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October 24, 2018 @ 19:19 +03:00
Over the past 24 hours, the crypto market has added $2 billion to its valuation, rising to $210 billion. The Bitcoin price has experienced a slight increase in price from $6,370 to $6,430, supported by a minor rise in daily trading volume.
Still, the volume of the cryptocurrency exchange market remains weak, with the daily trading volume of Bitcoin remaining below $3.5 billion on Coinmarketcap and $2.42 billion on CoinCap. XRP, the native currency of the Ripple blockchain protocol, has surged by around 3 percent on October 24, possibly due to the approval of Coinbase Custody by the New York Department of Financial Services to operate as a regulated custodian facilitating investments in Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.
“Coinbase Custody Trust Company will operate as a standalone, independently-capitalized business to Coinbase Inc. and will be held to the same compliance, security and capital requirements as traditional fiduciary custodial businesses like the DTC,” Coinbase Custody product lead Sam McIngvale said. Since August, the price trend of Bitcoin has remained in the range of $6,300 to $6,800, failing to break out of the $6,800 resistance level apart from one occasion in mid-September. As such, technical analyst DonAlt stated that in a period of stability, rather than initiating high risk trades, it is safer to observe the market and the short-term price trend of Bitcoin.
Investors expect the prices of major cryptocurrencies to increase in the months to come, particularly in December, as interest towards the Bakkt BTC futures market rise prior to its launch. In terms of market development and infrastructure strengthening, the cryptocurrency market is in an ideal position to initiate a short-term rally, supported by the months of stability demonstrated by BTC.