Cryptocurrency Market Awakening: Bitcoin Led The Bull Rally
The cryptocurrency market suddenly awoke, after several months of hibernation. Over the past week, prices for cryptocurrency have increased significantly, we can even say jumped, and the flagship of such a takeoff among all more than 2000 coins Bitcoin Cash led the Bull Rally, the cost of which has jumped by as much as 45% in the last 24 hours. For the first time in several months, Bitcoin crossed the threshold of $ 5,000 for 1 BTC. Now the total market capitalization is about $ 200 billion.
The volume of world trade in cryptocurrencies increased significantly this week and reached 77 billion dollars. This shows that the enthusiasm and optimistic attitude of digital currency fans are much more optimistic this week. Some cryptocurrencies strengthened over the past 2 days and added in value from 10 to 60%. People have become much more active in using cryptocurrencies when exchanging them between themselves and fiat currencies, as well as using them to buy goods and services.
Over the past 24 hours, Bitcoin grew by 5.4%, showing a 23% weekly increase. This is followed by Ethereum (ETH), which was trading at $ 170 per coin. Third place in that term has XRP, which trades at $ 0.36 per token. Litecoin holds its fourth place and is trading at $ 85 for LTC at the time of this writing. However, the takeoff is that Bitcoin Cash led the Bull Rally.
The real breakthrough in value was shown by Bitcoin Cash (BCH), whose price soared by more than 50% in the past 24 hours. After a small pullback, Bitcoin Cash led the Bull Rally and the highest growth figures. It saves the cost of more than 45 percent higher than in the past day.
Over the last week, BCH has grown by more than 70% percent over the week, since each coin has already crossed the milestone of $ 300 at the time of publication. BCH is the fifth largest cryptocurrency market and has a total market capitalization of over $ 5 billion. For the BitcoinCash – USDT couple today accounted for 43.8% of all transactions. The next are BTC (34.4%), USD (11.9%), KRW (4.2%) and JPY (2%). There was also a big jump in the EUR / BCH pair (1.7%), which historically takes place in bull markets. The five major exchanges that trade the most BCH in terms of trading volume are Binance, Coinbase, Fcoin, Huobi and Lbank.
Studying the 4-hour chart for the ratio of the BCH / USD pair to Bitstamp or Kraken, one can see that the bulls tried to break through new positions during the morning trading sessions, but met with resistance. Since the bear market in February last year, there have been many signs that BCH, which may be an indication that the bottom of the price is close and the best prices are approaching. Today, prices are much higher, but the Relative Strength Index can tell us that there are moments of overbought, which means that a bullish jump can reduce the scale.
The MACd pulse generator, which subtracts the long-term moving average from the short-term moving average, tells us that consolidation can take place in the short-term. This means that the growth potential is still there, and the bulls have all the opportunities to continue raising the price, though not for long. Following the path of least resistance, the bulls can still play in the area of 300 – 325 dollars for BCH. On the reverse side of the minimum, some solid foundations suggest that the cost now will not fall lower than $ 200-250.
Bitcoin Cash broke through the average cost over the last 200 days
Moods and events in cryptocurrency markets as a whole allow cryptocurrency enthusiasts to count on positive dynamics and growth in the popularity and value of cryptocurrencies. Despite the possible ebbs and flows, as well as the inflating of bubbles that can burst, the mood among crypto traders and simply users of cryptocurrencies remains very optimistic.
Despite the fact that there is a risk that the games of large whales of the cryptocurrency market are the reason for this, the breakthrough of the 200-day moving average already allows many small players, traders and investors to continue to pursue positive cryptocurrency growth trends. Among other things, Crypto Facilities, this week clarified that the futures contracts BCH and LTC exceeded all other contracts for assets. In light of all this, the popular exchange Huobi has announced that it intends to launch BCH derivative contracts from April 5th.
Many crypto enthusiasts continue to believe that this is a logical outcome and the continuation of the development of a cryptocurrency market, which for some time most investors have avoided, which affected the cost of many cryptocurrencies close to the possible bottom of each of them. While we wrote this article, Bitcoin still grew and reached $ 5155 dollars per coin, and Bitcoin Cash 325 dollars. It is up to you to invest or do not in cryptocurrency, but it has repeatedly shown its potential for growth, taking into account that it is still at the initial stage of development.