It has been a difficult week for cryptocurrency owners, as the top 10 virtual currencies by market capitalization have lost from 30% to 60% of their value in the last seven days. The prices so low have not been observed since spring 2017 and at the moment the entire economy of all 2000+ currencies has a market valuation of around $ 128 billion.
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Over $ 60B lost in the last 7 days
A lot of cryptocurrency enthusiasts have used words like "carnage", "bleeding" and "capitulation" to describe the recent crisis in the cryptocurrency market. The best digital asset markets show deep losses for almost every single cryptocurrency in addition to stablecoin. The volume of trade increased after the collapse, but only a few billion, since the volume of global trade is around 18.5 billion dollars.
Bitcoin core markets (BTC) fell to a low of $ 3,475 on November 24, but managed to rebound a hair back to the $ 3,817 range where it rests today. The spot value of BTC decreased by 11% today and by 31.8% in the last seven days. The Ripple markets (XRP) currently hold the second highest valuation, but the markets are down 14.4% today and 32.6% from last week. An XRP is trading at $ 0.34 per currency and the ripple market capitalization is $ 13.9 billion. Ethereum (ETH) has lost 9.9% in the last 24 hours and 37% since last week and the price for ETH today is $ 110. Finally, the fifth largest market valuation is held by EOS (EOS), with token trading for $ 3.24. EOS values lost 9% in the last day and saw losses of around 29% in the last week.
Bitcoin Cash market share (BCH)
Even the Bitcoin Cash (BCH) markets have seen better days and currently, the price is around $ 160-195 (depending on the exchange), but has reached a Saturday night low at $ 177. BCH is down 18.2% today and in the last week lost 56% of its market value. The landfills in the cryptocurrency market alongside the recent blockchain splitting have caused serious losses in all bitcoin money markets in general.
At present, the global trade volume of BCH is 126 million and the overall valuation of the BCH market is around $ 2.94 billion. The best exchanges exchanging the largest number of BCHs this weekend include Lbank, Huobi, Bluebelt, Bithumb and Bittrex. Once again, the highest currency pair with bitcoin money is ethereum (ETH), which captures 38.2% of today's BCH operations. This is followed by BTC (30.9%), USDT (17.3%), KRW (12%) and USD (0.4%). The Korean won has made a significant increase in the volume of trade in BCH over the last two weeks.
Technical indicators BCH / USD
The four-hour BCH / USD charts on Bitstamp and Bittrex show that the bears have succeeded in making bull rise quite difficult. The two simple moving averages (SMA) show that the long-term SMA 200 is still well above the short-term 100 SMA. This indicates that the path to the least resistance for BCH traders is still the downside. BCH / USD has held on to long-term support over the past seven days and oscillators such as the Relative Strength Index and the Stochastic have seen extreme conditions of oversold twice last week.
Currently, the four-hour RSI levels are meandering in the middle (-46.8) m showing some uncertainty among the ranks of the operators wondering what will happen next. The order books show upwards that the bulls must pass the current vantage point and the $ 220 region to tackle easier seas. Also, at the time of publication, the MACd shows that things could be heading north for a short period of time and there is room for improvement. On the back, things look a little sad because there is a solid foundation between now and $ 145, but after that things start to look thinner.
The verdict: traders estimate a range of price forecasts
Most traders were very curious about the next big move for the cryptocurrency markets and the last two dives were a surprise for many. The entire cryptocurrency market capitalization has lost significant value, losing $ 60 billion since last week. After the big declines, most traders began to wait for a strong rebound that never materialized, leaving most of the digital resources holding on to long-term support. The best digital resources like BCH, BTC and ETH indicate that there is a pretty solid support at the current point of view on the weekly ETMA200 and a bearish turnaround to bullish reversal could take place in few days. Some traders are betting that there will be an inversion, but others expect further losses. Most traders this weekend are playing positions as a game of musical chairs and they hope their predictions are correct.
Do you think that the market prices of cryptocurrencies will recover soon? Let us know in the comments section below.
Disclaimer: Price items and market updates are for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the final decision to conduct a transaction is taken by the reader. Always remember that only those in possession of private keys have the control of "money".
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