Bitvo.com
Bitcoin (BTC)
C$10,988 (US$98,258)
October 7, 2019 2:00 pm
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
Technical Trading Score*:
Date Of Inception:
2009
Primary Use:
CURRENCY
18mm
Coin Profile
Bitcoin
is
a
decentralized
coin
enabling
revolutionary means to exchange value across the
globe. It continues to be the biggest and most
influential coin, encouraging peer-to-peer payment
networks powered by its users with no central or
middle authority.
Page 1 of 8
Coins Outstanding:
Maximum Coins:
21mm
POW or POS:
WORK
Current Mining Fee (USD):
~$0.476
Website:
https://bitcoin.org
October 7, 2019
All figures in USD$, unless otherwise specified
LOG IN TO VIEW
â– General Cryptocurrency News:
•
PayPal left the Libra Association last week. The payment processor stated
that it remains supportive of the stable coin’s aspirations but did not attend a
meeting of 28 Libra corporate backers held last Thursday.
•
Eight large cryptocurrency companies including Coinbase, Kraken, Bittrex,
Circle, Grayscale, Genesis, Cumberland and Anchorage announced a
collaboration to define which digital assets most closely resemble securities,
in their opinion. The organization dubbed the Crypto Ratings Council rates
digital assets on a scale of 1 through 5, with the highest score indicating that
they believe an asset should be considered a security.
•
Uzbekistan announced it is raising the price of power supplied to
cryptocurrency miners. The Minster of Energy introduced a bill that will
increase power rates by up to three times the rate miners currently pay.
â– BTC News:
•
The Bitcoin Lightning Network hit a new milestone with the number of nodes
reaching an all-time high of over 10,000 nodes.
•
Bitcoin futures products continue to develop and enter the market. Last
week, investment management company Stone Ridge filed a prospectus for
a new Bitcoin futures offering with the United States Securities and
Exchange Commission (SEC). The fund is called NYDIG Bitcoin Strategy
Fund and will offer a cash-settled Bitcoin futures product.
•
This announcement comes after Bakkt’s much-anticipated, physically settled
Bitcoin futures product went live in late September 2019.
•
Also in September, Binance launched two futures testnet platforms and the
Chicago Mercantile Exchange Group announced it will add options to its
Bitcoin futures contracts in the first quarter of 2020, pending regulatory
review.
â– Trading History YTD:
•
Since the end of June, the price of BTC has traded sideways to negative
with successive peaks achieving lower highs and support levels declining
through US$8,000.
â– Current Environment:
•
After a brief rally to start the week last week, the price of BTC declined
throughout the week to as low as the high-US$7,000s before rebounding
again to the low-US$8,000s.
•
Volumes for the week were similar week over week, averaging 1.7 million
coins per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Bitvo.com
Technical Trading Score*:
Date Of Inception:
2014
Primary Use:
SMART CONTRACTS
Coins Outstanding:
107mm
Coin Profile
Ethereum is a decentralized platform that runs
smart contracts: applications that run exactly as
programmed without any possibility of downtime,
censorship, fraud or third-party interference. These
apps run on a custom built blockchain. Ether is the
cryptocurrency generated by and used on the
Ethereum platform.
Maximum Coins:
NO MAX
POW or POS:
WORK
Website:
https://www.ethereum.org/
Ether (ETH)
C$241 (US$181)
October 7, 2019 2:00 pm
All figures in USD$, unless otherwise specified
Page 2 of 8
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
~$0.129
Current Mining Fee (USD):
LOG IN TO VIEW
â– ETH News:
•
Citing an anonymous source, Bloomberg indicated that the
Venezuelan Central Bank is considering buying Bitcoin and Ether for
its currency reserves. Venezuela has experienced hyperinflation for
the last few years making it more expensive in domestic terms to
buy foreign assets.
•
The Ethereum test network forked two days earlier then expected,
catching some miners off guard as many had not yet upgraded to
the new fork. This has created some instabilities in the test network
but has no impact on the production Ethereum network.
â– Trading History YTD:
•
The price of ETH commenced the year relatively stable before
accelerating in May and then falling July onwards.
•
While the price of ETH has given up most of its year to date gains,
it remains in positive territory on the year in USD terms.
•
However, with the positive performance of BTC in 2019, ETH has
underperformed BTC, with the price of ETH in BTC terms generally
trending down since the end of February.
â– Current Environment:
•
The price of ETH trended sideways last week in USD terms while
the coin outperformed BTC in the latter half of the week, resulting in
the price of ETH ending the week up in BTC terms.
•
Volumes for the week averaged 37.0 million coins per day, which is
slightly lower than the previous week’s volumes of 37.1 million
coins per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
October 7, 2019
Bitvo.com
Technical Trading Score*:
Date Of Inception:
2012
Primary Use:
CURRENCY
99.99 Billion
Coin Profile
XRP is the decentralized native currency employed by
Ripple. Ripple is a settlement system, currency
exchange and remittance network created by Ripple
Labs Inc. It is built upon a distributed open source
internet
protocol,
and
supports
tokens
representing
fiat
currency
or cryptocurrency.
The
company
purports
to
enable "secure,
instantly
and
nearly
free
global
financial
transactions of any size with no chargebacks."
Coins Outstanding:
Maximum Coins:
POW or POS:
CORRECTNESS
Website:
https://ripple.com/
XRP
C$0.37 (US$0.27)
October 7, 2019 2:00 pm
All figures in USD$, unless otherwise specified
Page 3 of 8
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
~$0.0003
Current Mining Fee (USD):
LOG IN TO VIEW
100 Billion
â– XRP News:
•
Web monetization platform Coil now supports XRP payments in real
time due to a partnership with payment gateway and XRP Ledger wallet
provider GateHub. A news release published last week revealed that
Coil users can now use GateHub to receive funds in XRP and convert
them into Euros, United States Dollars, Bitcoin and Ether.
•
Xpring, the investment arm of Ripple, announced that it acquired Logos
Network. This acquisition will help Ripple develop decentralized finance
products that will use XRP, adding to XRP’s use cases.
•
Xpring has also created a platform that will allow application developers
to integrate the XRP ledger into apps in multiple programing languages.
•
BitPay, a global leader in allowing crypto payments to fiat merchants,
announced it will begin offering XRP.
â– Trading History YTD:
•
XRP has underperformed other major cryptocurrencies so far in 2019,
with its price trending down or flat from January through May.
•
While XRP participated in May and June’s almost universal
cryptocurrency price rally, it did not benefit to the same extent as other
major cryptocurrencies.
•
Overall, the price of XRP is down on the year in USD terms and, as a
result of the above noted underperformance versus other
cryptocurrencies, the price of XRP has declined steadily in terms of
BTC since the beginning of 2019.
â– Current Environment:
•
XRP was an outperformer amongst other major cryptocurrencies last
week, trending sideways for most of the week before spiking over the
weekend, both in USD and BTC terms.
•
Volumes for the week averaged 4.57 billion coins per day, which is
lower than the previous week’s volumes of 5.81 billion coins per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
October 7, 2019
Bitvo.com
Technical Trading Score*:
Date Of Inception:
2017
Primary Use:
CURRENCY
18mm
Coin Profile
Bitcoin Cash is peer-to-peer electronic cash for
the Internet. It is fully decentralized, with no central
bank and requires no trusted third parties to operate.
Bitcoin Cash is the continuation of the Bitcoin project
as peer-to-peer digital cash. It is a fork of the Bitcoin
blockchain ledger, with upgraded consensus rules
that allow it to grow and scale.
Coins Outstanding:
Maximum Coins:
21 mm
POW or POS:
WORK
Website:
https://www.bitcoincash.org/
Bitcoin Cash (BCH)
C$313 (US$243)
October 7, 2019 2:00 pm
All figures in USD$, unless otherwise specified
Page 4 of 8
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
~$0.0011
Current Mining Fee (USD):
LOG IN TO VIEW
â– BCH News:
•
No significant BCH related news last week.
â– Trading History YTD:
•
Somewhat similar to the trend in the price of BTC, the price of BCH
ground sideways for the first quarter of 2019 before experiencing a
price spike in early April.
•
The price of BCH has trended sideways to negative since the
beginning of April in both USD and BTC terms.
â– Current Environment:
•
The price of BCH declined early in the week last week and rebounded
in the latter part of the week, resulting in it ending the week
approximately where it began both in USD and BTC terms.
•
Volumes were lower week-over-week, averaging 5.9 million coins per
day compared to the previous week’s 8.8 million coins per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
October 7, 2019
Bitvo.com
Technical Trading Score*:
Date Of Inception:
2011
Primary Use:
CURRENCY
62mm
Coin Profile
Litecoin
is
a
peer-to-peer
cryptocurrency
and open source software project released under
the MIT/X11 license. Creation and transfer of
coins is based on an open source cryptographic
protocol and is not managed by any central authority.
The coin was inspired by, and in technical details is
nearly identical to, Bitcoin.
Coins Outstanding:
Maximum Coins:
84 mm
POW or POS:
WORK
Website:
https://litecoin.com/
Litecoin (LTC
C$77 (US$58)
October 7, 2019 2:00 pm
All figures in USD$, unless otherwise specified
Page 5 of 8
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
~$0.035
Current Mining Fee (USD):
LOG IN TO VIEW
â– LTC News:
•
Litecoin continues to fall in rank in terms of market capitalization, falling
to number six overall last week from number five previously as Tether’s
market capitalization increased to overtake that of Litecoin’s.
•
Reaching as high as fourth earlier in 2019, Litecoin’s current market
capitalization is now US$3.7 billion behind Bitcoin, Ether, XRP, Bitcoin
Cash and Tether.
â– Trading History YTD:
•
Having started 2019 as a relative outperformer in comparison to other
major cryptocurrencies, the price of LTC lost momentum in April
onwards, but for a brief recovery in June.
•
The price of LTC in USD terms has traded in positive territory for all of
2019 year to date. However, as a result of the above noted recent
underperformance, the price of LTC is now down on the year in BTC
terms.
â– Current Environment:
•
The price of LTC traded sideways for most of the week last week before
spiking over the weekend in USD terms.
•
In BTC terms the price of LTC also ended up on the week after some
volatility and movement both up and down.
•
Volumes last week averaged 39.7 million coins per day which was lower
than the previous week’s volume of 47.8 million coins per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
October 7, 2019
â– DASH News:
•
Wallet service provider BitGo announced a Dash staking program on its
secure custodial platform that allows its users to earn passive recurring
income from their Dash holdings. This passive income stream
compliments CrowdNode’s pooled masternodes, which allows anyone
with over one Dash to gain a proportional share of each month’s block
rewards.
•
Gentarium, a masternode, mining, and loan management platform, has
integrated Dash support for masternode hosting as well as for
masternode shares. The platform claims to host 6,297 total masternodes
across several chains, amounting to US$1.9 million, and offers both
masternode hosting as well as pooled masternode shares.
•
UTRUST, a cryptocurrency payment solution, has integrated Dash
payments enabling Whow Games, an online social gaming platform with
over nine million users globally, to offer instant transactions, buyer
protection, and crypto-to-cash settlements.
â– Trading History YTD:
•
After a generally stable start to the year, the price of Dash increased in
USD terms from April through June before declining July onwards.
•
Accounting for movements both up and down, the price of Dash is now in
negative territory for the year both in USD and BTC terms.
â– Current Environment:
•
The price of Dash was volatile last week. Accounting for some sharp
movements both up and down, the price of Dash ended the week slightly
above where it began in BTC terms.
•
Volumes were similar week-over-week, averaging 1.7 million coins per
day.
Bitvo.com
Technical Trading Score*:
Date Of Inception:
2014
Primary Use:
CURRENCY
9 mm
Coin Profile
Dash is an open source peer to peer cryptocurrency.
On top of Bitcoin’s feature set, it currently offers instant
transactions, private transactions and operates a self-
governing and self-funding model that enables the
Dash network to pay individuals and businesses to
perform work that adds value to the network. Dash’s
decentralized governance and budgeting system
makes it a decentralized autonomous organization.
Coins Outstanding:
Maximum Coins:
22 mm
POW or POS:
STAKE
Website:
https://www.dash.org/
DASH (DASH)
C$95 (US$72)
October 7, 2019 2:00 pm
All figures in USD$, unless otherwise specified
Page 6 of 8
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
~$0.006
Current Mining Fee (USD):
LOG IN TO VIEW
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
October 7, 2019
Bitvo.com
Technical Trading Score*:
Date Of Inception:
2016
Primary Use:
112 mm
Coins Outstanding:
Maximum Coins:
POW or POS:
WORK
Website:
https://ethereumclassic.org/
Ethereum Classic (ETC)
C$6.25 (US$4.70)
October 7, 2019 2:00 pm
All figures in USD$, unless otherwise specified
Page 7 of 8
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
~$0.002
Current Mining Fee (USD):
Coin Profile
Ethereum Classic is an open-source, public,
blockchain-based distributed computing platform
featuring smart contract (scripting) functionality. It
provides a decentralized Turing-complete virtual
machine, the Ethereum Virtual Machine (EVM), which
can execute scripts using an international network of
public nodes. ETC has a value token called "ether",
which can be transferred between participants or stored
in a cryptocurrency wallet.
LOG IN TO VIEW
NO MAX
SMART CONTRACTS
â– ETH Classic News:
•
No significant ETC related news last week.
â– Trading History YTD:
•
•
After trading sideways for most of the first quarter of 2019, the price of
ETC benefited from broader spring momentum in the cryptocurrency
space, trading generally positively from April through the end of June,
before correcting again July onwards in terms of USD.
However, ETC has generally underperformed other major
cryptocurrencies with its price trending negatively throughout most of
the year to date in terms of BTC.
â– Current Environment:
•
The price of ETC traded sideways throughout the week last week, both
in USD and BTC terms.
•
Volumes were lower week-over-week, averaging 91.9 million coins per
day compared to the previous week’s volumes of 127.4 million coins
per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
October 7, 2019
Bitvo.com
DISCLAIMER
The information contained in this report has been compiled by Bitvo Global Inc. (“Bitvo”) from sources believed to be reliable, but no
representation or warranty, express or implied, is made by Bitvo, its affiliates or any other person as to its accuracy, completeness or
correctness. All opinions and estimates contained in this report constitute Bitvo’s judgement as of the date of this report, are subject to
change without notice and are provided in good faith but without legal responsibility. Nothing in this report constitutes legal,
accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation to clients and has
been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The Bull and Bear
symbols represent relatively favourable or unfavourable technical indicators, respectively, and the presence or absence of these
symbols and any language pertaining to these symbols does not represent any advice, representation or guidance from Bitvo as to
whether you should buy, sell or hold any cryptocurrency. The cryptocurrencies or services contained in this report may not be suitable
for you and it is recommended that you consult an independent advisor if you are in doubt about the suitability of such
cryptocurrencies or services. This report is not an offer to sell or a solicitation of an offer to buy any securities. Past performance is not
a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. The cryptocurrency market
is volatile and rapidly changing and, as a result, the latest published reports available to clients may not reflect recent material
changes. Bitvo reports are current only as of the date set forth on the reports. This report is not, and under no circumstances should
be construed as, a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally
permitted to carry on the business of a securities broker or dealer in that jurisdiction. To the full extent permitted by law neither Bitvo
nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use
of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means
without the prior consent of Bitvo.
Page 8 of 8
October 7, 2019
