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Data analysis of Ethereum Classic's April price increase shows how dramatically a single exchange's order book can impact an entire ecosystem

The SFOX Crypto Volatility Report: April 2019 SFOXBlockedUnblockFollowFollowing

May 6

Summary:

The SFOX Multi-Factor Market Index remains at mildly bullish entering May 2019. April highlighted the sustained influence of BTC and individual exchanges on cryptoasset performance. ETH, BCH, and LTC’s movements were highly correlated with BTC, suggesting that large enough movements in BTC may still control the overall market, despite the continued development of other cryptoassets. Watch for major industry conferences, Bitcoin ETF decisions, and futures expirations to potentially impact crypto volatility in May 2019.

In the April 2019 edition of our monthly volatility report, the SFOX research team has collected price, volume, and volatility data from eight major exchanges and liquidity providers to analyze the global performance of 6 leading cryptoassets — BTC, ETH, BCH, LTC, BSV, and ETC — all of which are available for algorithmic trading on our trading platform.

The following is a report and analysis of their volatility, price correlations, and further development in the last month. (For more information on data sources and methodology, please consult the appendix at the end of the report.)

Current Crypto Market Outlook: Mildly Bullish

Based on our calculations and analyses, the SFOX Multi-Factor Market Index, which was set at mildly bullish at the end of March 2019, remains at mildly bullish at the end of April, actually edging slightly lower than the value calculated at the end of March.

We determine the monthly value of this index by using proprietary, quantifiable indicators to analyze three market factors: price momentum, market sentiment, and continued advancement of the sector. It is calculated using a proprietary formula that combines quantified data on search traffic, blockchain transactions, and moving averages. The index ranges from highly bearish to highly bullish.

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