Kraken: FOMO and the action of the whales contribute to the rise …

Kraken: FOMO and action "whales" will contribute to the rise of bitcoin to new highs

Analysts exchanges Cryptocurrencies Kraken made public new report on volatility bitcoin market for VIP-clients for October.

The authors of the report note that October was the first month since April of this year when the correlation of bitcoin with the stock index S&P 500 did not update highs. Index rose to a seven-week high of 0.86 on October 16, before than fall to an annual low of -0.34 on October 30. Besides Togo, in October, there was a discrepancy between bitcoin and the VIX volatility index, which, according to Kraken, can serve as an early sign of separation cryptocurrencies from markets of traditional financial assets.

Also 30-day correlation of bitcoin with gold dropped before -0.22. The last time at comparable levels the indicator was on July 20. A sharp decline violated 3-month high correlation trend.

Kraken: FOMO and the action of the whales contribute to the rise ...

“While bitcoin continues to show signs of growing divergence from traditional financial assets, for global market participants is he will be remain an attractive alternative investment “, – say analysts.

They note that historically November was one of best months and one of the most volatile for Bitcoin of the year.

Even before the recent movement market up to $ 16,000, the authors wrote: “If there will be steady demand for bitcoin as him strengthening between $ 13,000 – 15 000, existing and new demand may accelerate growth and cause loss of profit (FOMO) syndrome by the end of the year, which will help him rise to new historical highs. We expect accumulation bitcoin "whales" will become a driver of further growth “.

Bitcoin has risen above $ 15,600 by the time of publication, adding per the last day 2.5%.