Cryptocurrencies and their value have increased globally since 2008

Cryptocurrencies and their value have increased globally since

Cryptocurrencies and their value can be determined from the fact that they, unlike the first monetary assets, weren’t created out of need but ended up being one. 

The past five weeks have been rough for all the cryptocurrencies and the following report shows the instability of these currencies, the change in their value along with causes and progress if any during that period.

The Standpoint of the current crypto market

The SFOX Multi-Factor Market Index from August 5th, 2019 to September 9th, 2019 has made the climb towards the right side of the meter and is now mildly bullish.

The mater factors that are responsible for the determination of this index’s monthly worth are:

  1. Rate of change on price
  2. Market’s emotional standing
  3. A sector’s constant development

The range of this index is from highly bearish to highly bullish. The formula used for its calculation is proprietary and uses a combination of ciphered data related to cryptocurrency’s online traffic. This “Mildly bullish” rating means that there has been a uniform growth in all the cryptocurrencies.

Cryptocurrencies and their value shouldn’t be undermined

As of Aug 5th– Aug 10th Bitcoin movement has been increased due to trade concerns between the U.S. and China. But will Bitcoin be able to withstand the decline in its value when there is a continued debate globally that shows deep concern over that fact the BTC’s value dropped by 4% on the 15th of August?

Investors remain unsure of how they should work with BTC because of its unpredictable behavior. But some of them still took the chance to invest in crypto and blockchain solutions as of Aug 5th to Sep 11th.

For example:

  1. Job listings were posted by Mastercard for payment solutions based on blockchain. A technology that they developed with R3 on Aug 5th.
  2. A payment method developed by Allianz Insurance based on blockchain- Aug 8th.

This kind of news is what’s driving this industry, but no one is sure for how long. The only crypto-asset with an increased monthly value was Ethereum Classic reported on Sep 9.

Everything seems to be pointing towards the instability of this market. A decrease in sentiment “Extreme Fear” was reported in spite of 0.61% BTC returns the same day. Even after the positive comments made by the founder of Ethereum, it’s value still declined by 9%.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Polygon price analysis: MATIC falls at the $0.88 hurdle to initiate downtrend
Dogecoin price analysis: DOGE swiftly rejects $0.075, retests previous low
Bitcoin, Binance Coin, Cronos, and Cosmos Daily Price Analyses – 9 August Morning Price Prediction
Survey: market downturn doesn’t affect customer confidence in CoinLoan
Ethereum price analysis: ETH pivots at $1,800, swiftly retraces?

Follow Us

Industry News

BitMEX executive pleads guilty in court
Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea
Elon Musk drags Twitter to court for fraud