Market Update: Cryptographic assets see new gains

The cryptocurrency economy continued to grow, with total market capitalization rising to $ 179 billion during Sunday morning trading sessions. In addition, the volume of world trade has risen sharply, recording transactions of about $ 61 billion in the past 24 hours.

Read also: Bitcoin Cash Markets and the network gain strength in the first quarter

Crypto Bulls reappear

The digital currency markets are picking up again after a few small corrections on April 4th and 5th. On Sunday, April 7, bitcoin core (BTC) rose 2.3% and 25.7% for the week. A BTC exchanges approximately $ 5,159 at the time of publication. The second highest market capitalization still belongs to Ethereum (ETH) and an ETH trades at $ 167. Ripple (XRP) follows the Ethereum in third place and each chip is trading at $ 0.35 per XRP this Sunday. Today, Litecoin (LTC) holds the fifth largest market capitalization, but has batted it out with bitcoins (BCH) to fill this position. LTC is the second cryptography to top the top 10 in terms of weekly earnings, the currency having gained 53% in the last seven days. Only one LTC trades at $ 92 per coin and the badet is up 2.9% today.

Bitcoin Cash Market Action (BCH)

The fourth most important market value this Sunday is for bitcoin cash (BCH), up 10.6% today and 91% for the whole week. This week, BCH has outperformed each of the top 10 pieces. At the time of writing, a single BCH is trading $ 321 per coin and the total market is worth $ 5.7 billion today. BCH's global trade totals $ 2.78 billion, which is slightly lighter than last week's trade volume.

The top five stock exchanges with the largest number of BCHs today are Lbank, Bitmart, Binance, Fcoin and Hitbtc. The best performing trading pair of this weekend with BCH is still the USDT, and captive around 49.2% of all BCH trades. The next four major pairs are BTC (31%), USD (9.2%), KRW (5%) and JPY (2.1%). The volume of cash transactions by Bitcoin is sixth in importance today after EOS and above XRP.

BCH / USD Technical Indicators

Examining daily charts and 4 hour charts for BCH / USD on Kraken shows that BCH bulls have regained some energy. Currently, the 4-hour relative strength index (RSI ~ 68.18) is neutral at the moment, but is approaching overbought conditions and the stochastic (~ 67) also indicates indifference. The two simple moving averages (SMA) indicate that the short term 100 remains above the long-term trend line 200 SMA.

This indicates that bulls are still in charge and exponential moving averages (EMAs) currently indicate strong support for purchase. However, MACd levels indicate that a slight shrinkage is on the cards but improvements are still possible. The base line of Ichimoku Cloud (9, 26, 52, 26) is also dissociated from the rest of the oscillators and moment indicators, allowing an unbiased reading at the time of publication. Order books indicate strong resistance over the $ 355 zone and more beyond $ 400. In the back, the bears will have difficulties with all the consolidation that has accumulated. If the price goes down, it is between $ 280 and $ 250.

Mobile Averages & Google Trends

In the last two weeks, many crypto-currency supporters have been very optimistic, believing that the markets are currently in a phase of strong accumulation. Many traders and speculators think that the prices of the BTC as well as those of other parts will increase even more. Cryptocurrency badyst Josh Rager tweeted traders need to keep a close eye on BTC's 100-week moving average and the 200-week moving average.

"[The] previous bear market, Bitcoin accumulated under the 100 MA & supported by the 200 MA. A similar accumulation could occur with 200 MA, the next uptrend starting after a break above 100 MA. A possible scenario to observe [ in the] next few months, "wrote Rager on April 6.

Finally, bitcoin and other crypto-currencies have attracted a lot of interest since the price surge. For example, "bitcoin" searches doubled this week according to Google Trends.

What do you think of the soaring crypto markets that have recently emerged this weekend? Tell us what you think in the comments section below.

Warning: Price articles and market updates are for informational purposes only and should not be considered as business advice. Neither Bitcoin.com nor the author are responsible for any losses or winnings because the ultimate decision to make a transaction is taken by the reader. Always remember that only private key holders control "money".

Images via Shutterstock, Trading View, Google Trends, Kraken, Bitcoin Markets.

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Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is pbadionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.