Markets Update: Bitcoin Cash Rockets Forward Leading the Crypto Bull Rally
Cryptocurrency prices have improved a great deal over the last seven days and many digital assets saw a significant spike in value on April 2. The entire market capitalization of all 2,000-odd coins is steadily approaching $200 billion. The market forerunner so far is bitcoin cash (BCH), which is up well over 45% in the last 24 hours.
Also read: Bitcoin Cash Markets and Network Gather Strong Momentum in Q1
Crypto Economy Nears $200 Billion
Digital currency fans are far more optimistic this week since many cryptocurrencies gained between 10-60% in the last two days. The overall cryptocurrency valuation of the economy today is $174 billion at the time of publication. Moreover, global trade volume has increased fivefold ($77 billion) over the last three weeks, which means people are swapping a lot more coins these days. Bitcoin core (BTC) markets show BTC is trading for $5,022 with a market cap of around $88.4 billion today.
The cryptocurrency is up 5.4% over the last 24 hours and BTC is also up 23% for the week. This is followed by ethereum (ETH) markets, where each ETH is swapping for $170 per coin this Wednesday. The third highest market valuation belongs to ripple (XRP) which is trading for $0.36 per token. Litecoin (LTC) still holds the fourth position and each coin is $85 per LTC at press time.
Bitcoin Cash (BCH) Market Action
The top 10 forerunner leading the pack is bitcoin cash (BCH) by a long shot. BCH prices have jumped well over 50 percent in the last 24 hours. Since then there’s been a pullback in price but BCH is still more than 45 percent higher than it was the day before. Weekly statistics show BCH is also up 69 percent for the week as each coin is priced at $288 at press time. BCH recently captured the fifth largest market position with an overall market cap of around $5.11 billion today. The top five exchanges swapping the most BCH by trade volume are Lbank, Binance, Fcoin, Huobi, and Coinbase. The top trading pair with bitcoin cash today is USDT which captures 43.8% of trades. This is followed by BTC (34.4%), USD (11.9%), KRW (4.2%), and JPY (2%). There’s been a big increase in EUR/BCH pairs (1.7%) as well, which historically happens during bullish times.
BCH/USD Technical Indicators
Looking at the 4-hour BCH/USD chart on Kraken and Bitstamp shows bulls attempted to break more ground during the early morning trading sessions but met resistance. There have been many signs of BCH bouncing high since last February’s bearish crossover which indicated the bottom may be in and better prices were coming. Today prices are much higher but the Relative Strength Index (RSI ~87) is screaming overbought conditions which means the bullish jump may scale back a hair. Stochastic (~90) is reading neutral and the flexible indicator Ichimoku Cloud (9, 26, 52, 26) baseline is also impartial at the moment.
The MACd, a momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows that consolidation may take place in the short term. The 4-hour BCH/USD chart shows the two Simple Moving Averages (SMA) still have a decent gap with the short term 100 SMA still above the long term 200 SMA. This means that the bulls still have the reins and the path toward the least resistance is still the upside, but not for very long. According to order books, there’s some heavy resistance between the $300-325 zone and some other sell order stops above that region. On the backside, there are some solid foundations forming which will fend bears off at $250 through the $200 range.
Bitcoin Cash Breaks 200-Day Average
Overall, cryptocurrency enthusiasts are very positive about the market sentiment and the change of tides. Still, there’s uncertainty in the air on how long this bullish run will last and whether market whales are faking people out once again after the countless bull traps and dead cat bounces in 2018. Moreover, all eyes have been drawn to the massive BCH rally that’s been happening since the cryptocurrency smashed its 200-day moving average. Further, Crypto Facilities, a Kraken-based subsidiary, detailed earlier this week that both BCH and LTC futures contracts have towered over other asset contracts. In light of all that action, the popular exchange Huobi announced today it is launching BCH derivative contracts on April 5.
What do you think about the massive spike BCH markets witnessed over the last two days? Let us know what you think 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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