Markets Update: BCH Up Over 100% in a Week, BTC Breaks Above $4,000
The cryptocurrency markets appear poised to post the strongest week of trading in months, with BCH up over 115% since Dec. 16. BTC is also on the cusp of posting its strongest weekly candle since February after breaking above $4,000.
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BCH Price Doubles in One Week
As of this writing, bitcoin cash (BCH) has posted the strongest percentage daily performance of the top 90 cryptocurrencies by market capitalization, with a 24-hour gain of over 35%. This rally has been driven by the third-strongest daily volume in the history of Bitstamp’s BCH market.
Since posting an all-time low of approximately $73, BCH has gained approximately 132% and is currently trading for around $180. Bitcoin cash has also reclaimed its rank as the fourth-largest cryptocurrency by market cap after languishing at the bottom end of the top 10 just last week.
When measuring against BTC, BCH bounced roughly 83% from a record low of approximately 0.024 BTC on Dec. 15 to now trade for 0.0434 BTC, with the last two days comprising the second and third-strongest 24 hours of BCH/BTC trading on Bitstamp.
The market capitalization of BCH is currently $2.95 billion, comprising 2.25% of the capitalization of the combined crypto market.
BTC Poised to Post Strongest Weekly Candle Since February
BTC has broken above $4,000 for the first time in 10 days, driven by gains of more than 26% in less than one week. Should BTC close the week with a gain of more than 22%, it will be the strongest seven-day candle posted since Feb. 12.
After posting a yearly low of approximately $3,200 on Bitfinex and $3,120 on Bitstamp on Dec. 15, BTC has rallied back above $4,000, posting an intraday top high of $4,200 on Bitfinex and $4,100 on Bitstamp.
BTC currently has a market dominance of 54% and total capitalization of $71.15 billion.
XRP Market Cap Over $15 billion
The second largest cryptocurrency by market cap, XRP, has gained roughly 32% in five days, bouncing from approximately $0.3 to currently test resistance at $0.385.
When measuring against BTC, XRP appears to be producing an ascending wedge pattern, with price action consolidating at the neckline area of between roughly 0.00009 BTC and 0.0001 BTC for the past five days.
As of this writing, XRP has a market capitalization of approximately $15.25 billion, comprising 11.6%.
ETH Bounces Back Above $100
After a year-to-date low of approximately $83, ETH has rebounded 31% in roughly one week to currently trade for $112 at local resistance.
When measuring against BTC, ETH has chopped between approximately 0.025 BTC and 0.028 BTC for the last two weeks, excluding a brief capitulation down to a 2018 low of 0.0245 BTC on Dec. 7.
Ethereum now has a market cap of $11.4 billion and a market dominance of 8.7%.
Do you think that the cryptocurrency markets can continue to rally? Or are lower lows incoming? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
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