Bitcoin is still king of the cryptos

Rajan Dhall, MSTA FX Daily

According to research conducted by Binance 2019 "Q3 Crypto-Correlations Review" confirmed that Bitcoin is still the volume leader and the most popular cryptocurrency.

Despite falling over nearly 30% since late June and reaching a high of USD 13,868 the volume still held up. The report showed that more than 40 per cent of all of Bitcoin’s trading activity on Binance was against stablecoin pairs. Trades executed with Bitcoin amounted to 70% of all trade through the exchange.

“The third quarter of 2019 exhibited adverse price movements, breaking the two consecutive quarterly price gains in Q1 and Q2. In Q3, Bitcoin price dropped by nearly 30%, closing on September 30th at around $8000. In comparison, BTC trading dominance fluctuated around 15-25% for the first half of 2019.”

Below is the comparison table from the report.

The report concluded by saying “Over the third quarter of 2019, the average correlation between Bitcoin and most other large cryptoassets remained in line with the previous quarter. However, the average correlation among large cryptoassets increased in Q3 2019 with a significant positive increase in the corrections of BNB, Chainlink and Bitcoin SV with other cryptoassets.”.

Today Bitcoin price action is weak, since hitting the recent high in late June price action has been choppy, to say the least. Even recently BTC/USD broke out of its recent consolidation area only to move back in after the bulls could not catch anymore momentum.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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