Markets Update: Crypto Prices Surge After Last Week’s Pullback
Digital currency markets have regained some of the losses they endured last week, with the entire cryptoconomy now valued at $275 billion this Saturday. Most cryptocurrencies are up in value between 2-8% today but global trade volumes have tapered off with only $63 billion swapped in the last 24 hours.
Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for Trading
Digital Asset Markets See Fresh Gains
Cryptocurrency markets have been all over the place lately, giving enthusiasts and traders constant surprises. Most markets have seen decent gains after last week’s slump brought most coins down to foundational support. This Saturday, June 15, bitcoin core (BTC) is trading for $8,791 per coin and has a market valuation of around $156 billion. BTC markets are up today around 4.4% and up over 10% for the last seven days.
The second largest market cap belongs to ethereum (ETH) which is priced at $265 per unit. ETH has gained 3.3% this Saturday and roughly 7.6% for the week. Ripple (XRP) is trading for $0.40 per coin and has a market cap of about $17 billion. Lastly, litecoin (LTC) is up 5.2% today and trading for $135 per LTC. Additionally, the market price of LTC has gained 17.4% over the last seven days.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) is up today around 2.4% and 6.4% for the entire week. One BCH is swapping for an average of $419 at the time of writing and the market capitalization is worth $7.49 billion. The top exchanges today swapping the most BCH include Huobi Korea, Coinbene, P2pb2b, Hitbtc, and Digifinex. The top trading pair with BCH today is tether (USDT), capturing 46.6% of all trades. This is followed by BTC (32.5%), USD (10.2%), KRW (5.1%), and JPY (1.57%). Both the EUR and ETH pairs have increased but the Korean won (KRW) paired against BCH has grown significantly this week. Right now BCH is the sixth most traded coin as far as global volume is concerned. Bitcoin cash has about $1.66 billion in global trade volume in the last 24 hours.
BCH/USD Technical Indicators
Today the 4-hour BCH/USD chart on Kraken indicates that BCH bulls have managed to surpass resistance at the $400 mark. Currently, most oscillators are showing neutral signs at the moment as the Relative Strength Index (RSI) hovers around ~62.42, which is closer to overbought conditions. The two Simple Moving Averages (SMA), both long term (200 SMA) and the short term (100 SMA) trendlines, have crossed paths once again with the 100 SMA above the long term trendline.
This would indicate that the path toward the least resistance, for the moment, is in the bulls’ favor and most moving average indicators show buy signals. The Ichimoku Cloud (9, 26, 52, 26) baseline is currently impartial, while the MACd ~6.65 shows there’s room for more price improvements. Looking at order books shows some strong resistance above the $440 zone and BCH bulls will need to surpass this region. On the backside, order books give a good visualization of some solid foundational support between the $390 price range and the $365 area.
The Verdict: Newfound Crypto Market Optimism
The last 48 hours of increased prices have injected some positivity into the community and many wonder if things will remain bullish. Litecoin has done well over the last few weeks and traders believe the recent push is due to the supply cut taking place in August. Moreover, BCH has seen incredible amounts of development over the last few months and programmers have shown off lots of innovative concepts like Cashshuffle, SLP tokens, and Shnorr signed transactions. The price of bitcoin cash and its incredible gains this year have likely been a reflection of ongoing development improvements. Crypto prices this month, in general, are doing a whole lot better than the market performances back in December 2018. This has given people newfound optimism and a sense of relief after the long crypto winter.
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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