Digital asset markets have been surging over the last 24 hours as the market valuation of the entire cryptoconomy has gained over $20 billion. Moreover, global trade volume has been significant, crossing $85 billion worth of coins swapped in the last day.
Crypto Markets Add $20 Billion in Less Than 24 Hours
Cryptocurrency markets have been on the move once again as significant gains have been seen across the board. Large amounts of steady trade volume are taking place on global exchanges and there’s been an increase of tether (USDT) and the U.S. dollar trading. Bitcoin core (BTC) climbed to a high of over $8,160 per coin at around 5:30 p.m. EST, but had subsequently fallen to $7,700 range by 7:30 p.m. two hours later. Currently, BTC is trading for $7,986 per coin and is up 14.1% today. Bitcoin Cash (BCH) jumped above the $400 range around the same time and now hovers around $392 per BCH at press time.
On Monday, May 13, the second highest valued market capitalization belongs to ethereum which is up 6.3% today. Each ETH is swapping for $200 per coin and the cryptocurrency has a market valuation of around $21.2 billion. Ripple (XRP) follows ETH with a market cap of about $14.2 billion as each coin is trading for $0.33. Litecoin (LTC) has seen a meager gain today capturing 3.9% over the last 24 hours and each LTC is around $89 at press time.
Bitcoin cash markets have done extremely well and are up over 33% over the last week and 10.7% today alone. Since April 29 and up until now, BCH is up well over 63% in value at $392 per coin. The top exchanges swapping the most bitcoin cash today include Bitmart, Digifinex, P2pb2b, Binance, Coinbene, Bitforex, and Huobi Pro.
Tether is the dominant pair with BCH today capturing 49.2% of all trades. This is followed by BTC (23.6%), USD (12.8%), KRW (8.45%), JPY (2%), EUR (1.97%), ETH (0.7%), and USDC (0.6%). BCH has jumped a spot in volume on Monday capturing the fifth most traded coin below litecoin and above eos. Bitcoin cash has an overall market valuation of around $6.8 billion and $3.7 billion in global trade volume.
Looking at the charts shows bulls have surpassed many people’s expectations over the course of today’s trading sessions. The 4-hour BCH/USD chart on Kraken shows that most oscillators and moving averages indicate strong bullish signals even after the parabolic upswing in the last 12 hours. The Relative Strength Index (RSI ~ 69.81) shows BCH still has room for improvement before bulls get exhausted. Stochastic (~78.58) remains impartial at press time while MACd levels continue to show bulls still have the upper hand for the time being.
The two Simple Moving Averages (SMA 100-200) still have a decent gap, with the short-term 100 well above the long-term 200 SMA. This implies the path toward bare minimum resistance is still the upside. Order books show some decent resistance holding bulls back at the current vantage point ($390 zone) and the $420 region. On the backside, bitcoin cash has some solid foundational support between the $360 area and $325 territory.
The Verdict: Development and Mainstream Acceptance Bolsters Market Optimism
Overall, the cryptocurrency outlook seems upbeat right now as most crypto assets have recorded decent gains this year. Additionally, the decentralized cryptocurrency bitcoin cash has seen a lot of interest over the last few months which has, in turn, increased the demand. Besides a momentous increase in price and global trade volume, BCH transactions per day and overall hashrate have been climbing steadily.
The Bitcoin Cash network will also be upgrading in two days and implementing the highly anticipated Schnorr signatures to the protocol. Alongside this, traditional markets like stocks have been feeling the burden of the U.S.-China trade war, which might be pushing some money toward the crypto market. Meanwhile, BCH, BTC, ETH, and GUSD managed to capture broad mainstream acceptance at over 30,000 different retailers which may also have given the bulls more encouragement.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject 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.”
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.