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Bitcoin, Bitcoin Cash, Ethereum, Ripple: prices, charts and analysis
- Bitcoin Cash (BCH) rises over 30% in the last 24 hours.
- Market turnover and evaluation jump.
Cryptocurrency market returning from the abyss
The the cryptocurrency market has made a sharp turnaround and is strengthening after having reached the lows of several months last week. Market capitalization has risen from just over $ 100 billion to $ 130 billion while revenue has increased from around $ 12-13 billion to over $ 21 billion in the last 24 hours. A combination of oversold market conditions and short coverage are cited as the main drivers as we head for the Christmas break. While the current price action is catchy, a note of caution is still justified after the heavy losses recorded from the start of the year. New funds will be needed to keep the move, especially as investors remain heavily cryptocurring mrket long as a space.
If you are interested in trading in the cryptocurrency market, we have produced a Guide to day trading for Bitcoin and other cryptocurrencies to help you better understand this highly volatile asset class.
DailyFX analyst and Elliot Wave expert Jeremy Wagner highlighted the potential rally in Ethereum and Ripple recently in one of his regular webinars.
Bitcoin Cash (BCH) doubles in a week
A crypt that attracts attention is Bitcoin Cash (BCH) which has undergone a roll-cbike ride in the last six weeks. After making a recent $ 640 pre-fork on Novermber 7, the currency dropped to $ 75 last week. The price doubled from the $ 150 level after being in the heavily oversold territory shown by the RSI indicator at the bottom of the chart. The four hour chart now indicates that the market is now heavily overbought and caution should be exercised in this highly volatile crypt that has been trading at a peak of over $ 4000 just a year ago.
Bitcoin four-bit cash price chart (October 31 – December 20, 2018)
Investors remain net cryptocurrencies but recent changes provide us with a mixed trading bias across the space with some scrambles showing contrarian bullish readings while other negative remian. You can subscribe to IG Sentiment Indicator of the client free to get updated positioning data.
Resources for cryptocurrency traders – Accounts, guides, indicators of sentimentality and free practice webinars
If you are interested in trading with Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you start your journey. We have a Introduction to the Bitcoin Trading Guide with a Free demo account so you can practice trading on this volatile asset class.
What's your opinion? on the last wave of cryptocurrency? Share your thoughts and ideas with us using the comments section at the end of the article or contact me on Twitter @ nickcawley1 or via e-mail at address [email protected].
— Written by Nick CawleyAnalyst.
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