Markets Update: Ethereum Leads Strong Altcoin Rally


  • Staff

    Markets Update: Ethereum Leads Strong Altcoin Rally

    Since yesterday’s update, the cryptocurrency markets have produced a strong bounce over the last 24 hours. Of the top ten cryptocurrencies by market cap, Ethereum, and Monero were the day’s top gainers – both of which have posted gains of over 15% in the last 24 hours.

    _**Also Read: **Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses _

    BTC Tests $6,500

    In the last 24 hours, BTC has gained by roughly 3% – with current prices testing resistance at the $6,500 USD area as of this writing.

    <figure id="attachment_215652" style="width: 397px" class="wp-caption aligncenter">Markets Update: Ethereum Leads Strong Altcoin Rally

    <figcaption class="wp-caption-text">BTC/USD – Bitfinex – 4hr</figcaption>

    </figure>

    Looking at the daily chart, the stochastic RSI appears poised to break above the 20 threshold – signaling that more bullish action may ensue should BTC be able to produce and hold a strong break above the $6,500 area.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    Bitcoin Cash Gains 7% in 24 Hours

    BCH produced gains of approximately 7% in the last 24 hours, bouncing off a new low for 2018 of $410 yesterday to now be trading for roughly $455.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    The bullish move for BCH coincided with a roughly 5% gain over BTC – with BCH currently trading for around 0.07 BTC after bouncing off 0.066 BTC yesterday.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    Ethereum Shorts and Longs Continue to Test Record Highs

    Of the top ten cryptocurrencies by market capitalization, Ethereum has produced the strongest gains during the last 24 hours of price action. As of this writing, ETH is trading for $205 – up more than 18% from yesterday’s lows of roughly $170.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    The number of open ETH/USD short positions is currently testing the all-time high area of 240,000 for the second time since the record was established just three days ago.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    The number of ETH/USD longs appears to be retracing to test the area of September 5th’s prior all-time high of roughly 330,000, after yesterday establishing a new record of approximately 360,000.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    ETH has gained roughly 15% over BTC in the last day, bouncing from 0.027 BTC to test resistance at 0.032 BTC.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    For two consecutive days, ETH/USD has posted a larger trade volume than BTC/USD to comprise the most traded pairing on Bitfinex.

    Monero Gains by 17.4% in 24 Hours

    XMR was the second strongest performing of the top ten cryptocurrencies by market cap today – gaining approximately 17% over yesterday’s low of $96. XMR is trading for $114 as of this writing.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    When measuring against BTC, XMR has rallied roughly 12.5% from yesterday’s low of 0.0155 BTC, with XMR trading for 0.0175 BTC as of this writing.

    Markets Update: Ethereum Leads Strong Altcoin Rally

    Do you think the cryptocurrency markets will continue to produce bullish momentum in coming days? Share your thoughts in the comments section below!


    Images courtesy of Shutterstock, Tradingview, Bitcoinwisdom


    At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

    The post Markets Update: Ethereum Leads Strong Altcoin Rally appeared first on Bitcoin News.

    https://news.bitcoin.com/markets-update-ethereum-leads-strong-altcoin-rally/


 



Want 10% more hash from your rigs?



We promise to keep your email safe and never spam you.



Copyright (c) 2012-2018 PiMP LLC. All rights Reserved.

Looks like your connection to PiMP Forum was lost, please wait while we try to reconnect.