Zignaly Providers Monthly Recap (October)
TL;DR
The crypto markets seem to be awakening. This time is for real?
Profitable month for both the Futures Providers (BTC and ETH)
Altcoins Spot Provider ready to get out of the shutdown period (?)
Intro
After several discouraging weeks of nearly zero volatility (I talked about this last month), it looks like some action is finally back and the market is showing some signs of life. Not just BTC and ETH, but also several altcoins seem to be coming alive again, with the current push being driven by mid-cap alts mostly.
Just last week the cumulative altcoin market cap (excluded Ethereum) broke out from a one and a half year long formation, which might signal that a more significant move is imminent, and which might in turn bring the Altcoins Spot Provider out of its shutdown phase, more on this later.
The market being on the move has allowed the Provider to generate some nice profits for the month although the trades haven’t lasted too long, and we are waiting to see what the market wants to do at this important decision point.
Providers
BTC Futures
The trade that was started in October and closed just a few days ago has proven one of the most profitable for the year for the BTC Futures Provider, generating a nice 32.08% profit that has largely reduced the current drawdown, taking the account balance near its previous high, which is a great starting point if the market decides to move even higher from here.
From what the situation looks like at the time of writing, BTC might take a little time while moving sideways around the current price level ($36,500ish) before eventually deciding which direction to take.
As mentioned above, BTC has broken out from the important $35,000 price level, and a monthly close above this level might imply a bullish continuation.
ETH Futures
The ETH Futures Provider has not done as well as the BTC one but was still able to generate a decent 24.03% profit for the month (at the time the trade was closed), which means that for the last couple of months now the account balance has been moving in sideways, not generating nor losing any profit.
While this Provider’s results have not been remarkable so far, I am confident that its time to shine is getting closer and closer, and we will see the results as soon as ETH finally decides to start moving more directionally.
Altcoins Spot Provider
Not too much to say about this Provider which as you probably know has been in a shutdown period for over one year, due to the crypto bear market.
What is interesting is that we are now on the outlook for this Provider to become active again if the altcoins market shows that this wasn’t just a “pump and dump” but the beginning of a potentially much more sustained movement market-wise.
So keep your fingers crossed and an eye on our communication channels for any official announcement regarding the Altcoins Spot Provider.
Conclusions
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