Quietly amid this week’s elections, cryptocurrencies have been on the rise.
CME’s bitcoin futures (@BTC) touched their highest level since mid-October yesterday and are now trying to push above their 50-day moving average. Other tokens including Ethereum (ETHUSD) and Litecoin (LTC) have traded similarly.
One near-term catalyst is the “hard-fork” for Bitcoin cash (BCHUSD), which is similar to a stock spin-off. In this case, buyers have reportedly hoarded BCHUSD in order to receive the new digital asset known as Bitcoin SV.
Other favorable stories recently include Fidelity’s decision to enter the crypto space and research finding that volatility in CFE’s futures (@XBT) had declined to a record low.
In conclusion, the cryptocurrency market has been quiet for much of this year following a surge of enthusiasm in 2017. Some recent price action and news coverage may suggest interest is returning to the space.