Sorry our dear Rubikators!
Not everything in life is about trade, making a profit and making money every day.
There comes a time that it is important to evaluate the market from a global aspect to know the exact direction it is currently having.
For this reason, in the following story we tell you the latest market statistics that will never be left in the past. Let’s start with the market in general.
Last Market Period Was Appalling
The last report of coingecko tells us that in general the last period of the market was pity.
For the most part there was a decline of approximately 29% negative with respect to the previous period, with 42% reduction of trading volume in Dollar.
That aforementioned negatively affected the returns on investments of most people. Assessing more than 32% in negative than expected.
The only thing that was clear was that the dominance of Bitcoin rose considerably from one period to another, reaching almost 72% of the market.
Personally, we can say that what this crash did was the excessive manipulation of the market by the institutions. And the worst part is that they continue to do so.
Facts such as the launch of future Bakkt contracts and the intense sale of contracts by the Chicago Mercantile Exchange (CME) are part of this puppet game, and in the coingecko report this one opinion is referred.
So dear subscribers, let’s stop with that game that friends tell us to buy the dip! It’s reality. Future contracts are just doing shit in the market literally.
Volatility, Volume and Correlation
sfox say that, in general, the market now is neutral and we are according with this one opinion. Yes! Market situation is neutral and we are telling you as long at the time with the last reports, overviews and reviews that we wrote for you.
Also with that, sfox shows us that the market volatility was declined up until September 24th (the day after Bakkt launched), at which point there was a climb in volatility corresponding with the drop in BTC’s price.
Bitcoin’s volatility increased from 35.28% on September 23rd to 50.17% on September 24th, says sfox report.
In relation with the correlation, the sfox report shows us that all major altcoins — ETH, BCH, LTC, BSV, and ETC — are more correlated with each other then they are with BTC.
That suggesting that current market conditions may be leading some traders to think conceptually lump these crypto assets together as “coins other than bitcoin, says sfox.
In another hand, hodlbot company says that, 75% of the top 200 coins have a correlation of 0.67 or higher and 50% of the top 200 coins have a correlation of 0.80 or higher.
Also, the report says that 75% of the coins in the top 200 have a correlation of 0.44 or higher and 50% of the coins in the top 200 have a correlation of 0.67 or higher.
However, it does seem that the correlations between the top 200 coins and Bitcoin are weaker than the correlations between the top 200 coins and the overall market.
Trading Volumes Decline
tradeblock this week reported that Bitcoin spot trading volumes have begun declining after reaching a high over the summer.
Also, Bitcoin trading activity for the third quarter of 2019 saw its highest volumes of the year. Since peaking in July, volumes have declined month-over-month as they head towards lows seen earlier in the year.
In the figure, tradeblock shows the Bitcoin spot notional trading volumes diagram across the following exchanges: Coinbase, Kraken, Gemini, Bittrex, Bitstamp, and itBit.
Among the six exchanges that the team analyzed, Coinbase maintains the greatest share of trading volume.
As discussed in topic one above, other exchanges may look to take market share away from Coinbase, at least among low volume traders, as Coinbase increases trading fees on its lowest volume tier this week, says the report.
With these facts, it is important to highlight then, and as we have been saying, we must always evaluate the volume, correlation, feeling and correlation of the market in all its horizons.
Where Is My Money Really?
Good question don’t you think, do you? this time who answered that question was tokenanalyst. They reported that Exchanges are the biggest HODLers on the market.
The report says that 6.7% (~$9.8B) of all BTC in circulation is currently held on exchange wallets.
Through price spikes and crashes, the stockpile of Bitcoin on exchange wallets has been has been increasing consistently as shows us the last blockchain report.
To date there are more than 42.2 million bitcoin wallets that have been created by global users.
So, how many coins are stored in the wallets of cryptocurrency exchange users?
5% of the coins (~ 1.2 million BTC) are sitting on Bitstamp, Binance, Bitmex, Bitfinex, Bittrex combined.
But taking into account the fact that about 4 million coins are gone, would say that almost 7% of all the coins that are alive are sitting on exchanges right now. The list is led by Huobi, Binance and BitMEX as reported cryptobullet.
Personally on these facts, we have two points to say: (1) for no reason if you are going to remain inactive in the market, please never leave your funds in the Exchanges’ portfolios. Avoid intense pain of embarrassment; (2) With the number of cold wallets we can see that the adoption of cryptocurrencies with respect to last year for this year has grown exponentially.
The True Market Future
For the pumpers, dumpers, buyers of icos, STOs, and everything that ends in OS, we have bad news that will make them cry.
The coingecko report shows us that the next future for the market to invests it will be the derivative markets. It says that derivative exchanges such as Bitmex continued to have strong performance. and the notable volume spikes were recorded during volatile price movement.
In this case, we have the same opinion. Just as there are indices in the traditional market shares, so they will be added to the few within the cryptocurrency market. Then, we want to tell the Altcoins and derivatives fans, one important tip: please, learn how to operate derivative markets.
Also, the report highlights the importance of Decentralized Finance (DeFi) technology, which in summary and not to extend the issue has been growing in recent months, where it’s currently covers 51% of the Ethereum market.
Then the commitment to a decentralized financial system will no longer be a thing of the future. It is a thing of the present and many technologies are being added to this futuristic concept.
See you in the next. With Love 💛, Rubikators Team.
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