The prices of digital assets resumed after some days of price consolidation. At present, the entire economy of cryptocurrency is terribly close to falling below the psychological valuation of the $ 100 billion market. Furthermore, as our latest markets update cryptocurrency, global trade volumes are weaker than usual, with only $ 11.5 billion of goods traded in the last 24 hours.
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More low prices and lower commercial volumes
Crypto-market prices are slipping again while the top 10 digital resources have seen 24-hour losses between 2-13%. At the time of publication, the entire market capitalization of all existing currencies is $ 104.2 billion today. Currently, bitcoin core (BTC) prices are down 3.8%, Friday and 2.8% in the last week. This gives BTC a global average price of about $ 3,302 and the value is lower on some exchanges. In addition, the core bitcoin has a market valuation of about $ 57.5 billion, which is 55% of the entire digital asset economy.
BTC is followed by ripple (XRP) while the market captures $ 12 billion and each XRP is traded for $ 0.29 per currency. Ethereum (ETH) holds the third position, but the markets are down 4.6% and the ETH is trading at $ 86 per token. Stellar (XLM) occupies the fourth position today because each coin is traded for $ 0.10 a piece. However, the XLM markets have lost more than 7.5% during the last 24 hours of trading. Finally, the current ruler of the fifth position is the stablecoin tether (USDT) that trades with a US dollar and, occasionally, some money over 1 USD.
Bitcoin Cash market share (BCH)
Bitcoin liquidity (BCH) is the seventh highest market valuation shortly before the weekend and the total capitalization of BCH is only $ 1.4 billion. BCH prices during Friday's trading sessions fell 13% in the last 24 hours and more than 18% during the week. This action gave BCH a value of about $ 82 per coin with about $ 98 million in the volume of global trade. The volume of Bitcoin liquidity trading has increased since our last market update, which is a positive sign.
The first five exchanges that exchange the largest number of BCHs include Lbank, Binance, Kraken, Huobi and Coinbase. During our last four market updates, ETH had dominated the BCH trading pairs in recent weeks. On Friday, BTC captures most of the trade against BCH with 28.5% of global trades. It follows ETH (26.5%), USDT (22%), EUR (9%) and USD (6.4%).
Technical indicators BCH / USD
Looking at the 4-hour BCH / USD chart on Bitstamp indicates that the bears reigned again today. The long-term 200 Simple Moving Average (SMA) is still well above the short-term 100 SMA trend line. This shows that the path to lower resistance is still very much on the downside.
The Relative Strength Index (RSI ~ 21.96) also indicates extremely bearish conditions as the RSI still shows an oversold market. The stochastic and MACd readings show a similar downward trajectory as we will need some surprises to make things less depressing. Ordering books on the bullish show bulls have some resistance from now up to $ 100 and some easier seas from there. On the backside, support is pretty decent from the current vantage point up to $ 75, where purchase orders start to shrink.
The verdict: uncertainty remains strong with crypto-markets below 200-day averages
This December is showing that cryptocurrency values are not as bright as some have predicted during 2018. Being so close to the end of the year, Tom Lee of Fundstrat said he was "tired" of cryptocurrency pricing forecasts . Lee has stated several times this year that BTC's prices could reach a target of $ 15,000-25,000 by the end of the year. According to Lee's note to customers this week, the Fundstrat Global Advisor states that the price of the fair model of BTC should be between $ 13,800 and $ 14,800.
"Given that we are so close to the end of the year, we are not providing any updates to short-term price targets – read this, we are tired of people asking us for target prices," explained Lee on Friday.
Lee admitted by adding:
Given the strong discounts of [bitcoin] To our fair value models, the excessive bearish sentiment on fundamentals does not seem justified.
Lee's fair market value is still higher than $ 10,000 compared to BTC's current spot prices. Moreover, with the price so low BTC / USD, is ETH / USD this week the short positions are still at historic highs. This means more than ever individuals and organizations believe that prices will fall again. A large part of the major digital assets continue to fall slowly in a price range that shrinks without signs of a significant price rebound. As long as BCH, ETH, BTC and many other currencies travel below their 200-day moving averages and show extremely high levels of RSI, traders will remain skeptical.
Where do you see the price of BCH, BTC and other coins from here? Let us know in the comments below.
Disclaimer: Price items and market updates are for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor is the author responsible for any losses or gains, as the final decision to conduct a trade is taken by the reader. Always remember that only those in possession of private keys have the control of "money".
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