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Market Outlook: Leading Cryptocurrencies Attempt to Break Resistance

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Market Outlook: Leading Cryptocurrencies Attempt to Break Resistance Market Outlook: Leading Cryptocurrencies Attempt to Break Resistance

Market Outlook: Leading Cryptocurrencies Attempt to Break Resistance






Digital currency markets have started to show strong signs of recovery after dropping to new lows last week. On Monday, a number of cryptocurrencies gained between 2-5% over the course of the day. Crypto prices have held steady into the next day and many digital assets will likely test key resistance levels in order to press forward.
Also Read: Money and Democracy: Why You Never Get to Vote on the Most Important Part of Society
Crypto Markets See Percentage Gains But Strong Resistance Lies Ahead
Last week the cryptoconomy was in a slump and prices dropped sharply on Friday, October 4, and slid even lower two days later on Sunday. On October 6, the price of BTC fell below the $8K region to a low of $7,800 per coin. The following day saw some recovery as crypto bulls started to regain control. Since the big drop on Sunday, roughly $22 billion has been added to the combined market capitalization of all 2,000+ digital assets. On Tuesday, October 8, BTC is trading for $8,238 per coin and is up 0.51%. BTC has an overall market cap of around $148 billion and $16.6 billion in trade volume. These metrics have attributed to BTC dominance (the coin’s market capitalization in relation to the entire cryptoconomy’s valuation) dropping to a low of 66%.

Ethereum (ETH) markets are up 1% and each ETH is swapping for $179. For the last seven days, ETH has gained 0.62% and is currently seeing $7.8 billion in global trade volume. Ripple (XRP) is down today (1.2%) after it gained 10% on Sunday but XRP is still up by 7% for the week. Bitcoin Cash (BCH) has managed to knock tether (USDT) out of fourth position on Tuesday. Tether, however, still dominates by global trade volume capturing $4 billion more in trade volume than BTC. Despite the negative headlines in the press, the amount of USDT in circulation has increased to 4,108,044,456 at the time of writing. The stablecoin is paired with dozens of coins and commands around two thirds of every crypto trade on October 8.
Bitcoin Cash (BCH) Market Action
As mentioned above, BCH has managed to capture the number four spot with a market valuation of around $4.17 billion. Bitcoin cash is up 2.2% for the week but is down 1% at the time of writing. One BCH is swapping for $231 per coin and there’s around $1.51 billion in global trades today. This puts BCH in seventh position as far as global volume is concerned, just below XRP and above TRX. Data shows the top trading pair with BCH today is tether (USDT) capturing 61% of all trades. This is followed by USD (14%), BTC (13.9%), ETH (6.4%), KRW (2%), JPY (0.47%), and the EUR (0.46%). One interesting fact for BCH is that the SLP-based stablecoin USDH has outpaced USDC pairs against bitcoin cash. On October 8, USDH accounts for 0.19% of all BCH trades.

Fxstreet market analyst John Isige wrote on Monday that BCH/USD bulls have returned their focus on the $250 and $300 range. “The 50 SMA is breaking away from the longer-term 100 SMA to show that the buyer...
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Market Outlook: Leading Cryptocurrencies Attempt to Break Resistance Market Outlook: Leading Cryptocurrencies Attempt to Break Resistance
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Fuente de la noticia: news-bitcoin
Fecha de publicación: 08-10-2019 21:17
visto: 2

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