Bitcoin Price Nears All-Time High; Ethereum Continues to Lag


Talking Points

Bitcoin continues to move higher on Korean interest.

Ethereum struggles but rebound may soon be on the cards.

The DailyFX Bitcoin Glossary is designed to provide traders with a continually updated reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Aims to Break the All-Time High

Bitcoin’s march towards $5,000, and potentially higher, continues as the token makes back all of its recent China-related losses and more. BTC’s market capitalization is back above 50% of the whole cyrpto-currency market value, while the average price of BTC’s in the last 24-hours has been pushed higher by Korean Won related turnover. The average KRW-pair price – as seen at Bithumb – was $4,898.8 while the global average price for BTC trade was $4,833.9.

Bitcoin Price Nears All-Time High; Ethereum Continues to Lag

A look at the daily chart shows no reason for BTC not to hit, and push through, its $4,988 record high, made just five weeks ago, while the push above $5,000 will inevitably prompt a rash of headlines, both positive and negative. At the moment, unless some negative regulatory news comes out, the path of least resistance for Bitcoin is higher.

Chart: Bitcoin (BTC) Price Daily Timeframe (July 5 – October 10, 2017)

Bitcoin Price Nears All-Time High; Ethereum Continues to Lag

Ethereum Lags But Hard-Fork Noises May Spark Interest

As we noted here when talking about Ethereum just under two weeks ago, The first stage of the Metropolis hard-fork was rolled out in mid-September with the second stage expected to be implemented in mid-late October with the potential for a new соin to be created.While Bitcoin is likely to make a fresh high in the coming days, Ethereum continues to lag around the $300 level, compared to its all-time high around $412. Short-term upside targets remain at $315 and $340.

Chart: Ether (ETH) Price Daily Timeframe (June – September 26, 2017)

Bitcoin Price Nears All-Time High; Ethereum Continues to Lag

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Market Moves/Top 8 Capitalizations – October 10, 2017

Bitcoin Price Nears All-Time High; Ethereum Continues to Lag

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— Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1



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