Markets Update: Ethereum and Monero Leads Strong Gains of Over 15%
Since yesterday’s update, the cryptocurrency markets have produced a solid bounce during the last 24 hours. Of the top 10 cryptocurrencies by market cap, Ethereum, and Monero were the day’s top gainers both of which have posted gains of over 15% during the last 24 hours.
BTC Tests $6,500
During the last 24 hours, BTC has gained by roughly 3% with current prices testing resistance at the $6,500 USD area during this writing.
Looking at the daily chart, the stochastic RSI appears poised to break above the 20 threshold signaling that more bullish action may ensue should BTC be able to produce and hold a strong break above the $6,500 area.
BCH Gains 7% in 24 Hours
BCH produced gains of around 7% in the last 24 hours, bouncing off a new low for 2018 of $410 yesterday to now be trading for approximately $455.
The bullish move for BCH coincided with approximately 5% gain over BTC with BCH currently trading for around 0.07 BTC after bouncing off 0.066 BTC yesterday.
ETH Shorts and Longs Continue to Test Record Highs
Of the top 10 cryptocurrencies by market capitalization, ETH has produced the strongest gains during the last 24 hours of price action. During this writing, ETH is trading for $205 up more than 18% from yesterday’s lows of roughly $170.
The number of open ETH/USD short positions is currently testing the all-time high area of 240k for the 2nd time since the record was established just three days ago.
The number of ETH/USD longs appears to be retracing to test the area of September 5th’s prior all-time high of roughly 330k, after yesterday establishing a new record of approximately 360k.
ETH has gained roughly 15% over BTC in the last day, bouncing from 0.027 BTC to test resistance at 0.032 BTC. For two consecutive days, ETH/USD has posted a larger trade volume than BTC/USD to comprise the most traded pairing on Bitfinex.
Monero Gains by 17.4% in 24 Hours
XMR was the 2nd strongest performing of the top 10 cryptocurrencies by market cap today gaining approximately 17% over yesterday’s low of $96. XMR is trading for $114 during this writing.
When measuring against BTC, XMR has rallied roughly 12.5% from yesterday’s low of 0.0155 BTC, with XMR trading for 0.0175 BTC during this writing.