Markets Update: Bitcoin Cash Jumps Ahead as Crypto Prices See Fresh Gains
Digital asset markets jumped in value over the last 24 hours as most cryptocurrencies have gained 8-13%. Since our last markets update the entire cryptoconomy has increased by $33 billion and this Sunday bitcoin cash (BCH) lead the top ten pack once again with a 12.9% gain in the last day.
Also Read: Putting an End to the Bitcoin Store of Value Fallacy
Top Crypto Markets Gain 8-13%
Just two days ago short positions and crypto bears managed to scale back the prices of many coins. During the start of the weekend, however, prices managed to start climbing again and many digital assets regained some losses. On May 19 the trend changed for the better and a large portion of digital currencies started to break out and gather some decent gains. This Sunday, bitcoin core (BTC) is just below the $8K zone with an average price of around $7,908 per coin. BTC has gained 7.8% over the last day and around 10.4% over the last seven days.
The second largest market cap still belongs to ethereum (ETH) and its markets are up by 6.6%. Each ETH is trading for $252 per coin and the market has gained 32% over the last week. Ripple (XRP) is up around 6% as well and each XRP is swapping for $0.39 at press time. XRP markets are up 26% over the last seven days and just started seeing some stronger gains over the last two weeks. Lastly, litecoin (LTC) is up 6% today but only 5.5% for the week with each LTC swapping for $92 per coin.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) is currently trading for $404 per unit and is up 12.9% over the last week. BCH has a market cap of around $7.1 billion and global trade volume today is $2.6 billion. The decentralized cryptocurrency still holds the fifth highest trade volume today above eos and below LTC. Tether (USDT) is the top pair traded with BCH on May 19 as 49.9% of BCH trades are against USDT. This is followed by BTC (24.4%), USD (9.9%), KRW (9.9%), JPY (2.1%), and EUR (1.5%). The top five exchanges trading all the BCH volume includes Coinbene, P2pb2b, Bitmart, Binance, Huobi, and Hitbtc.
BCH/USD Technical Indicators
Looking at the 4-hour chart for BCH/USD on Kraken shows bulls gathered strong momentum during the early morning trading sessions but are currently facing big resistance. Most 4-hour oscillators show either impartial readouts or a bullishness. At the moment the Relative Strength Index (RSI ~58.28) is below overbought conditions and is very neutral at press time. Stochastic shows a similar readout (~80.41) and MACd levels (~33.20) show there’s room for more price improvements in the short term.
The two Simple Moving Averages (SMA 100 & 200) show there’s still a decent gap between the short term 100 which is above the longer term 200 SMA trendline. This indicates that the path toward the least resistance is still the upside even after bears nudged the price down two days ago. Order books show BCH bulls will meet strong resistance levels between the current vantage point and the $430 range. There’s more resistance at the $455 zone as well if bulls manage to climb higher. On the back side, bears will see pit-stops between now and the $375 zone. Alongside this, there’s a string of foundational support around the $340 region as well.
Traders Play New Positions While Waiting for More Surprise Crypto Action
It has been an odd week for cryptocurrency markets as there’s been some decent volatility taking place from time to time. BTC/USD, BCH/USD, and ETH/USD short positions were pretty high on Saturday but most have been squeezed since then. As unexpected as the last drop was two days ago, the 10-15% rises on Sunday was also a surprise. And still, top markets have shown room for growth as foundational supports held perfectly during the price pullbacks. People have also been watching for big whale movements and there were two large transactions on May 19 totaling $38 million worth of BTC according to the Twitter account Whale Alert. It’s safe to say the last dump shook traders up with uncertainty and whether or not the bull run will continue is still debatable.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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