The leading cryptocurrency Bitcoin has remained largely stable, rounding off a week of sideways trading with overall exchange volumes believed to be at their lowest level in the last thirteen months.
According to data released by Coin360, the pair of BTC/USD made little movements especially when compared to this time last week. A look at Bitcoin’s daily and weekly movement reveals that it moved 0.03 percent up and 0.04 percent down respectively.
As at the time of putting this report together, the leading cryptocurrency by market cap is exchanging at around $6,545. Although it is slightly up on its position during the first week of September, Bitcoin has seeing volatility surpassing $1,500 in intervening periods.
As many experts believe, this October will usher in major announcement that will significantly affect the price of Bitcoin. More so, with Bitcoin exchange traded fund and regulated ecosystem for institutional investors looking to invest in bitcoin all expected in November, the price of Bitcoin is bound to change in the coming months.
At the moment, Investors are reluctant to trade, especially because many investors see bitcoin as a store of value. With these sentiments, the global trade volumes of Bitcoin has hit its lowest since July 2017. Currently, the global trade volume for BTC is put below 2.2 million BTC as of October 1.
Elsewhere in the altcoin markets, there has been very little movements especially following Bitcoin’s latest stability. So far, Ethereum has dropped by 0.3 percent in the last 24 hours and currently trades at $222. A look at the weekly performance of Ethereum reveals that ETH/USD pair has lost nearly 4 percent even though it is still up by 3.5 percent when compared to the same time last month.
Also, cryptocurrency markets have seen very little movements even after comments from Vitalik Buterin, where he stated that he was planning on withdrawing from active development role. Regardless, other altcoins fared almost the same with Ripple proving to be the biggest loser among the top 10 cryptocurrency assets. In the last 24 hours, Ripple has lost 2 percent. Tron (TRX) has been the biggest gainer so far, up by almost 10 percent while digital assets like Litcoin (LTC) and Stellar (XLM) barely moved.