2) this is a great chance to buy a highly volatile asset for a relatively low price.
Point 2) goes without saying, but let’s check the charts for point 1):
The spread between ETH and BTC held up, while BTC went down. As we saw in the previous reports this means that ETH — as other altcoins — is keeping up the level in terms of total cap in the market.
Same thing for LTC, although the heavy fluctuation and the “pause” of the coin from the big 4 — as we saw in one of the latest reports, LTC went down pretty steeply, exiting the pole positions of altcoins. However, its presence is still felt in the market. Same thing for its spread against the “dominating” BTC.
But most importantly: besides ETH and LTC, also other altcoins started to show a good performance against BTC, as in the case of DAS in the chart here below.
Or well, actually… The most important thing that occurred in the market this week, is the rise of an old friend of the crypto market: The Dogecoin.
We all know it started as a joke, but… Is this the roar of Shibu Inu? Will the market know the era of the “Doge”? Deep down, we all die to see a meme in the crypto market. The first step is to admit it.