Crypto Prices Seen Some Recovery After Failing to Surpass Resistance
Cryptocurrency prices have seen some recovery after our last markets update four days back when a large most digital assets lost quite a bit of value. Since then, and more so during the last 48 hours, the whole crypto-economy capitalization ($216B) has gained roughly $20B. The action yesterday was more bullish as most of the top digital assets were up between 6%-20% but have since lost some of those gains in this weekend’s trading sessions.
Up-Down Moves, and Eight Months of Corrections
Last week was pretty bad for most of the top digital asset markets, except we mentioned during our last markets update that BTC spot market prices took the least of the blows downward. Then a less than 48 hours ago and mostly yesterday cryptocurrency markets found again with BTC touching a high of $6,615 on Bitstamp. But on Friday, August 17 most digital asset markets besides BTC reaped a lot more gains as an excellent portion of the top markets saw 10%-20% spikes.
The biggest gainers were ripple (XRP), monero (XMR), and stellar (XLM) as the values of each currency are up between 2-5 percent over the last seven days. Top digital currency trade volumes today are held by BTC, USDT, ETH, EOS, XRP, and BCH. There’s been about $14B USD worth of trade volume swapped among all 1600+ virtual currencies.
Bitcoin Cash Market Action
BCH markets are down today 4.3% while the last 7 days show BCH is also down 2.2%. At the time of writing, BCH/USD markets are valued at $560 per coin with an overall market valuation of around $9.68B today. The top 5 exchanges swapping the most BCH this weekend are Okex, Coinex, Binance, Hitbtc, and Bitfinex.
Market volume is fairly decent, but weaker with $420M USD worth of BCH traded over the past 24 hours. Right now the top currency paired with bitcoin cash on exchanges is tether (USDT) which captures 49.2% of all trades. This is followed by BTC (27.5%), USD (10.5%), ZB (3.44%), QC (3.16%), and the KRW (2.15%).
Bitcoin Core Market Action
BTC prices are up about 1% over the last 7 days worth of trading sessions but are down 1.9% today. At press time the average price for BTC is around $6,430 per coin and BTC’s market capitalization is $110B. The top exchanges today trading the most BTC include Bitflyer, Binance, Coinbene, Bitfinex, and Okex.
As mentioned above, BTC captures the top volume position with around $4B in 24-hour trade volume which is much weaker than the $5.5B traded 4 days ago. The top pairs trading with BTC involve the following currencies tether (USDT 59.1%), USD (19.6%), JPY (11.5%), EUR (2.9%), KRW (2.3%) and bitcoin cash (BCH 1.7%).
The Verdict: Uncertain Predictions
At the moment, even with prices showing some upswing, and some investors believing cryptocurrencies will get into a bullish trend, most traders still seem pessimistic. It’s tough to see digital assets rise with dwindling trade volumes. Some believe there is a noticeable support zone and prices may still move sideways and check these zones again. Furthermore, a lot of confidence has been shot during the last 8 months of false bull flags and several psychological price levels degrading. Other, more optimistic traders think the path of least resistance is towards the upside and markets are getting into a bearish-to-bullish trend. Much of these short-term theories will likely be confirmed within the next 48 hours.