All figures in USD$, unless otherwise specified
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 1 of 8
Bitcoin (BTC)
C$12,181 (US$9,330)
October 28, 2019 2:00 pm
â– General Cryptocurrency News:
•
•
Last week saw some of the most volatile sessions in crypto history,
which
left the space anywhere from 15% to 35% higher.
The rally was partially attributed to the Chinese President Xi Jinping
suggesting that China should take the lead in blockchain technology. While
ICOs and crypto exchanges remained banned in China, a Chinese central
bank digital currency is in the works.
• Facebook’s CEO, Mark Zuckerberg, looked to reassure regulators by stating
that his company would not be part of a Libra launch anywhere in the world
until the cryptocurrency is approved by U.S. regulators.
â– BTC News:
• Next year you will be able to buy your coffee with Bitcoin. Bitcoin futures
exchange Bakkt announced that it will be launching a consumer app for
cryptocurrency purchases in 2020. Starbucks will be its first launch partner.
• Bakkt is also preparing to launch Bitcoin options. The announcement was
made shortly after a lackluster launch of Bakkt’s Bitcoin futures product.
• However, reacting to the volatility in the market last week, Bakkt Bitcoin
futures contracts reached an all-time high trading volume on Friday of
US$11 million or 1,183 BTC. This is more than double the previous high of
US$4.8 million reached on October 23rd and five times the next highest
day, October 9th when volumes reached US$1.9 million.
â– Trading History YTD:
• Prior to last week, trading patterns for the price of BTC in 2019 could be
divided into three segments.
• First, the price of BTC traded sideways from early 2019 through to April 1st.
• Second, the price of BTC experienced significant positive momentum from
April 1st through the end of June.
• Since the end of June, the price of BTC has traded sideways to negative
with successive peaks achieving lower highs and support levels declining to
approximately US$8,000.
• Could last week’s run mark the start of a fourth segment?
â– Current Environment:
• During an incredibly volatile week last week, the price of BTC dropped to a
five-month low, breaking through the strong support level of US$7,800.
• However, following this drop and continuing over the weekend, the price
rallied back above US$10,000 before settling in the mid-US$9,000 area.
• Saturday’s run above US$10,500 was particularly notable as it marked the
biggest daily gain since 2011.
• Volumes for the week were higher than average at 2.95 million coins per
day.
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2009
Primary Use:
CURRENCY
Coins Outstanding:
Maximum Coins:
18mm
21mm
POW or POS:
WORK
Current Mining Fee (USD):
~$0.476
Website:
https://bitcoin.org
Coin Profile
Bitcoin is a decentralized coin enabling revolutionary
means to exchange value across the globe. It continues
to be the biggest and most influential coin, encouraging
peer-to-peer payment networks powered by its users
with no central or middle authority.
October 28, 2019
Bitvo.com
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
All figures in USD$, unless otherwise specified
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 2 of 8
Ether (ETH)
C$237 (US$181)
October 28, 2019 2:00 pm
â– ETH News:
• In a Twitter survey on October 26th, Ethereum co-founder
Vitalik Buterin asked for followers’ opinions on reversing chain
activity in the event of a major hack of an exchange or similar
entity. ”Suppose a popular smart contract wallet that a large
portion of the ETH community uses gets hacked. This could
be reverted by reverting all chain activity since the hack and
doing a DAO-style HF to recover the funds,” he wrote. The
majority or 61% of over 10,000 votes responded that
“Intervention is never OK”.
• Ethereum 2.0 validators can expect to earn from 4.6% to
10.3% as rewards for staking on an annual basis according to
Collin Myers, head of global product strategy at blockchain
firm ConsenSys. In order to become a validator on Ethereum
2.0, one is required to maintain a minimum amount of 32
Ether, which is worth approximately US$5,750 today.
• Ethereum 2.0 is a major network upgrade on the Ethereum
blockchain that is poised to shift its current Proof-of-Work
consensus algorithm to Proof-of-Stake, passing block
validation function from miners to special network validators.
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:
• Downward pressure on the price of ETH during the first half of the
week last week was offset by positive momentum later in the week,
resulting in the price of ETH ending the week higher in USD terms.
• However, the price of ETH continued to underperform the price of
BTC resulting in the price of ETH ending down on the week in BTC
terms.
• Volumes for the week averaged 53.8 million coins per day, which is
above previous week’s volumes of 40.5 million coins per day.
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2014
Primary Use:
SMART CONTRACTS
Coins Outstanding:
107mm
Maximum Coins:
NO MAX
POW or POS:
WORK
Current Mining Fee (USD):
~$0.129
Website:
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.
Bitvo.com
October 28, 2019
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 3 of 8
XRP
C$0.39 (US$0.30)
October 28, 2019 2:00 pm
â– XRP News:
• A significant amount of XRP changed hands last week. According to
Whale Alert, approximately 800 million XRP was sent from Bitstamp
to BitGo wallets in 4 transactions of approximately 200 million XRP
each.
• Wallets involved in the transactions have not been publicly identified
and therefore the sender and receiver are currently unknown.
However, in a response to the Twitter post, Bitstamp provided a link
to a recent announcement stating that BitGo provides secure storage
for XRP as well as conducts asset management.
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.
• However, for the first time in 2019, XRP has begun to outperform other
major cryptocurrencies recently increasing in both USD and BTC
terms for most of the past month.
â– Current Environment:
• In what was a volatile week, sharp movements in the price of XRP
netted out last week, resulting in the price of XRP being up only slightly
in USD terms.
• In BTC terms, the price of XRP was not able to continue its recent
outperformance trading flat for the first half of the week before dropping
sharply in the second half of the week in terms of BTC as the price of
BTC rallied.
• Volumes for the week averaged 7.34 billion coins per day, which is
higher than the previous week’s volumes of 5.93 billion coins per day.
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2012
Primary Use:
CURRENCY
Coins Outstanding:
Maximum Coins:
99.99 Billion
100 Billion
POW or POS:
CORRECTNESS
Current Mining Fee (USD):
~$0.0003
Website:
https://ripple.com/
Coin Profile
XRP is the decentralized native currency employed by
Ripple. Ripple is a settlement system, currency
exchange and remittance network created by Ripple
Labs Inc. It is built upon a distributed open source
internet protocol, and supports tokens representing fiat
currency or cryptocurrency. The company purports to
enable "secure, instantly and nearly free global financial
transactions of any size with no chargebacks."
All figures in USD$, unless otherwise specified
October 28, 2019
Bitvo.com
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
All figures in USD$, unless otherwise specified
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 4 of 8
Bitcoin Cash (BCH)
C$347 (US$265)
October 28, 2019 2:00 pm
â– BCH News:
• An unknown Bitcoin Cash miner was reported to be in control of more
than 50% of the coin’s hash rate for 24 hours last week.
• The miner seemed to mine 73 blocks from 10:00am UTC on October
24th to 10:00am UTC October 25th, resulting in industry participants
criticizing BitcoinCash as a potential security risk.
• By controlling 50% of BitcoinCash hash rate, the unknown miner, or
potentially miners, are close to controlling the entire network, which
could provide them with the ability to act nefariously towards the coin
and its network.
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:
• Again, mirroring the price of BTC, the price of BCH dropped early last
week before rallying in USD terms later in the week.
• The rally in the price of BCH was not as significant as that of BTC
though, resulting in the price of BCH in BTC terms ending
approximately flat on the week.
• Volumes were higher week-over-week, averaging 10.1 million coins
per day compared to the previous week
‘s 5.82 million coins per day.
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2017
Primary Use:
CURRENCY
Coins Outstanding:
18mm
Maximum Coins:
21 mm
POW or POS:
WORK
Current Mining Fee (USD):
~$0.0011
Website:
Coin Profile
Bitcoin Cash is peer-to-peer electronic cash for the
Internet. It is fully decentralized, with no central bank and
requires no trusted third parties to operate. Bitcoin Cash
is the continuation of the Bitcoin project as peer-to-peer
digital cash. It is a fork of the Bitcoin blockchain ledger,
with upgraded consensus rules that allow it to grow and
scale.
October 28, 2019
Bitvo.com
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
All figures in USD$, unless otherwise specified
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 5 of 8
Litecoin (LTC)
C$76 (US$58)
October 28, 2019 2:00 pm
â– LTC News:
• Three months after the August 2019 halving, Litecoin’s hash rate
continues to drop with mining profitability reaching all-time lows.
• Data from BitInfoCharts.com shows that the Litecoin hash rate has fallen
by more than 60% since the August 2019 halving. These figures are a
continuation of the downward trend seen in Litecoin mining activity since
the summer of 2019.
• The Litecoin Foundation released new information on improving the
coin’s privacy. The increased privacy would still allow the blockchain to
prevent double spending by use what is called the Mimblewimble
protocol.
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 mirrored the price of BTC last week with the price of
LTC dropping early last week before rallying in USD terms later in the
week.
• The rally in the price of LTC was not as significant as that of BTC
though, resulting in the price of LTC in BTC terms ending down on the
week.
• Volumes last week averaged 62.82 million coins per day which was
higher than the previous week’s volume of 48.5 million coins per day.
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2011
Primary Use:
CURRENCY
Coins Outstanding:
Maximum Coins:
62mm
84 mm
POW or POS:
WORK
Current Mining Fee (USD):
~$0.035
Website:
https://litecoin.com/
Coin Profile
Litecoin is a peer-to-peer cryptocurrency and
open source software project released under the
MIT/X11 license. Creation and transfer of coins is
based on an open source cryptographic protocol and is
not managed by any central authority. The coin was
inspired by, and in technical details is nearly identical to,
Bitcoin.
October 28, 2019
Bitvo.com
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
All figures in USD$, unless otherwise specified
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 6 of 8
DASH (DASH)
C$94 (US$72)
October 28, 2019 2:00 pm
â– DASH News:
• The CEO of Dash Core, Ryan Taylor, highlighted last week that Dash’s
year-over-year median number of transactions grew by 178%, which
nearly tripled from the third quarter of 2018.
• Utrust, a merchant service provider for cryptocurrency that previously
integrated Dash earlier this month, has now integrated UK based and
multi-award-winning IT and office product independent retailer. The
integration follows other merchant solution providers like Salamantex,
AnyPay, Cryptobuyer, and others that have enabled numerous other
merchants to accept Dash.
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 relatively stable in USD terms last week.
• As a result of the price of BTC’s significant late week gains, the price of
Dash declined sharply in terms of BTC later in the week.
• Volumes were similar week-over-week, averaging 2.95 million coins per
day.
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2014
Primary Use:
CURRENCY
Coins Outstanding:
9 mm
Maximum Coins:
22 mm
POW or POS:
STAKE
Current Mining Fee (USD):
~$0.006
Website:
Coin Profile
Dash is an open source peer to peer cryptocurrency. On
top of Bitcoin’s feature set, it currently offers instant
transactions, private transactions and operates a self-
governing and self-funding model that enables the Dash
network to pay individuals and businesses to perform
work that adds value to the network. Dash’s
decentralized governance and budgeting system makes
it a decentralized autonomous organization.
October 28, 2019
Bitvo.com
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
All figures in USD$, unless otherwise specified
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.
Page 7 of 8
October 28, 2019
Bitvo.com
Ethereum Classic (ETC)
C$6.20 (US$4.75)
October 28, 2019 2:00 pm
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 for most of the week last week in
USD terms.
• Given the significant positive momentum in the price of BTC later in
the week last week, the price of ETC in BTC terms dropped
significantly in the second half of the week.
• Volumes were higher week-over-week, averaging 139.7 million coins
per day compared to the previous week’s volumes of 107.3 million
coins per day.
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.
Shane Thomson, CFA
shane@bitvo.growmeconsulting.ca
403.407.0046
Technical Trading Score*:
LOG IN TO VIEW
Date Of Inception:
2016
Primary Use:
SMART CONTRACTS
Coins Outstanding:
112MM
Maximum Coins:
NO MAX
POW or POS:
WORK
Current Mining Fee (USD):
~$0.002
Website:
https://ethereumclassic.org/
Bitvo.com
October 28, 2019
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
