The price moved mostly sideways during the month. The exceptions were two sharp shifts with a large spike in volume (plus a smaller shift later in the month), where a mouseover on Cointelegraph's original chart generates crosshairs that pinpoint the action to six hour time ranges:-
- 10 Oct between 1800 & 2400 (=0000 11 Oct)
- 15 Oct between 0000 & 0600
Cointelegraph's Analysis category had no articles to explain these movements. The site's Price Analysis tag, which brings together posts based on technical analysis, had three articles which glossed over the sharp swings.
2018-10-13: Top 5 Crypto Performers Overview: TRON, Bitcoin, Litecoin, EOS, Cardano
On October 11, the total market capitalization of the cryptocurrencies plunged below $200 billion for the first time since September 20, as a global risk-off trade led investors to dump their holdings. However, the encouraging sign is that the sell-off was short-lived and most currencies are trying to claw back.
Stable coin Tether is being cited as one of the main reasons for the spurt in crypto prices that pushed total market capitalization above $221 billion on Monday (UTC time), but it was not a new issuance of Tether that was the catalyst for upward market movement.
While crypto markets have given up much of their Oct. 15 gains, they are still trading well above the recent lows, which is a positive sign. A knee-jerk reaction to a news event can propel the markets only to a certain level, after which fundamentals take over. The next leg of the up move will be based on strong fundamental news flows.
Last month I used a second post, Bitcoin in the News : 2018-09 More++, to analyze a similar drop. I'll do the same for October in my next post.
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