48 mins ago |
By Jamie Redman – |
Markets Update: Crypto Markets Continue to Spike Higher
Cryptocurrency markets are on the rise again this weekend as the total market capitalization of all 1,500 digital assets touches $465Bn. Bitcoin core (BTC) volumes are still lower than a few weeks prior but bulls have managed to press past resistance reaching a high of $11,480 during last night’s trading sessions.
BTC/USD Markets Eye the $12K Zone
Digital asset markets are on the rise again this weekend as most cryptocurrencies are seeing gains between 0.60 to 15 percent. BTC/USD markets are up 4.6 percent as bulls have pushed the price up past the $11K region yesterday. Global trade volume is still a touch lower than the highs in December as the 24-hour volume is roughly around $6.9Bn. The Japanese yen is still dominating the world’s BTC volume as the yen currently commands 51 percent of the global volume. This is followed by the U.S. dollar (20%), tether (USDT 16%), the Korean won (5.3%), and the euro (3.4%). The top five exchanges swapping the most BTC today include Okex, Bitfinex, Binance, Upbit, and Bithumb.
Looking at charts over the past 48-hours shows bulls are taking the lead once again as buyers pushed the price of BTC past the $11K zone to a high of $11,480. Right now the two Simple Moving Averages (SMA) both short-term (100 SMA) and long-term (200 SMA) have a small gap between the two trendlines. The 100 SMA is slightly above the longer-term 200 SMA indicating the path to resistance will be on the upside. The MACd is heading northbound with more room for improvement. Moreover, the Relative Strength Index (RSI) and Stochastic oscillators show oversold conditions but also show bulls may continue to hold the reins in the short term over the course of the day.
Order books show there will be some resistance around $11,650 and another pitstop around $11,900. After breaking the $12K zone the opposition is less and there are smoother seas ahead until the $12,800-13,000 range. On the back side, foundational support is fairly strong up until the $10,500 territory. Again if the bears managed to push the price down below the Displaced Moving Average (DMA) at $10,200 then prices could drop to sub-$10K. However, it doesn’t look like bears have the advantage right now and bull market sentiment is in the air.
The Top Cryptocurrency Market Valuations
Most of the top cryptocurrencies are in the green right now seeing 5 percent gains or more. Ethereum (ETH) markets are up 0.82 percent as one ETH is averaging $863 per token. The third highest market capitalization held by ripple (XRP) is seeing gains around 0.49 percent as one XRP is $0.90. Bitcoin cash (BCH) markets are following a strong correlation with BTC markets once again as BCH is up 2 percent today. One bitcoin cash is averaging a USD price of around $1,280 at the time of publication. Lastly, the fifth highest market valuation held by litecoin (LTC) is up 3.5 percent. One LTC is hovering around $213 per coin at the moment. Bitcoin core (BTC) markets have a much stronger dominance today amongst all the other markets as BTC dominance is averaging 41 percent during today’s trading sessions.
The Verdict: Bullish Optimism
Overall cryptocurrency proponents are optimistic and believe prices are headed towards the upside. The trend has changed quite a bit since the beginning of the year when most cryptos suffered from 60 percent losses. Many still expect new all-time highs to happen for the top cryptocurrencies this year even after the drop in value. So far things are looking positive and new ATHs are definitely achievable. So far the community seems to think things are on the up as far as value over the long term and the next ATHs are nothing compared to the end game.
Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.