Bitcoin Posted Positive Gains In Q3, But Ripple's XRP Won The Quarter


Bitcoin has posted two consecutive months of losses. This is no news to Bitcoin holders. However, it is important to keep in mind that sometimes you need to lose some battles in order to win the war and I think this is exactly what the bulls are thinking right now. During the past two months, the Bitcoin price traded in a tight range between $7820 - $5887. Last month’s low at $6108 was higher than August’s low at $5887. This confirms that there is a clear trend. The fact that we are forming a higher low satisfies the definition of an upward trend to some extent. According to technical analysis, the exact definition of an upward trend is a confirmation of higher highs and higher lows. Currently, we do not have a confirmation of higher highs, as September's high ($7405) was lower than August’s high of $7820. However, the most important fact is that the closing price of Bitcoin for the third quarter at $6,643 was higher than the opening price of the quarter ($6,313). This gives a very clear indication that the price may have lost some battles, but it has won the war over the period of the third quarter. The 3.34% quarterly gain for Bitcoin could have been a lot more significant, but that’s only if the fundamentals were more favorable. The approval of the Bitcoin ETF, for example, would have been a key event in favor of its price.

A general view of atmosphere seen at the Twentieth Century Fox Premiere of "The Longest Ride" held at TCL Chinese Theatre on Monday, April 6, 2015, in Hollywood. (Photo by Eric Charbonneau/Invision for Twentieth Century Fox/AP Images)

But today is not the day to talk about Bitcoin alone. We have started the fourth quarter and it is important to see how the overall performance has been for the top five coins by market cap. If we compare their performance in Q2 and Q3, it becomes obvious that Ripple is the clear winner. In fact, its currency is largely responsible for pulling the weight of the entire industry during the month of September.  Among the top five performers by market cap in Q2, Ethereum performed the worst in Q3, down nearly 48.85%.

Q3 performance of the Top 5 coins by market cap in Q2DATA SOURCE: THINKMARKETS, TWITTER: @NAEEMASLAM23

Top five coins by market cap as of 01-October, 2018SOURCE: THINKMARKETS, TWITTER: NAEEMASLAM23

If we compare the performance of the third quarter to the second quarter, it further becomes clear that EOS has become stronger. But, out of the top 4 coins by market cap, it is still Ripple’s team that has worked hard in silence and their success is making the noise.

Source: Forbes