Digital asset prices are seeing modest improvements on Monday 17 December, as the top 10 cryptocurrencies recorded gains of 5-19% in the last 24 hours. The entire crypto-economy has captured a market valuation of $ 108 billion but the global trade volume remained flat, with no immediate signs of a reversal of the market trend.
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The cryptocurrencies of a year ago today reached historical highs
The cryptocurrencies have been a difficult one considering that today is the anniversary of when the price of the bitcoin core (BTC) hit the all-time high of $ 19,600 on multiple exchanges on December 17, 2017. This means that BTC has lost its 39; 82.65% of its value since that day. In fact, the overwhelming majority of digital currencies reached their all-time highs last year at this time and have not returned to these levels since. The entire crypto-economy at the time had about 1,600 coins, but was valued at almost half a trillion US dollars. Now there are over 2,000 coins and the market is worth only $ 100 billion, so it's safe to say that there have been some significant changes in the meantime.
Digital currency markets show a slight recovery
Today the price of BTC increased by 5.2% and recorded steady gains during the early morning trading sessions. The value of the bitcoin core has decreased by 2.2% over the last seven days and has an average price of about $ 3.445 per currency. Ripple (XRP) still holds second place and its markets have gained 5.4% in the last 24 hours. An XRP is trading for $ 0.30 per currency and has canceled weekly losses.
Ethereum (ETH) is trading for $ 91 per ETH at the moment and this morning the markets have increased by 4.9%. The fourth most valuable market is held by EOS (EOS) and its market is today's forerunner among the top 10 coins. An EOS trade for $ 2.32 and the markets gained over 19% during morning trading sessions. Stellar (XLM) is up 7.6% at the moment and trades at $ 0.10 for XLM on global trade.
Bitcoin Cash market share (BCH)
Bitcoin liquidity markets (BCH) are going much better since our last market update, as BCH has gained over 8.6% in the last 24 hours. However, the BCH markets are still declining by around 16% during the last week. The price of money in bitcoins this Monday is $ 88 and the whole market valuation is about $ 1.56 billion. BCH lost 94.77% of its value from the historical maximum of cryptocurrency.
In the last 24 hours, there have been a total of $ 91 million of global BCH trading on popular trading platforms. The first five exchanges that exchange the largest number of BCHs today are Lbank, Binance, Huobi, Bithumb and Coinbase. The major currency pairs traded with BCH on December 17 include BTC (39.6%), ETH (29%), USDT (23.2%), USD (3.8%) and EUR (1.5%). Furthermore, the Japanese yen is behind the euro at 1.3% of BCH's global operations.
Technical indicators BCH / USD
Looking at the four-hour BCH / USD chart on Bitstamp, the bulls tried to push higher in the last 12 hours. The Relative Strength Index (RSI) is at -53, just above the previous oversold conditions. The current training on the BCH / USD chart at 30 minutes and on the RSI / MACd levels shows a touch of bullish divergence. The long-term 200 Simple Moving Average (SMA) is still exceeding the short-term SMA 100.
This indicates that the path towards the least resistance is still on the downside, but the two trend lines seem to cross the hair that could signal further price increases. Ordering books on Bitstamp shows that the bulls must pass the current vantage point and the walls above the $ 95 price zone. On the back, there are some seemingly solid foundations between now and the $ 75 range.
Is the cryptographic speculation period dry?
Many cryptocurrency traders are still skeptical although today there has been a slight recovery. For example, in the global economy there was a lot to do, with the technology stocks and the shares that started to collapse. Many people are starting to think that it was speculation about cryptocurrency ending up. The founder of Galaxy Digital, Mike Novogratz, explained at the beginning of this week that the participants in the cryptography are seeing things more clearly now. "The public is more sober now – the drug is gone … but it's not going to zero – we're at the methadone clinic," said Novogratz.
Bitpay's managing director, Stephen Pair, hopes to see an effective increase in utility over the next five years because this is what his company focuses on. "A very large component of the price is certainly speculation, investors who speculate on future use and the adoption of this technology – I am sure that a small component of that price is the real utility" , declared Pair during an interview with CNBC on December 13th.
Overall, supporters of long-term cryptocurrency are quite confident about the value of digital resources in the next five years up to a decade. The biggest question right now is how long the current bearish trend will bring the crypto-economy and if the fund really is inside.
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".
Images via Shutterstock, Trading View, Coinlib.io, Bitstamp, and Coinbase's Dashboard Satoshi Pulse.
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