Bitcoin Cash Gets Groove Back And Steals Show From Top 10 Crypto, Market Is In Upswing

7 days ago

Bulls are seizing the momentum and are pushing the crypto markets back on its feet. The midweek run has not petered out, as some have feared that the bulls would not be able to hold the volume up. The whole block is green and altcoins are also moving.

 

The market capitalization is now back at the $220 Billion level, which we haven't reached since we lost it on the second week of October. This effectively makes this a monthly high for November. At the time of this writing, we are at $219.5 Billion and hopefully will push throughout the day. The trading volume has also increased another $2 Billion today with $16.6 Billion. Bitcoin dominance is at 51.5%.

 

After stalling at $6400 for almost two days, Bitcoin price is on the move and has increased 1.51% on the day making it to $6500 as we mentioned yesterday. It’s trading at $6583 at the time of this writing. There's some huge volume going on today as it rose up to $5Billion -something we haven't seen for a long time. Yesterday, it went as low as $6448, then made a fresh movement upwards breaking the $6475 resistance. It’s still on the move and should be able to comfortably reach $6600 level in the short term.

 

Ethereum has been a pleasure to watch today as it broke resistance after resistance. On the day, it has earned 3.12% and is currently trading at $221.74. Volume has risen to $2 Billion too, which is another high for this month. On the 4-hour chart, the MACD is on top of the bullish zone and RSI is above 80. The support level is at $215 if it dips, and the new resistance is at $230 where sellers might appear again.

 

 

For the rest of the Top 10, Bitcoin Cash stole back the groove from the top 10 making 11.13% gain on the day. Current trading price is at $626.12, a great jump from yesterday. Bitcoin Cash is still raking it due to its upcoming hard fork. XRP which bloomed yesterday, on the other hand, is correcting but only marginally. The rest are green at 0-1% except Stellar with a better performance at 1.85% gain.

 

The Top 25% are also making headway and taking advantage of the market sentiment. Bitcoin Gold is on top of the list with 4.91% and trading at $31.08. Zcash is advancing with 4.25% gain on the day. VeChain is keeping pursuit at 3.07%. The rest are at a comfortable 0-2% gain on the day, except for, again, Dogecoin which has not been moving for this week.

 

Down the Top 100 list, we're back to our regular list of pump and dumps. Aeternity is making waves with a huge surge at 13.18%. Only one made it to the double-digit growth though. Outside 10%, we have Aurora, Holo, and Ravencoin flying at 7+%. Electroneum is on the opposite side of the channel at -7.70% loss.

 

Overall, as some have observed, the current uptrend is proof that the market is maturing. There are no huge spikes and the growth looks steady.

 

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