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Bitcoin close to January 2018 levels
Bitcoin close to January 2018 levels
Crypto

Bitcoin close to January 2018 levels

By Federico Izzi - 30 Oct 2020

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The week that closes the month of October is nearing its end, with Bitcoin returning close to the levels of January 2018

Should Bitcoin confirm the current levels of the last few hours, it will end with the highest monthly closure since December 2017.

This is the third month for bullish intensity in percentage terms since the beginning of the year. Only April (+34%) and July (+24) did better, whereas now we are just below 24% as a monthly gain.

In terms of value, for a more robust rise, it is necessary to go back to May 2019, when in one month Bitcoin marked a rise of over 2,500 dollars.

What is impressive is that Bitcoin had a distinct story in this month of October. Analyzing the most known and dated coin, with this expected monthly closure in the next few hours, Bitcoin brings back to memory the previous rally at the end of 2017. Taking in reference the values of December 2017, it is the only crypto that indicates the recovery of those levels, when the full speculative bubble of the ICOs was underway.

bitcoin vs altcoin

Bitcoin vs altcoins: from January 2018 to today

Comparing Bitcoin to the most famous and most capitalized tokens, since January 2018 only Binance Coin (BNB) has been doing better, with a gain of +38%. This is the token linked to the well-known exchange, born during the summer of 2017. 

Excluding the BNB token, if we compare it with the other older cryptocurrencies, the numbers are definitely in favour of Bitcoin, the only one with a positive balance since January 2018.

All the others are below, even far from the levels of late 2017 – early 2018. 

For example, Ethereum is 70% behind, while XRP is among the worst with a loss of 87%.

Despite a sparkling year, Monero is also disappointing, with a loss close to 70%, but Litecoin (-75%) and EOS (-80%) have been even worse since early 2018.

Ethereum Classic also lost more than 80% of its value (-81%). Bitcoin Cash fell almost 90% but this blockchain was affected by the November 2018 fork.

This is a very good overview of what has been happening in recent weeks. Bitcoin is writing a story of its own while altcoins are struggling.

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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