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Markets Update: Crypto Prices Begin to Slump as the New Year Approaches

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Most cryptocurrencies took a hit on Christmas Day, losing between 5-10% after having a decent run of solid gains last week. Some traders had assumed digital asset markets would be rather dull during the holidays, but the correction was deep and fast. At the moment, the entire cryptocurrency economy is worth $126 billion as traders are curiously waiting for the next big move.

Also read: Year in Review: 2018’s Top Cryptocurrency Stories

Crypto Markets Show It’s Too Soon to Call the Bottom

Cryptocurrency markets have consolidated a little after taking some deep losses during the early morning hours of Dec. 25. Global trade volume for the entire ecosystem of digital assets had dropped a few billion since last week’s price spikes, and bulls are starting to show signs of exhaustion. This Wednesday, the combined valuation of all 2,000+ cryptocurrencies in terms of 24-hour trade volume is roughly $17.4 billion. Bitcoin core (BTC) is trading for $3,792 at the time of publication and its markets are capturing $5.4 billion worth of today’s crypto trades. BTC is down 0.14% over the last 24 hours and down 1% for the week. The second largest market capitalization is commanded by ripple (XRP) which is trading for $0.36 per coin. Ripple markets are down 1.7% over the last day and are down 1.5% for the week.

Markets Update: Crypto Prices Begin to Slump as the New Year Approaches
Top 10 cryptocurrencies on Dec. 26, 2018.

Ethereum (ETH) has had a much better run over the last few days, with ETH markets up 0.55% today and 21% during the course of the last seven days. ETH is trading for $127 per coin and has a total market capitalization of around $13.2 billion. Lastly, the fifth biggest market valuation is still held by eos (EOS), where each token is swapping for $2.52. EOS has a $2.2 billion market cap and is up 1.8% today but down 3.9% for the week.

Bitcoin Cash Market Action

Bitcoin cash (BCH) markets are still doing very well this week after last week’s phenomenal 140% gains. BCH is still up by 32% over the last seven days and markets are up 3.2% in the last 24 hours. At the moment, BCH is trading for $168 per coin and the market has an overall valuation of about $2.9 billion. Trade volume is about $100 million lighter than a few days ago as today’s global BCH trade volume is around $551 million.

Markets Update: Crypto Prices Begin to Slump as the New Year Approaches
Bitcoin Cash (BCH) daily chart on Wednesday.

The top five exchanges swapping the most bitcoin cash are Lbank, Binance, Huobi, Coinbase, and Hitbtc. Lbank and Binance are capturing about ⅓ of today’s BCH trades. The top currency today paired against BCH is tether (USDT), with 47.3% of trades. This is followed by BTC (20.9%), ETH (16%), USD (7.4%), JPY (3.9%), and the KRW (1.9%). Bitcoin cash is the sixth most traded cryptocurrency on Wednesday above litecoin but below the volume of ripple.

BCH/USD Technical Indicators

Even though there was a sizeable dip the other day, a few indicators on the charts still look bullish. Looking at the four-hour BCH/USD chart on Bitstamp shows the two Simple Moving Averages will be crossing hairs very soon as the 100 SMA may rise above the longer term 200 SMA. For now, the path toward the least resistance is still the downside, but in the near term it looks like a trend change may appear.

Markets Update: Crypto Prices Begin to Slump as the New Year Approaches
Bitstamp BCH/USD 4-hour on Dec. 26, 2018.

Right now the Relative Strength Index (RSI 4-H -44.96) is meandering in the middle, indicating more uncertainty. The Holidays may be inflicting a slight lull as the stochastic reports the same findings over a broad set of trading ranges. Looking at the order books shows bulls need to muster up more strength to penetrate the $200 region again and gain headway. On the backside, bears will see pit stops all the way until the $150 range and a few more speed bumps if it falls below that price zone.

Markets Update: Crypto Prices Begin to Slump as the New Year Approaches
Bitstamp BCH/USD 4-hour window.

The Verdict: Uncertainty Remains Strong

This week has seen traders perusing ideas on Tradingview, some discussions between swing traders on Twitter, and Telegram trading channels showing people think the “bottom” has not yet been reached. The dip in trade volume was to be expected over the holidays between Christmas and New Year and analyzing crypto market trade volume may not be a great source of confirmation this week.

Markets Update: Crypto Prices Begin to Slump as the New Year Approaches
Cryptocurrency & Fiat money flow over the last 24-hours on Dec. 26, 2018.

BTC/USD and ETH/USD shorts are still well above normal, but discernibly less than two weeks ago. If digital asset markets cannot hold above the 50-day exponential moving average (EMA) then traders may see even lower bottoms in the near future. Overall, uncertainty remains high for traders who won’t attempt to call the bottom. Their stance is prudent one given that price letdowns have been one of the few certainties throughout the entire year.

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments 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.”


Images via Shutterstock, Trading View, Coinlib.io, Bitstamp, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Crypto Prices Begin to Slump as the New Year Approaches appeared first on Bitcoin News.

Markets Update: Bitcoin Cash Gains More Than 140% This Week

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Cryptocurrency markets have been bullish lately as most of the top digital asset prices have seen decent gains over the last week. The overall market capitalization of all the coins in existence is roughly $132 billion this Sunday and global trade volume has increased significantly considering it’s the weekend before the holidays with $20 billion traded over the last 24 hours.

Also read: Everything You Need to Know to Start Trading Cryptocurrencies

Cryptocurrency Bulls Still Have the Reigns

On Sunday, Dec. 23 the day before Christmas Eve, there’s been more digital asset swaps than usual compared to a few holiday trading sessions in the past. Global digital currency trade volume for many of the top cryptocurrencies has increased significantly since the big drops in price two weeks ago. The top ten digital asset markets are also up in value between 2 to 15 percent over the last 24 hours increasing the general market valuation of the entire crypto-economy. Bitcoin core is up 2.6% for the day and 21.7% over the last seven days. This gives BTC a global average of about $3,991 per coin and a market capitalization of around $69.6 billion. The cryptocurrency BTC currently has $6.2 billion worth of the entire ecosystem’s $20 billion worth of 24 hour global trade volumes.  

Markets Update: Bitcoin Cash Gains More Than 140% This Week

The second highest valued market today is ripple (XRP) which is trading for $0.37 per coin and has a $14.9 billion market valuation. There’s been more than $648 million worth of XRP swapped over the last day and markets are up 3.3% this Sunday. The third highest valued market today commanded by ethereum (ETH) is up 14.5% over the last 24 hours and 47% for the week. One ETH is swapping for $128 across global exchanges and has a market valuation of around $13.3 billion. Lastly, the fifth position belongs to eos (EOS) this weekend as each coin is trading for $2.79 and markets are up today 9%. EOS markets have jumped 43% over the last seven days.

Bitcoin Cash (BCH) Market Action

The phenomenal gains that bitcoin cash (BCH) had seen a few days ago have tapered a bit but BCH gained a whopping total of 140% for the week. Today BCH is up 4.6% and each coin is trading for $197. The top five BCH trading platforms swapping the most BCH this Sunday includes Lbank, Binance, Huobi, Coinbase, and Bitbank. Bitcoin cash trade volume is fairly high today capturing $610 million in trades over the last day. BCH is the sixth most traded cryptocurrency this weekend below ripple and above litecoin markets. The top currency pairs trading with BCH include USDT (42%), BTC (21%), ETH (19%), USD (8.7%), and the JPY (4.2%). The Korean won (KRW 1.9%), and the euro (EUR 1.5%) pairs against BCH are trailing not too far behind.

Markets Update: Bitcoin Cash Gains More Than 140% This Week

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour charts on Bitstamp shows bulls have the reigns and are seemingly still going strong. At the moment there is a lot of resistance between the current vantage point and price higher than $225. The two Simple Moving Averages (SMA) still have a decent gap between them but the 200 SMA looks as though it may drop below the short term 100 SMA trendline. This would indicate that the path towards least resistance would change to the upside but for now, it remains toward the downside.

Markets Update: Bitcoin Cash Gains More Than 140% This Week

The Relative Strength Index (RSI) shows conditions are nearing overbought regions at 65.84 on the 4-hour chart. BCH bulls have shown their prowess on the 3-day chart and the percentage gains were far more than most digital assets in this time frame. The Moving Average Convergence/Divergence (MACd) has been dipping downward at the time of publication and shows room for improvement over the next 24 hours. As mentioned above, order books also show bulls need to surpass the $225 range to get some better momentum. On the backside, bears will see some light resistance back to $177 but after that, there are fewer foundations.

Markets Update: Bitcoin Cash Gains More Than 140% This Week

2017’s All-Time Highs Are Still Far Away

Cryptocurrency market sentiment this weekend is far better than the last few weeks of brutal dumps and price fake outs. Although 80-90% corrections are not out of the ordinary when it comes to digital asset volatility and market declines in the past. There is still a strong amount of skepticism and pessimistic traders who feel the past few days may not be indicative of a market bottom. On the other hand, BTC/USD and ETH/USD short positions on Bitfinex have dropped considerably this week indicating that traders may not be so confident the price will drop again. Overall cryptocurrency infrastructure continues to grow stronger and well known financial institutions are clearly making moves on the sidelines. Still, it will take a large factor to drive cryptocurrencies higher in value and surpass the all-time highs of 2017.

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments 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.”


Images via Shutterstock, Trading View, Coinlib.io, Bitstamp, the Coinbase Dashboard, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Cash Gains More Than 140% This Week appeared first on Bitcoin News.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000

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The cryptocurrency markets appear poised to post the strongest week of trading in months, with BCH up over 115% since Dec. 16. BTC is also on the cusp of posting its strongest weekly candle since February after breaking above $4,000.

Also Read: Russian Parliament Postpones Adoption of Digital Assets Bill

BCH Price Doubles in One Week

As of this writing, bitcoin cash (BCH) has posted the strongest percentage daily performance of the top 90 cryptocurrencies by market capitalization, with a 24-hour gain of over 35%. This rally has been driven by the third-strongest daily volume in the history of Bitstamp’s BCH market.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
BCH/USD – Bitstamp – 1D

Since posting an all-time low of approximately $73, BCH has gained approximately 132% and is currently trading for around $180. Bitcoin cash has also reclaimed its rank as the fourth-largest cryptocurrency by market cap after languishing at the bottom end of the top 10 just last week.

When measuring against BTC, BCH bounced roughly 83% from a record low of approximately 0.024 BTC on Dec. 15 to now trade for 0.0434 BTC, with the last two days comprising the second and third-strongest 24 hours of BCH/BTC trading on Bitstamp.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
BCH/BTC – Bitstamp – 1D

The market capitalization of BCH is currently $2.95 billion, comprising 2.25% of the capitalization of the combined crypto market.

BTC Poised to Post Strongest Weekly Candle Since February

BTC has broken above $4,000 for the first time in 10 days, driven by gains of more than 26% in less than one week. Should BTC close the week with a gain of more than 22%, it will be the strongest seven-day candle posted since Feb. 12.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
BTC/USD – Bitfinex – 1W

After posting a yearly low of approximately $3,200 on Bitfinex and $3,120 on Bitstamp on Dec. 15, BTC has rallied back above $4,000, posting an intraday top high of $4,200 on Bitfinex and $4,100 on Bitstamp.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
BTC/USD – Bitfinex – 1D

BTC currently has a market dominance of 54% and total capitalization of $71.15 billion.

XRP Market Cap Over $15 billion

The second largest cryptocurrency by market cap, XRP, has gained roughly 32% in five days, bouncing from approximately $0.3 to currently test resistance at $0.385.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
XRP/USD – Bitfinex – 1D

When measuring against BTC, XRP appears to be producing an ascending wedge pattern, with price action consolidating at the neckline area of between roughly 0.00009 BTC and 0.0001 BTC for the past five days.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
XRP/BTC – Bitfinex – 1D

As of this writing, XRP has a market capitalization of approximately $15.25 billion, comprising 11.6%.

ETH Bounces Back Above $100

After a year-to-date low of approximately $83, ETH has rebounded 31% in roughly one week to currently trade for $112 at local resistance.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
ETH/USD – Bitfinex – 1D

When measuring against BTC, ETH has chopped between approximately 0.025 BTC and 0.028 BTC for the last two weeks, excluding a brief capitulation down to a 2018 low of 0.0245 BTC on Dec. 7.

Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
ETH/BTC – Bitfinex – 1D

Ethereum now has a market cap of $11.4 billion and a market dominance of 8.7%.

Do you think that the cryptocurrency markets can continue to rally? Or are lower lows incoming? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview


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The post Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000 appeared first on Bitcoin News.