THELOGICALINDIAN - Cryptocurrency markets are accident some assets today as best agenda assets are bottomward amid 315 percent during this mornings trading sessions on May 16 2024 The all-embracing cryptocurrency bazaar cap has baldheaded a few billion in losses back our aftermost markets amend arch to the appraisal of all 1600 cryptocurrencies aerial about 374Bn today During the aftermost 24hours Bitcoin Cash BCH amount has alone 104 percent and prices are about 1258 per BCH Bitcoin Core BTC prices accept additionally biconcave but by alone 56 percent with one BTC priced at 8234 at the time of publication
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BCH Markets Down 20% This Week
At atomic three-quarters of the absolute cryptocurrency ecosystem has absent amount today as abounding bill are seeing losses this Wednesday. Total 24-hour barter aggregate for today’s trading affair is about $22.6B account of exchanges. Bitcoin Cash markets accept absent a bit of amount back bygone as the arrangement experienced an upgrade which added its block admeasurement to 32MB. BCH barter aggregate is thinner than the anniversary above-mentioned as alone $1Bn has been traded during the aftermost day. The top bristles exchanges swapping the best BCH during today’s trading sessions are Okex, Bitfinex, Huobi, Upbit, and Hitbtc. Both the South Korean won and binding (USDT) BCH trading pairs accept apparent exponential volumes but BTC still dominates pairs by 34 percent. The BCH/BTC brace is followed by binding (USDT 25.4%), USD (22%), KRW (14%), and the EUR (1.4%).
BCH/USD Technical Indicators
Looking at the four-hour BCH/USD blueprint on Bitfinex the amount is seeing some abysmal triangular alliance at the moment. The MACd is on the acceleration afterwards the antecedent dip took abode and appearance added advance could be in the cards. RSI levels appearance the oscillator is about 38 appropriate now, assuming oversold altitude assume imminent. Looking at the two Simple Moving Averages indicates the aisle to attrition to the upside still looks achievable as the abbreviate appellation 100 SMA rides aloft the best appellation 200 SMA trend line. Looking at adjustment books on the upside, BCH beasts charge to aggregation up the backbone to breach accomplished $1,330-1,355 in adjustment to accomplish advance northbound. On the flipside, if the dips abide there are some solid foundations amid the accepted angle point and $1,210.
A Brief Glimpse at Overall Cryptocurrency Market Action
The entire cryptocurrency ecosystem is seeing appealing appropriate losses today alike admitting there’s been endless of acceptable account advancing from the industry this week. The cardinal one cryptocurrency bazaar cap captivated by Bitcoin Core (BTC) is clashing aloof beneath the $8,400 arena with $7Bn in barter aggregate over the accomplished 24-hours. Ethereum (ETH) markets has apparent some dippage as well, as prices accept absent 4 percent today. One ETH is aerial aloof aloft $700 USD at the time of publication. Ripple (XRP) markets are seeing added losses about 6.3 percent as one XRP is $0.69 cents today. Lastly, the fifth accomplished assets has been a contested position for a while now as abounding bill accept been bushing this breadth over the accomplished year. EOS has captivated the cardinal bristles spot for a few weeks now but its markets are bottomward 11.7 percent today as one EOS is averaging $12 per coin.
The Verdict: Mid-May Market Action is Lackluster but Positivity Remains
So far, the mid-May balderdash run lots of enthusiasts were acquisitive for has been annihilation but a abort this week. Many believed cryptocurrencies would activate to see beyond assets afterwards the Consensus appointment in New York started but that anticipation never came to fruition, at atomic not yet. The alone bill that are accomplishing able-bodied today are a few assorted tokens and stablecoins like binding (USD, and TrueUSD assuming traders are acceptable application these ‘stable’ currencies as apartment from the accepted storm). Optimism and positivity amid traders on amusing media and banker groups on Telegram still seems bright, alike admitting markets accept baldheaded some appropriate assets over the accomplished 72-hours.
Where do you see the amount of BCH and added cryptocurrencies headed from here? Let us apperceive in the comments below.
Disclaimer: Price accessories and markets updates are advised for advisory purposes alone and should not to be advised as trading advice. Neither Bitcoin.com nor the columnist is amenable for any losses or gains, as the ultimate accommodation to conduct a barter is fabricated by the reader. Always bethink that alone those in ascendancy of the clandestine keys are in ascendancy of the “money.”
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