Bitcoin & ripple lead cryptocurrency rebound after sell-off wiped out third of market
Bitcoin gained over 16 percent on the day, and was trading above $12,000 at 12:35 GMT. This is still well below its $20,000 record.
Ethereum once again surged above $1,000. The cryptocurrency is up by a third this year, but has declined almost $400 from this year’s peak.
Ripple enjoyed the biggest gains among top 10 currencies on the list, trading up 49 percent at $1.58.
Intercontinental Exchange (ICE) said on Thursday that, together with startup Blockstream, it is launching a service to send data on cryptocurrency exchanges to Wall Street traders.
This may be a sign that more institutional investors are considering digital money as a serious investment. The service would collect information from more than 15 cryptocurrency exchanges around the world and deliver it to traders.
The surge on Thursday was preceded by a massive sell-off, which erased more than $200 billion from the market. On Tuesday, an official from the People’s Bank of China said the country’s centralized virtual currency trade needed to end, Reuters reported. China is crucial for bitcoin and other cryptocurrencies, being one of the key markets. Beijing has already banned initial coin offerings (ICOs).
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“A cryptocurrency is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets”
The cryptocurrency market is as volatile as it’s hot right now. This project uses data from the coinmarketcap API for exploring market capitalization of Bitcoin and other cryptocurrencies.
To better understand the growth and impact of Bitcoin and other cryptocurrencies, in this project, I’ve explored the market capitalization of different cryptocurrencies.
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Markets Update: Cryptocurrency Prices Rebound During the First Week of July
Cryptocurrency markets are doing better this week since our last markets update as the entire digital asset economy is now valued at around $270.4Bn. Most digital currencies are up between 7-25 percent over the last seven days and trade volumes have picked up over the last week as well. The trend reversal has given enthusiasts and traders a bit more optimism as most cryptocurrency markets seem to be rebounding back from the recent correction of close to 70 percent since the highs last December.
Cryptocurrency Markets See Brighter Skies This July
With about $16.5Bn in 24-hour trade volume, the 1600+ cryptocurrencies within the digital asset economy have seen some big improvements since last week. A few days ago the cryptocurrency space saw some northbound action after dumping non-stop over the last six months. At the moment the top digital assets by trade volume include bitcoin core (BTC), tether (USDT), ethereum (ETH), EOS, and bitcoin cash (BCH). These five assets are up between 0.5 to 2 percent over the last 24 hours.
BTC Market Action
BTC market action has seen some increased trade volume today on July 6, 2020, as markets are averaging around $5.23Bn. The cryptocurrency’s market valuation is hovering at $114Bn and BTC is up around 11.7 percent over the last seven days. The top five exchanges swapping the most BTC today are Bigone, Binance, ZB.com, Huobi, and Okex. At the moment the Japanese yen is capturing around 48.2 percent of BTC trades. This is followed by Tether (USDT 36.7%), USD (9.6%), KRW (1.9%), EUR (1.3%). The most popular trade on the peer-to-peer exchange Shapeshift this Friday is ETH for BTC.
BTC/USD Technical Indicators
At press time BTC is averaging around $6,574 as bulls are desperately trying to surpass current resistance. Looking at the 4-hour and daily charts on Bitstamp and Coinbase shows the two Simple Moving Averages (SMA) have shifted since our last markets update. The long-term 200 SMA is above the short term 100 SMA indicating the path of least resistance is towards the downside. Bulls need to muster up enough strength to pass the $6,800 range in order to make a dent at the $7K region again.
BTC/USD July 6, 2020, 4-hour chart.
RSI levels on the 4-hour chart show some recovery (53) as traders just experienced some overbought conditions (73) about an hour ago. Looking at order books shows the resistance is at the current vantage point up until $6,800 but buyers will struggle around $7K through $7,300 as well. On the back side if bears managed to grab the reins then there are some solid foundations between $6,400 to $5,800 with monstrous support after that too. There’s a good chance bulls can keep up the good fight but some market exhaustion would make them extremely vulnerable.
BTC/USD July 6, 2020, daily chart.
BCH Market Action
BCH market action today is decent as well as the decentralized cryptocurrency is seeing about $436Mn in daily trades. The current market capitalization is roughly $12.63Bn at the time of writing. As we approach the weekend the top five exchanges today swapping the most BCH include Bigone, Okex, Huobi, EXX, and Hitbtc. This week BTC is not the top traded currency with BCH today as tether (USDT) is commanding the top pair with BCH by 45.9 percent. Tether is followed by BTC (32%), USD (10.1%), KRW (3.33%), and ETH (3.18%). Bitcoin cash is also the fifth most traded digital asset by trade volume today on July 6.
BCH/USD Technical Indicators
BCH charts show the spot price at the time of writing is $729 per coin on the exchange Bitstamp. Looking at both Bistamp and Bitfinex 4-hour charts show the same action as BTC, as far as SMA trendlines are concerned. At the moment the 200 SMA is above the 100 SMA which indicates resistance will be much tougher towards the upside.
BCH/USD July 6, 2020, 4-hour chart.
RSI levels show the oscillator at 53 at the moment too as BCH markets also revisited overbought conditions over an hour ago. Right now BCH bulls need to crank past $770 to make a solid move towards the lower $800s. Now if things went southbound then there’s pretty good foundations between now and $660. If BCH bulls can brush past the lower $800s, jumping to $900 faster is not out of the question.
BCH/USD July 6, 2020, daily chart.
The Top Cryptocurrency Positions
Most of the top cryptocurrencies are seeing gains this Friday and the digital currency tether has made the top ten spot. The second highest market valuation below BTC is ethereum (ETH) which is up 1.91 percent today.
One ETH is trading for $477 and the currency has seen a 13.4 percent gain over the last seven days. Ripple (XRP) markets are up 0.22 percent today as an XRP currently trades for $0.47 cents. Lastly, the fifth highest capitalization is still held by EOS but markets are down 2.5 percent over the last 24 hours as one EOS trades for $8.55.
The Verdict: Optimistic Traders Hope This Week’s Market Action May be a Bit More Than a Mere Dead Cat Bounce
The verdict this week is far brighter for cryptocurrency markets as we approach the weekend trading sessions. People are still skeptical about the bear market ending and wonder if we are just seeing a mere dead cat bounce but most seem hopeful. Furthermore, most short positions continue to liquidate big players and long positions are growing on most trading platforms that offer leveraged margin trading on exchanges such as Bitmex, and Bitfinex.
Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.
Disclaimer:Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. NeitherBitcoin.comnor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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