Market Analysis Report 23 October 2017

Only a few months back, the market capitalization of the whole cryptocurrency universe crossed the $100 bln mark. Now, Bitcoin alone is orbiting the $100 bln mark.

Since October 12, the price of Bitcoin has surged from $4,800 to $6,199, within a span of 10 days. However, in the last 2 days, the price of Bitcoin has recorded a slight correction, bringing the price down to the $5,900 levels.

At press time, the Bitcoin price is sitting at $5,913 and has dropped 0.1% in the last 24 hours, with over $525M worth of BTC exchanged on the BTC/USD pair, representing a 21.5% share of daily volume, second only to the JPY at 63.7%.

Ethereum has been falling for the past six days. Currently sitting at $287, the Ethereum price has dropped 2.7% in the last 24 hours, with over $65 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 33.3% share of daily trading volume.

Bittrex Issues Official Statement About Bitcoin Gold

Bittrex, the US-based Bitcoin and altcoin exchange, has announced its official position on Bitcoin Gold. The exchange, widely regarded as a substantial player in the marketplace, had previously hesitated to issue a formal statement. However, with the hard fork approaching, Bittrex has finally clarified its position on the coming fork. The statement reads:

“If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 24, 3am PT (10am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG. BTC held on orders will also be credited. Only the BTC held on your account is eligible for BTG.

Bitflyer Releases Official Announcement on Bitcoin Gold

Japan’s largest Bitcoin exchange by volume, Bitflyer, announced on Saturday that its customers will be credited with an amount of Bitcoin Gold corresponding to the amount of Bitcoin in their accounts prior to the split. No suspension of service is scheduled. The exchange announced:

"If the BTG (Bitcoin Gold) split is deemed by Bitflyer to be permanent and secure in regards to customer assets, on November 1 (tentative), users will be credited with BTG and purchase and sale of BTG will be made available on Bitflyer."

MIT to Issue Diplomas Using Bitcoin Blockchain

The Massachusetts Institute of Technology (MIT) has announced a pilot program that will issue diplomas to 111 graduates utilizing the Bitcoin blockchain. The program is the product of a partnership between the MIT Registrar’s Office and Learning Machine – a Massachusetts-based company specializing in software development.Chris Jagers, Learning Machine’s CEO and co-founder, praised MIT for their innovative adoption of blockchain technology. He stated:

“MIT has issued official records in a format that can exist even if the institution goes away, even if we go away as a vendor. People can own and use their official records, which is a fundamental shift.”

State of the Crypto

Bitcoin is up 0.01% at $5,913.540 with a volume of $89.5k - $528.6M on the USD pairs.

Litecoin is down 4.6% against the dollar for the day at $54.54 and down 4.44% to Ƀ0.009217 on volumes of Ƀ3.8k.

Ether is down 2.47% against Bitcoin at Ƀ0.04854 per Ether and down 2.67% against the dollar to $287.33 with average volume Ƀ13.5k on the ETH/BTC pair.

Dash is down 3.78% at Ƀ0.04532 with Ƀ4.2k volume and down 3.49% against the dollar at $267.32.

Ripple is down 3.02% to Ƀ0.00003311 with volumes of Ƀ2.1k and down 3.36% against the dollar at $0.195.

Zcash is down 1.24% for the day to Ƀ0.03506 per ZEC and down 1.55% against the dollar to $207.5 with an average volume of Ƀ2.5k for the 24 hour period.

Monero is down 1.34% against the dollar at $85.96 and down 0.95% against Bitcoin at Ƀ0.01454 on volumes of Ƀ2.3k.

Ether Classic is down 3.42% to Ƀ0.001752 with volumes of Ƀ493.944 and down 3.53% against the dollar at $10.37.

Waves is down 2.46% to Ƀ0.0005856 on Ƀ583.037 volume.

Stratis is up 10.25% to Ƀ0.0005375 on Ƀ1.4k volume.