Since our last markets update five days ago, cryptocurrency traders saw a lower range of volumes after cryptocurrency prices dropped in value. Now, this Saturday during the weekend trading sessions, most of the top digital asset prices have seen some slight gains between 1-5% over the last 24 hours. But one digital currency, bitcoin cash, has spiked significantly in value gaining well over 12% over the last 24 hours and 9% for the last seven days.
Also read: New Bitcoin Cash Stress Test Sees 700,000 Transactions in One Day
Top 10 Coins See Slight Gains While Bitcoin Cash Leads the Pack
Over the last year, as 2018 draws closer to an end, many traders have complained about bearish markets and low trade volumes. With less than two months left in the year, a good portion of enthusiasts are hoping for a big trend reversal. During this weekend’s cryptocurrency trading sessions, most of the action among the top ten markets is fairly lackluster, except for BCH which has shown some decent gains this week.
The top 10 cryptocurrency market capitalizations on Saturday, Nov. 3, 2018.
Meanwhile, bitcoin core (BTC) prices are hovering around $6,350 per coin and are down 2% this week. The second largest market valuation held by ethereum (ETH) is down 1.9% and each ETH is being swapped for $199. Ethereum is followed by ripple (XRP) which is trading for $0.45 at the time of publication. Ripple markets have seen a slight loss of 0.17% over the last seven days. Lastly, eos (EOS) markets have seen gains this Saturday as markets are up 0.44% over the last 24 hours with one eos trading for $5.35 per coin.
The most-traded cryptocurrency swaps today on Shapeshift is bitcoin core (BTC) for bitcoin cash (BCH).
Bitcoin Cash (BCH) Market Action
Bitcoin cash prices have done extremely well this week as the value currently hovers between $472-482 per BCH. Volume has doubled since our last markets report and 24-hour BCH trade volume this Saturday is between $550-630 million. The BCH market capitalization has swelled to about $8.2 billion and bitcoin cash is the fifth most traded cryptocurrency today.
The top five BCH exchanges this weekend include Lbank, Binance, Okex, Digifinex, and Bitfinex. The five most traded currency pairs swapped with BCH include BTC (37.2%), USDT (31%), USD (8.7%), ETH (7.1%), and KRW (5.4%). Over the last 24 hours, the most popular trade on the peer-to-peer trading platform Shapeshift.io is bitcoin core (BTC) for bitcoin cash (BCH).
BCH/USD Technical Indicators
Looking at the 4-hour charts on Bitstamp and Bitfinex shows a lot more action happening in bitcoin cash-land. The 4-hour chart shows BCH bulls have managed to move upwards quite a bit but the relative strength indicator (RSI) indicates overbought conditions (-75.9) which could mean prices may dip a touch in the short term. The two simple moving averages (SMA) show a large gap this weekend with the long-term 200 SMA well above the short-term 100 SMA.
BCH/USD 4-hour Bitstamp.
This is another sign that prices could reverse slightly if bulls cannot manage to keep pushing forward. SMA trendlines and order books indicate the path toward the least resistance is in the bears’ favor. Order books show on the upside bulls need to muster up strength and press past the current vantage point and the many large sell walls leading to $550. On the back side, there is a small foundation that could hold above the $440 mark but buy orders are far lighter than the upside path.
BCH/USD 4-hour Bitfinex.
The Verdict: Fork Ahead and Korean Demand
Overall markets, in general, are seeing small gains during this weekend’s trading sessions and trade volume for all 2000+ digital currencies is just above $11 billion. The entire market capitalization of the crypto-economy is roughly $209 billion, with bitcoin cash leading the top ten largest coin valuations. The rise in BCH values coincidently comes just two weeks before the network hard fork scheduled for Nov. 15. Some have attributed the price spike to the fork because this time around the consensus change is contentious and may lead to a network split. Others have ascribed the BCH price jump to South Korea as markets in that region have seen significant growth and KRW/BCH pairs indicate a lot of demand.
Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”