The cryptocurrency terseness has seen further gains, as the entire market capitalization jumped to $179 billion during the early morning career sessions on Sunday. Moreover, global trade volume spiked significantly, capturing roughly $61 billion in line of works over the last 24 hours.
Also read: Bitcoin Cash Markets and Network Gather Strong Impulse in Q1
Crypto Bulls Appear Once Again
Digital currency markets are picking up the pace again after a few slight 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 around $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. Riffle (XRP) follows ethereum’s lead in third position and each token is trading for $0.35 per XRP this Sunday. Today litecoin (LTC) endure b offers the fifth largest market cap but has been fighting neck and neck with bitcoin cash (BCH) for the position. LTC is the second paramount 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 dealing for $92 per coin and the asset is up 2.9% today.
Bitcoin Cash (BCH) Market Action
The fourth largest market valuation this Sunday possession ofs to bitcoin cash (BCH), which is up 10.6% today and 91% for the entire week. This week BCH has outshone every fabricate 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 quality of global BCH trades today which is a touch lighter than last week’s trade volume.
The top five exchanges interchange the most BCH today are Lbank, Bitmart, Binance, Fcoin, and Hitbtc. The top trading pair this weekend with BCH is mollify 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 scratch has the sixth largest trade volume today below EOS and above XRP.
BCH/USD Technical Indicators
Looking at the daily and 4-hour blueprints for BCH/USD on Kraken shows that BCH bulls have regained energy. Currently, the 4-hour Relative Strength Index (RSI ~68.18) is indistinguishable at the moment but edging toward overbought conditions and the Stochastic (~67) is also indicating indifference as well. The two Simple Compelling Averages (SMA) show the short term 100 is still above the longer term 200 SMA trendline.
This indicates the bulls are that time in charge and Exponential Moving Averages (EMA) currently indicate strong buy support. However, MACd levels indicate a infinitesimal pullback is likely on the cards but there’s still room for improvement. Ichimoku Cloud (9, 26, 52, 26) baseline is also free from the rest of the oscillators and momentum indicators, showing an impartial readout at press time. Order books put to shame heavy resistance above the $355 zone and more so past the $400 range as well. On the back side, wish relates will have some difficulty with all the consolidation that has piled up. If the price breaks downward there are some impressed floors between $280 and $250.
Moving Averages & Google Trends
Over the last two weeks, many cryptocurrency admirers have been very optimistic, believing that markets are currently in a strong accumulation phase. Lots of wholesalers and speculators think that BTC prices as well as those of other coins will climb further. Cryptocurrency analyst Josh Rager tweeted that wholesalers should watch BTC’s 100-weekly moving average and the 200-weekly moving average closely.
“[The] previous upon 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 disintegrate b fracture 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 excite in bitcoin and other cryptocurrencies since the price spikes. For instance, “bitcoin” searches have doubled this week correspondence to Google Trends.
What do you think about the recent bullish spike crypto markets have seen this weekend? Let us comprehend what you think in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational longs 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 ruling to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in supervise of the “money.”
Images via Shutterstock, Trading View, Google Trends, Kraken, Bitcoin.com Markets.
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