Cryptocurrency Price Analysis for the week October 29 to November 04

Nilesh Maurya Price Analysis published November 4, 2018 | modified November 4, 2018

cryptocurrency price analysis

Cryptocurrency Price Analysis for the week October 29 to November 04

Key Highlights:

  • Cryptocurrency Startup Coinbase Valued At $8 Bn.
  • Crypto Millionaire Plans Blockchain Utopia.
  • DeVere Launches Actively Managed Cryptocurrency Fund.
  • Nasdaq to launch Nasdaq SMARTS.
  • Bitcoin Alone To Raise The Global Temperature By 2°C.
  • Basic Attention Token (BAT) gets listed on Coinbase Pro.
  • Justin Sun destroys 800 million worth of ERC 20 token.
  • Morgan Stanley says that Bitcoin Now an Institutional Asset Class.
  • Cryptocurrency Exchange MapleChange got hacked.
  • BCH Gains more than 25% this week on back of some positive news

Among major news this week, Coinbase had announced that it has raised an additional $300 Mn of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. The company in its blog stated that the fund will be utilized to accelerate global expansion, offering more crypto assets quickly, Utility applications for crypto and Bringing institutions into crypto.

Earlier this week, the New York Times published on Jeffrey Burns, owner of Blockchains LLC, and his plans to create a blockchain utopia in the Nevada desert. Earlier this year, Burns bought an enormous plot of land in the area for $170 million – in cash. He plans to build a “distributed collaborative entity” on the land in which the decision making and profits are distributed among the employees, residents, and investors. His aim is to take the value of decentralization that exists in Bitcoin and other cryptocurrencies and apply it to an entire community. That’s a bold strategy, Cotton. Let’s see if it pays off.

Among other news, Financial consultancy firm deVere Group has founded the deVere Digital Asset Funds, a suite of digital currency solutions for experienced investors, in association with Dalma Capital Management, a prominent hedge fund manager in the Dubai International Financial Centre. The announcement, came a day after Bitcoin reached its 10th anniversary. Nigel Green, founder, and CEO of deVere Group, stated, “The deVere Digital Asset solution will invest in a diversified portfolio of digital assets via algorithmic trading over different platforms – including crypto-currency exchanges and OTC markets – as well as arbitrage opportunities.” “These actively managed cryptocurrency solutions address growing demand by clients who want the potential associated benefits of exposure to the digital currency sector – which typically include portfolio diversification and decent returns – but with reduced volatility for which the market is known,” he added.

In a bid to protect investors in the cryptocurrency market, Nasdaq, a trillion Dollar American company has announced its intention to launch Nasdaq SMARTS to help reduce the problems of funds loss through hacks, fraud and market manipulation. The product is a market surveillance technology that can be used for any company in any industry in a unique fashion to monitor risks and alert the company in case of any attacks. This according to Nasdaq will boost confidence and attract investors to the cryptocurrency industry.

Among Bitcoin’s environmental impacts. A team of researchers from the University of Hawaiʻi at Mānoa College of Social Sciences has now published a new study in Nature Climate Change arguing Bitcoin use may be tied to global warming. As per the research findings, “if Bitcoin is implemented at similar rates at which other technologies have been incorporated, it could produce enough emissions to raise global temperatures by 2°C as soon as 2033.” “Bitcoin is a cryptocurrency with heavy hardware requirements, and this obviously translates into large electricity demands,” said Randi Rollins, a master’s student at UH Mānoa and coauthor of the paper.

Using its official Twitter account the San Francisco based cryptocurrency exchange of Coinbase Pro has announced that it has successfully added Basic Attention Token (BAT) onto its platform. Deposits of the digital asset will begin today, November 2nd, at 1pm. Given the fact that the exchange is based in California, we can assume this time is Pacific Standard Time (GMT – 7).

This week, CEO and founder of TRX and the Tron Foundation, announced yesterday that he has concluded a process to burn around USD $800 million in Tron tokens. He elaborated on the reasons for the burn, saying that it is similarly poised to try to maintain the stability of the ecosystem and fight the threat of inflation which becomes a problem for so many other ERC20 coins and their ecosystems

A Morgan Stanley’s research report called “Bitcoin Decrypted: A Brief Teach-In and Implications” has described Bitcoin’s “rapidly morphing thesis,” as a new payment system, to finally become a new institutional investment asset class. According to a report, the research has taken under consideration a wide range of parameters that influenced this thesis, spanning from the distributed ledger that immutably records all transactions, to the number of hacks, hard forks, new technologies cheaper than Bitcoin, and market volatility to conclude this.

Among another hack, a Canadian exchange MapleChange was hacked according to the news in the week. The exchange said all funds held in the exchange were lost and the exchange had to shut down. According to an announcement on the exchange’s official Twitter page, all social accounts of the exchange have also been closed and investigations are ongoing to uncover those behind the hack before compensation can be paid to users

Bitcoin Cash, though part of the crypto struggle, has had a taste of a sudden rise within the week. This came after the world’s largest exchange Binance and announced their plans for a BCH hardfork. BCH experienced a 25% appreciation despite the week’s unfavorable nature in the market. Both major companies have indicated their decision to support the BCH version in the event of a fork, a statement which is believed to be responsible for the sudden rise.

Cryptocurrency Price Analysis
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Bitcoin (BTC)

The stability of Bitcoin continues this week as well as it was down just around 2% this week. The reported strength was yet in the stable zone. The prices hit the high point of USD 6,547.14 and the lowest point of USD 6,306.99 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  Bithumb (10.33%), BitMex (7.17%) and CoinBene (3.13%)

Among prominent voices, At an Axios conference this week, JPMorgan CEO Jamie Dimon stated that, in regard to Bitcoin, “I don’t really give a sh*t.” He went on to say that he believes blockchain technology to be real but doesn’t believe Bitcoin could replace a fiat currency

Ethereum (ETH)

Ether prices, on the top, this week were at USD 205.60 and were at lows of USD 195.73 dwindling pretty close to USD 200 hurdle. The markets that were more active, in volumes, with ETH across various pairs this week were Coinbit (5.46%), Bithumb(4.54%) and DOBI Trade (4.32%)

Among news surrounding Ethereum, According to the recent research report released by Northeastern University and the University of Maryland released on Oct. 31 stated that a lack of diversity of Ethereum (ETH) smart contracts poses a threat to Ethereum blockchain ecosystem

Ripple (XRP)

On the top, this week the prices of XRP were at USD 0.462128 and towards the bottom, it quoted USD 0.437057. The exchanges that were more active, in volumes, with XRP across various pairs this week were ZB.COM (27.34%), Bithumb (6.83%) and Bitbank(7.36%)  

For XRP this week, Dilip Rao, Ripple’s global head of infrastructure innovation, has been widely quoted as saying Ripple is “seriously planning to enter the Middle East market”, with a Dubai office opening by the end of this year

The Other Movers and Shakers

The Other coins that made to the top and bottom this week according to CoinMarketCap (accessed on November 04 at 11:30 am IST) were


  • iBTC – Showing a rise of 401.43
  • Quantis Network – Showing a rise of 254.86%
  • Bitcoin Incognito – Showing a rise of 185.71%


  • RusGas – Showing a drop of 89.28%
  • CariNet – Showing a drop of 55.65%
  • IXTUS Edutainment – Showing a drop of 50.09%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.

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Nilesh Maurya 690 Articles
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
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