Tuesday, Nov. 4: Most of the top twenty cryptocurrencies are in the green, having overcome yesterday’s losses, with Bitcoin (BTC) hovering under the $4,000 mark.
Market visualization from Coin360
During the day, Bitcoin has been trading in a narrow corridor between $3,768 and $4,091. At press time, the coin is trading at around $3,948, up around 1.61 percent on the day.
On its weekly chart, BTC has reached a low of $3,755 before touching a high of $4,404. Today, the CEO of Japanese fintech firm and crypto exchange operator Quoine predicted that BTC will “surpass” its all-time price highs by the end of 2019, noting that “there’s nothing new, no catalyst” in the immediate future to drive prices back up.
Bitcoin 7-day price chart. Source: CoinMarketCap
The second largest crypto by market capitalization Ripple (XRP) is trading at around $0.352, having gained 0.83 percent on the day at press time. Today, the coin dipped to its lowest price point of the week at $0.349, while the intraweek high of $0.399 was reached on Nov. 28.
XRP 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) is maintaining its position as the third largest coin by market cap, which is over $11.4 billion at press time. ETH is trading around $110, up 1.68 percent over the day as of press time. On its 30-day chart, ETH is in a solid downtrend, down from a high of $221.62 on Nov. 7.
Ethereum 30-day price chart. Source: CoinMarketCap
At press time, the main losers in the top 20 cryptocurrencies are Bitcoin Cash (BCH) and EOS, which are down over 6 percent on the day and are trading at $149 and $2.43, respectively. Bitcoin SV (BSV) — which was created in November of this year following BCH’s hard fork — is also in the red, trading at around $91, down almost 3 percent on the day, according to CoinMarketCap.
Total market capitalization of all cryptocurrencies is around $126.9 billion as of press time, according to CoinMarketCap. The daily trading volume of all coins is $13.5 billion at press time.
Total market capitalization 24-hour chart. Source: CoinMarketCap
Today, the world’s second-largest stock exchange, Nasdaq, confirmed it plans to launch Bitcoin futures in the first half of 2019. There has reportedly “been enough work put into this to make [the question of regulatory approval] academic [...] we’re doing this, and it’s happening.”
At the same time, Ehud Barak, a former Israeli Prime Minister, compared digital currencies to Ponzi schemes. However, Barak underlined that blockchain technology and smart contracts are important and useful technological and mathematical concepts.