SFOX Multi-Factor Market Index for April 2019 Remains Mildly Bullish, Talks $BTC Price Volatility


SFOX has recently launched the monthly volatility report in which they inform that the crypto market is still mildly bullish. The results from April show that this is the fourth consecutive month in which the market is operating in a bullish area. In April, Bitcoin (BTC) was close to reaching $6,000 and it was traded at its highest point since November 2018.

SFOX Shows Crypto Market Remains Bullish

The SFOX research team collected information and data from eight major exchanges and liquidity providers. In this way, they are able to analyze the performance of six different digital currencies, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV) and Ethereum Classic (ETC).

The SFOX Multi-Factor Market Index ended March “mildly bullish.” Now that April has passed and the data has been analyzed, the report concludes that April also remains

“mildly bullish.”

In order to be able to provide this index, SFOX uses proprietary and a quantifiable indicator that analyses three market factors: price momentum, market sentiment, and advancement of the sector. In this way, there can be an index between highly bearish and highly bullish.

The company explained that they have seen price momentum, development of infrastructure, growing institutional interest and more. At the same time, the bull movement experienced by the market in April seemed to have been driven by a large buy order rather than fundamentals.

The report believes that the market is currently in a positive status overall. However, there are some worries such as FOMO and other things that could affect the market.

On the matter, the report commented:

“The signal suggested by this index is positive for the overall sector: while some may worry about market sentiments such as FOMO overwhelming crypto in the wake of an abrupt and unexpected rally, the data interpreted by our index imply that crypto is continuing on a sustained positive trajectory, independent of more transient surges in market interest.”

The report is also focused on what will happen in May 2019. They explained that it is important to take into account industry conferences in NYC such as Fluidity Summit, Consensus 2019 and Digital Asset Summit.

At the same time, there will be a decision about the ETF proposal presented by Bitwise and the VanEckSolidX Bitcoin ETF. Nonetheless, the U.S. Securities and Exchange Commission (SEC) is expected to be delaying the approval of a Bitcoin ETF, thus, the market shouldn’t experience greater volatility during these dates.

Currently, Bitcoin is being traded close to $5950 and it has a market capitalization of over $105 billion.

Live Bitcoin (BTC) Price:

1 BTC/USD =$57,782.5675 change ~ 2.24%

Coin Market Cap

$1.08 Trillion

24 Hour Volume

$25.66 Billion

24 Hour VWAP

$57.08 K

24 Hour Change

$1,291.59
 

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