Bitcoin Jumps on High Volumes, Ethereum Nears $200

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Bitcoin has suddenly jumped by $500, up from circa $8,200 to a recent high of $8,700 to currently trade at $8,600 at the time of writing.

The rise was on significantly increased volumes, with the latest candle showing the exchange of 322 bitcoins during a two hours period, while previous candles were at 20-50 bitcoin or less on Coinbase.

Bitcoin jumps in a big green candle, October 2019
Bitcoin jumps in a big green candle, October 2019

It’s not clear why bitcoin rose, but it looks like this has more to do with ethereum than BTC.

That’s because ethereum moved a bit earlier and a bit faster, rising from $179 to $195 before trading at $190 at the time of writing.

Ethereum rises, October 2019
Ethereum rises, October 2019

Here too volumes were considerably higher during the jump with bitcoin and eth fighting it out on the ratio.

Ethereum was losing on that front until last month when a bottom may have been reached at 0.016 BTC per eth to rise since.

Ethereum bitcoin ratio on daily candles, October 2019
Ethereum bitcoin ratio on daily candles, October 2019

The above at a stretch can potentially be seen as a cup and handle although it’s not quite finely painted.

Ethereum’s value against bitcoin however jumped today to above 0.023 btc, but right now it looks like bitcoin is engaging in a fight back.

It’s currently at resistance line, which may become support, with this ratio jump clearly showing ethereum is the one lifting up the market.

That may be because Devcon V opened to drums today in Osaka where some 3,000 ethereans have gathered to learn the latest and potentially to meet first hand eth devs working on the Proof of Stake upgrade and much else.

There are numerous talks being given at the same time with the focus primarily on coding ahead of the launch of the ethereum 2.0 genesis block potentially in January.

The deposit contract, which begins the process, is now pretty much finished. Once it goes out, it will have plenty to keep ethereans busy as they start realistically considering whether to become a staker and earn rewards on locked eth.

That’s in addition to a number of announcements that have already made it out, including UNICEF which said they “will now be able to receive, hold and disburse donations of cryptocurrencies ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund.

In a first for United Nations organizations, UNICEF will use cryptocurrencies to fund open source technology benefiting children and young people around the world.”

While all this is going on, geopolitical tensions are worsening as China flexes its economic power to pressure American companies to censor Hong Kongers.

In Britain, any Brexit deal has apparently reached the stage of “impossible,” with the pound falling against the dollar.

All of these factors are combining to return some bullishness to the crypto space where pretty much everything has gone green, except for USDT.

Copyrights Trustnodes.com

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