Market update
Market Update 8th – 14th January 2020
Despite the possibility of the US/Iran conflict receding, the Bitcoin price is looking healthy, up 6.5% on seven days ago to trade above $12,200 at the time of writing. Daily trading volumes have more than doubled in the past week. But Bitcoin’s rise was easily beaten by Bitcoin SV, which is up a whopping 48.6% this week on wild speculation that Aussie Satoshi claimant Craig Wright might actually be able to access Satoshi’s BTC billions. XRP was the only top 10 coin in the red, down 3.6%. Ethereum was up 0.9%, Bitcoin Cash (11.1%), Litecoin (9.6%) and EOS (10%). Stellar, at No.12, lost 1.1%.
Bitcoin broke through the $11,000 mark earlier this morning to record the best price since late November. At the time of writing it was up 6.33% on a week ago and trading at $11,200. Everything else increased substantially including Ethereum (8.4%), Ripple/XRP (12.6%), Bitcoin Cash (16.5%), Litecoin (7.35%) and Stellar (7.4%). Bitcoin SV increased by 20.4%.
Bitcoin has entered one of its regular nerve-testing periods of volatility. After dipping below $9800 earlier today, it recovered to $10,700 at the time of writing. It’s currently down 13.4 percent for the week and 22.1% for the month. While most of the top ten was in the green this morning, they’re all down significantly for the week. Ethereum (-18%), EOS (-20.5%), XRP (-13.7%), Bitcoin Cash (-16.1%), Litecoin (-18.5%) and Stellar (-14.7%). The Fear and Greed index is at 17, or ‘extreme fear’. At times like these it’s worth remembering that good traders don’t make emotional decisions and they stick to their plans.