Bitcoin Jumps on High Volumes, Ethereum Nears $200

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Summary

Ethereum bitcoin ratio on daily candles, October 2019The above at a stretch can potentially be seen as a cup and handle although it’s not quite finely painted. Ethereum rises, October 2019Here too volumes were considerably higher during the jump with bitcoin and eth fighting it out on the ratio. Ethereum’s value against bitcoin however jumped today to above 0.023 btc, but right now it looks like bitcoin is engaging in a fight back. Bitcoin has suddenly jumped by $500, up from circa $8,200 to a recent high of $8,700 to currently trade at $8,600 at the time of writing. Ethereum was losing on that front until last month when a bottom may have been reached at 0.016 BTC per eth to rise since.

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Bitcoin has suddenly jumped by $500, up from circa $8,200 to a recent high of $8,700 to currently trade at $8,600 at the time of writing.

The rise was on significantly increased volumes, with the latest candle showing the exchange of 322 bitcoins during a two hours period, while previous candles were at 20-50 bitcoin or less on Coinbase.

Bitcoin jumps in a big green candle, October 2019

It’s not clear why bitcoin rose, but it looks like this has more to do with ethereum than BTC.

That’s because ethereum moved a bit earlier and a bit faster, rising from $179 to $195 before trading at $190 at the time of writing.

Ethereum rises, October 2019

Here too volumes were considerably higher during the jump with bitcoin and eth fighting it out on the ratio.

Ethereum was losing on that front until last month when a bottom may have been reached at 0.016 BTC per eth to rise since.

Ethereum bitcoin ratio on daily candles, October 2019

The above at a stretch...

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