The cryptocurrency economy has seen further gains, as the entire market capitalization jumped to $179 billion during the early morning trading sessions on Sunday. Moreover, global trade volume spiked significantly, capturing roughly $61 billion in trades over the last 24 hours.
Crypto Bulls Appear Once Again
Digital currency markets are picking up the pace again after a few small corrections on April 4-5. On Sunday April 7, bitcoin core (BTC) is up 2.3% and 25.7% percent for the week. One BTC is swapping for roughly $5,159 at the time of publication. The second highest valued market cap still belongs to ethereum (ETH) and one ETH is trading for $167. Ripple (XRP) follows ethereum’s lead in third position and each token is trading for $0.35 per XRP this Sunday. Today litecoin (LTC) holds the fifth largest market cap but has been fighting neck and neck with bitcoin cash (BCH) for the position. LTC is the second leading crypto in the top 10 as far as weekly gains are concerned as the currency has gained 53% over the last seven days. One LTC is trading for $92 per coin and the asset is up 2.9% today.
Bitcoin Cash (BCH) Market Action
The fourth largest market valuation this Sunday belongs to bitcoin cash (BCH), which is up 10.6% today and 91% for the entire week. This week BCH has outshone every coin in the top 10. At the time of writing, one BCH is swapping for $321 per coin and the entire market is worth $5.7 billion today. There is $2.78 billion worth of global BCH trades today which is a touch lighter than last week’s trade volume.
The top five exchanges trading the most BCH today are Lbank, Bitmart, Binance, Fcoin, and Hitbtc. The top trading pair this weekend with BCH is still USDT and tether captures roughly 49.2% of all BCH trades. This is followed by the following top four pairs which are BTC (31%), USD (9.2%), KRW (5%), and JPY (2.1%). Bitcoin cash has the sixth largest trade volume today below EOS and above XRP.
BCH/USD Technical Indicators
Looking at the daily and 4-hour charts for BCH/USD on Kraken shows that BCH bulls have regained energy. Currently, the 4-hour Relative Strength Index (RSI ~68.18) is neutral at the moment but edging toward overbought conditions and the Stochastic (~67) is also indicating indifference as well. The two Simple Moving Averages (SMA) show the short term 100 is still above the longer term 200 SMA trendline.
This indicates the bulls are still in charge and Exponential Moving Averages (EMA) currently indicate strong buy support. However, MACd levels indicate a slight pullback is likely on the cards but there’s still room for improvement. Ichimoku Cloud (9, 26, 52, 26) baseline is also detached from the rest of the oscillators and momentum indicators, showing an impartial readout at press time. Order books show heavy resistance above the $355 zone and more so past the $400 range as well. On the back side, bears will have some difficulty with all the consolidation that has piled up. If the price breaks downward there are some strong floors between $280 and $250.
Moving Averages & Google Trends
Over the last two weeks, many cryptocurrency supporters have been very optimistic, believing that markets are currently in a strong accumulation phase. Lots of traders and speculators think that BTC prices as well as those of other coins will climb further. Cryptocurrency analyst Josh Rager tweeted that traders should watch BTC’s 100-weekly moving average and the 200-weekly moving average closely.
“[The] previous bear market, Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA with the next uptrend starting after breaking above 100 MA. One possible scenario to observe [ in the] next few months,” Rager wrote on April 6.
Lastly, there’s been a lot of interest in bitcoin and other cryptocurrencies since the price spikes. For instance, “bitcoin” searches have doubled this week according to Google Trends.
What do you think about the recent bullish spike crypto markets have seen this weekend? 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.”
Images via Shutterstock, Trading View, Google Trends, Kraken, Bitcoin.com Markets.
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