The market has shown great stability for the past week or so, actually signalling the subtle elimination of volatility and sliding in of liquidity with the increasing volumes. The increasing stability had the analysts, investors and general public thinking if crypto has actually qualified to become the store of value. Although the decision is up to the SEC to label the space as a store of value or simply a bet.
The graphs of coinmarketcap show that the market hasn’t much deviated form the valuation since 15th of October last month.
As of today, the currencies have shown little signs of reds and greens here and there. The overall inclination of the market for the day has been slightly bullish.
The investors of BCH are rather happy today with the performance. The currency has individually shown an increase in valuation by %17.15% and is being traded at $562.29 as of press time. The member of Forbes’ finance council and the crypto enthusiast David Gokhshtein expressed his excitement relating to the price surge in his recent tweet stating,
Thank god I got into $BCH. Not a fan of it, but am a fan of gains.
Apart from the positive behavior shown by a few currencies, the stable coin Tether seems to be in trouble once again. Recently when it lost its peg to the USD, the community seemed to be pretty angry with the result and there was a huge sell off which also made the price of BTC spike for a little while. Eric Thies, the managing partner at UTR Equities recently gave his opinions to BlockPublisher relating to the Tether BTC event saying,
USDT is going to screw the market at some point. The event last week (Bitfinex USDT spike) is just an example of what kind of power Tether has on the market. Whether or not they have the cash to back it is one thing, but conceptually putting that much power into the hands of one centralized entity is keeping the market far from decentralized.
The team behind Tether burned a lot of tokens in order to stabilize the currency, which they were successful in doing. But the percentage loss in valuation today once again shows that it is going to deviate from the dollar.
Ran Neu Ner recently tweeted regarding the loss in valuation,
Here we go again… pic.twitter.com/cD7ARHlVdU
— Ran NeuNer (@cryptomanran) November 4, 2018