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Bitcoin Cash Price Technical Analysis – Can BCH/USD Break This?

Bitcoin Cash Price Technical Analysis – Can BCH USD Break This?

Bitcoin Cash Price Technical Analysis — Can BCH/USD Break This?

 

Key Points

Bitcoin cash price found support around the $1,565 level and recovered against the US Dollar.

There is a key connecting bearish trend line forming with resistance at $1,700 on the hourly chart of the BCH/USD pair (data feed from Kraken).

The pair has to move above the $1,700 resistance level to continue the current upside wave.

Bitcoin cash price is recovering from lows against the US Dollar. BCH/USD is now facing a major hurdle for more gains near the $1,700 level.

 

Bitcoin Cash Price Resistance

Yesterday, we saw a downside correction in bitcoin cash price below the $1,650 support against the US Dollar. The price even traded below the $1,600 level and tested the $1,550-60 support area. There was even a spike below the 61.8% Fib retracement level of the last leg from the $1,460 low to $1,835 high. However, the decline was protected by the $1,560 support area.

 

A low was formed at $1,567 and the price started an upside move. It traded above the 23.6% Fib retracement level of the last decline from the $1,834 high to $1,567 low. Moreover, the price moved above the $1,625 level and the 100 hourly simple moving average. At the moment, the price is approaching a major hurdle near the $1,700 level. There is also a key connecting bearish trend line forming with resistance at $1,700 on the hourly chart of the BCH/USD pair. Additionally, the 50% Fib retracement level of the last decline from the $1,834 high to $1,567 low is at $1,705 to prevent gains.

 

Looking at the chart, it seems like it won’t be easy for buyers to break the $1,700 barrier. On the downside, the $1,625 support is a decent buy zone along with the 100 hourly SMA.

 

Looking at the technical indicators:

 

Hourly MACD — The MACD for BCH/USD is slightly in the bullish zone.

 

Hourly RSI (Relative Strength Index) — The RSI for BCH/USD has moved above the 50 level.

 

Major Support Level — $1,625

 

Major Resistance Level — $1,700

 

Author AAYUSH JINDAL | MAY 8, 2018 | 4:08 AM

 

Posted by David Ogden entrepreneur

Alan Zibluk Markethive Founding Member

Markethive

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS — Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS - Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS — Price Analysis, 4th May

Goldman Sachs, one of the biggest investment banks in the world, is taking the plunge into the exciting world of cryptocurrency trading. The bank’s decision was made because of the overwhelming client requests.

This is a very positive sign for the crypto market’s future along with the news about analysts from BlackRock, an American global investment management company, leaving the firm to fund a Blockchain-focused venture capital fund. Other places where the banks or institutions are still pondering over their decision, the analysts are quitting to open their own ventures. Investors plowing money into these funds shows a growing interest.

After the decline from the frothy levels in December 2017, the investors are getting a favorable entry opportunity. In the past few weeks, the volatility has also reduced, which is an added attraction to get in early.

While the number of crypto optimists has increased, there is no dearth of the naysayers as well. Economist Nouriel Roubini continued his criticism of cryptocurrencies. While he may have forecast the 2008 Financial crisis correctly, his crypto prediction seems to be way off.
But there are positive predictions as well.  Alexis Ohanian, a co-founder of Reddit, claims that Ethereum is on its way to $15,000 this year.

We already hold a few positions. Let’s see if the charts present us any fresh buying opportunities?

BTC/USD
Bitcoin broke out of the small symmetrical triangle pattern and entered the ascending channel on May 03, which is a bullish sign. Currently, it is facing resistance close to the April 25 highs, but we remain bullish because it has not given up ground.

If the digital currency rises from the support line of the ascending channel, it increases the possibility of a break out above the immediate resistance zone of $9,800 to $10,000.

Following the breakout, the first target is $11,000, and the next target is $12,000. We anticipate a strong resistance at the $12,172.43 mark.

On the downside, if the BTC/USD pair breaks below the support line of the ascending channel, it can fall to $9,178 and then to the 20-day EMA, close to $9,000 levels.

The up move will be in danger only on a break below $9,000 levels. Therefore, we suggest raising the stops on the long positions from $8,600 to $8,900.

ETH/USD
Ethereum broke out of $745 on May 03, which completed a ‘V’ shaped bottom formation. This bullish set up has a pattern target of $1,130, with minor resistances at $900 and at $1,000.

On the downside, $745 will act as the first support. If this breaks, the bulls will defend the trendline close to $700 and the 20-day EMA at $645. The trend will turn bearish or range bound only if the ETH/USD pair sustains below $700.

Traders can wait for a retest of the breakout levels and buy if the $745 level holds. The stop loss can be placed just below the 20-day EMA at $640. Traders should confirm that the levels are holding before entering long positions. No trade should be initiated if the digital currency closes (UTC) below $700.

BCH/USD
Bitcoin Cash has reached close to the upper end of the range at $1,600, which should act as a stiff resistance. If the price fails to break out of this level, the range-bound action between $1,221 and $1,600 will continue.

The BCH/USD pair will become positive if the bulls break out and close (UTC) above $1,600. The immediate target objective is a move to $2,000; above it, the rally can extend to $2,400 levels.      

Aggressive traders can buy on a close (UTC) above $1,600 and keep a close stop loss of $1,400. Due to numerous overhead resistances, we consider this as a risky trade, hence, keep the allocation size less than 50 percent of usual.

XRP/USD
Ripple continues to trade inside the range of $0.76 to $0.93777. A break out of this range will indicate bullishness, and a rally to $1.229 is likely.

If the XRP/USD pair fails to break out of $0.9377, a few more days of range-bound trading can be expected.

On the downside, support exists at the 20-day EMA and below that at the lower end of the range at $0.76.

The longer the cryptocurrency trades inside the range, the stronger will be the ensuing breakout. We propose waiting for it before entering any long positions.

XLM/USD
Stellar is facing a stiff resistance at the $0.47766719 mark. Though it has failed to cross above this level, it is undergoing a shallow pullback.

he XLM/USD pair should find support at the trendline, but if it breaks, a slide to $0.335 is probable. The negative divergence on the RSI is a bearish development, hence, traders should wait for a breakout and close (UTC) above the overhead resistance of $0.47766719 before initiating any long positions.

LTC/USD
After remaining in a tight range for the past few days, Litecoin finally scaled above the overhead resistance of $160 on May 03. However, it could not reach our target objective of $180, as the bears strongly defended the April 24 highs of $167.399.   

If the LTC/USD pair doesn’t breakout within a couple of days, it will continue to be range bound. On the downside, any break of the $141 levels will be a negative sign.

Therefore, we suggest retaining the stops at $140. We shall trail the stops higher once the digital currency breaks out of $168.

ADA/BTC
Cardano has failed to extend its uptrend after breaking out of 0.00003445. We had suggested raising the stops higher if the virtual currency crosses above 0.000042 levels, but it did not happen.

The ADA/BTC pair should now find support at the 0.00003445 levels because there are three major supports close to it.

The first level is the horizontal support, the second one is the trendline support, and the third is the 20-day EMA.

We shall retain the stops at 0.000029 until we see a rally above 0.000042 levels.

Our target objective on the upside is a move to 0.000045, followed by 0.00005217 levels.  

IOTA/USD
IOTA broke out of the overhead resistance at $2.2117 on May 02 and followed it with another up move on the next day. However, it couldn’t break out of the resistance line of the ascending channel.   

Currently, the IOTA/USD pair is retesting the breakout levels of $2.2117. If the level holds, the bulls will try to break out of the channel and push prices towards $3 and $3.5.

If the digital currency breaks below $2.2117 but finds support close to $2 levels, then the ascending channel will be in play, and a move to the resistance line of the channel can be expected.

Due to the uncertainty, it is better to wait for a couple of days and then buy if the support levels hold. Presently, we don’t have any buy recommendation.

EOS/USD
EOS, after the recent rally, has entered into a period of consolidation. Though it found support at the 38.2 percent Fibonacci retracement level on May 01, it could not scale the $20 levels in the ensuing up move.

On the downside, $16 should act as a strong support, below which, the EOS/USD pair can slide to the 20-day EMA.

We shall wait for the consolidation to play out and a new buy setup to form before recommending any fresh long positions.

By  Rakesh Upadhyay

Alan Zibluk Markethive Founding Member

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Bitcoin Price Technical Analysis for 05th May2018 – Long-Term Double Bottom

Bitcoin Price Technical Analysis for 05th may – Long-Term Double Bottom

Bitcoin Price Technical Analysis for 05/04/2018 — Long-Term Double Bottom

Bitcoin Price Key Highlights

Bitcoin price appears to be gaining traction on its climb as it approaches a key resistance.

A break past the $10,000 barrier could complete the creation of a double bottom reversal pattern.

Rallying past the neckline of the formation could lead to an uptrend of the same height.

Bitcoin price is forming a double bottom on its daily time frame to signal that a longer-term uptrend is due.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff could still resume from here, possibly leading to another test of the bottoms at $6,000.

The 100 SMA appears to be holding as dynamic support, though, and a move past the 200 SMA dynamic inflection point could draw more buyers in.

Stochastic looks ready to turn lower from the overbought region to signal a pickup in selling pressure as well. But if buyers stay in control, a mov past the $12,000 area of interest and neckline could lead to a climb of around $6,000 or a rally up to the record highs.

Market Factors

Developments in the industry have been mostly positive, especially after Goldman Sachs announced plans to start a bitcoin trading operation. Execs also noted that bitcoin is not a fraud, contrary to CEO Blankfein’s statement on how it is in a bubble earlier on.

Apart from that, South Korea’s lawmakers are working on a bill to legalize ICO launches, also helping to add legitimacy to the industry. Japan has already created its regulatory body for ICOs, which means that the top markets for bitcoin are making good progress.

Dollar demand is also sinking leading up to the release of the NFP report as traders are wary that weak results could reinforce the less hawkish stance shared by the FOMC in their latest statement. Weaker than expected data could lead to even more dollar selling and bitcoin price could take advantage.

 

Author SARAH JENN | MAY 4, 2018 | 4:20 AM

 

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Markethive

Up 33% — Bitcoin’s Price Just Had Its Best Month of 2018Up 33%

Up 33% - Bitcoin's Price Just Had Its Best Month of 2018

Up 33% — Bitcoin's Price Just Had Its Best Month of 2018

Bitcoin's price rose 33 percent against the U.S. dollar in April, making it the best month of 2018 for the world's largest cryptocurrency.

Data from CoinDesk's Bitcoin Price Index (BPI) shows that May began with bitcoin's price at the $9,244.32 mark — a 33 percent jump from its April 1 start of $6,926.02. This marks the greatest rise in bitcoin's price this year, and one of only two months where it rose at all within the period.

Bitcoin's price fell overall in January and March, and only rose 1.4 percent in February, according to BPI data.
Indeed, bitcoin fell by nearly a third in each of the negative months, dropping from $13,860 on January 1 to $10,166 on February 1, and even more drastically — from $10,309 to just below $7,000 — in March. While bitcoin has rallied this past month, it has yet to recover to the $10,000 mark, which it last fell below in mid-March.

That being said, these numbers hide the fact that bitcoin actually rose to past $17,000 in January before falling by nearly half to its February 1 level.

Similarly, bitcoin reached a low below $6,000 before recovering, as shown by the BPI. In other words, while it may have begun spending periods of time trading sideways, it remains volatile year-to-date,

Notably, bitcoin's transaction volume jumped by 93 percent month-over-month, while the number of off-chain transactions through exchanges jumped by a similar 95 percent. However, fees saw a similar jump, rising 90 percent in April, according to data collected by CoinDesk.

Bitcoin derivatives had a similarly positive month. Both the CBOE and CME saw their futures contracts trading volume spike this month, with CBOE in particular seeing more than 18,000 contracts traded in a single day on April 25, as previously reported.

Similarly, CME saw more than 11,000 contracts traded that day, roughly double its daily average.

Author Nikhilesh De  Updated  May 1, 2018 at 20:21 UTC
posted by David Ogden Entrepreneur
 

Alan Zibluk Markethive Founding Member

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Upcoming Bitcoin Cash Hard Fork

Upcoming Bitcoin Cash Hard Fork

Upcoming Bitcoin Cash Hard Fork

The update and modernization will quadruple the Bitcoin Cash blocks size from eight megabytes to 32 megabytes. Also, some operating codes are expected to be reactivated, which will allow Bitcoin Cash’s Blockchain to be used not only for BCH transactions.

Furthermore, an update is called Bitcoin Adjustable Blocksize Cap (Bitcoin ABC). This will change the base code on which Bitcoin cash is based, in an attempt to solve some of the major problems that limit the wider adoption of Blockchain technology. The key problem that fork seeks to solve is scalability.

In  2009, when Bitcoin has been just started up, the cryptocurrency could only recycle about seven transactions  in a second. Later, in August 2017, Bitcoin Cash shattered the original Bitcoin to increase Bitcoin transactions’ speed. Bitcoin ABC is now the continuation of this project and aims to decrease transaction time to 2.5 minutes. In comparison, the original Bitcoin network takes about 10 minutes to produce one block.

Benefits of Bitcoin Cash Hard Fork.

After that, the update will also allow more people to make transactions at the same time. Moreover,  Bitcoin ABC will allow you to conduct more types of transactions in the Bitcoin Cash network. Actually, it is belived that users will be able to archive and track real assets and even CryptoKitties. Transactions will be stored in Blockchain as so named “colored coins.” These tokens can represent any real-world assets.

Colored coins will provide users with the ability to store some important data and information, taking advantage of all the security benefits of Blockchain. Due to the expected larger size of Bitcoin Cash units, users will be able to use the network not only for the transmission of cryptocurrency. According to online reports, the network can also be used to place legally binding contracts or some other important documents without the involvement of a third party.

It is expected that bitcoin Cash hard fork will put BCH in competition with other altcoys, such as Ethereum, in terms of the ability to allow users to post more than just monetary transactions. Updating the block size will appear as a key step that will bring the network closer to solving the scalability problem.

 

Author Mari T. -April 26, 2018

Posted by david Ogden Entrepreneur

 

Alan Zibluk Markethive Founding Member

Markethive

Pantera Fund CEO Calls Bitcoin “A Screaming Buy,” Highly Optimsitic

Pantera Fund CEO Calls Bitcoin “A Screaming Buy,” Highly Optimsitic

Cryptocurrency hedge fund Pantera CEO called Bitcoin a “screaming buy” and made a ten year $40 trillion dollar prediction.

Hedge Fund CEO Looks for Big Gains in the Remainder of the Year.

CEO of Pantera capital management LP. cryptocurrency hedge fund Dan Morehead went on Bloomberg Television again to talk about the future of Bitcoin and the state of the cryptocurrency space in general. Morehead who is always bullish on cryptocurrency forecast some big returns for 2018 including Bitcoin regaining its maximum value from 2017 in the next twelve months.

Morehead had recently made only his fourth buy prediction in his seven years of trading in cryptocurrency when Pantera issued a notice to its investors to buy when Bitcoin dipped to what he called its ultimate low at 6,500. It’s gained and held over $2,000 since then but still, Morehead told Bloomberg it is a “screaming buy” today.

The interview moved on to how the appearance of cryptocurrency is changing. Morehead said that Bitcoin had shed its “skanky” reputation and this was attracting more institutional interest which would drive prices up across the entire space. He continued saying,

“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude — or two — below the real fundamental fair value of blockchain, the industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”

Morehead’s acumen at reading the volatile crypto market was proved out when he said at the height of the mid-December trading frenzy that Bitcoin could lose half of its value at the beginning of the new year. After which, Bitcoin, and almost all other cryptocurrencies slipped into a bear market that we are just coming out of now.

Pantera Capital handles an estimated one billion dollars in assets of which 10 percent is in Bitcoin. When asked about Pantera’s investment breakdown Morehead revealed that presently their biggest position is in the Korean Blockchain Icon.

 

Mt. Gox may be Dumping more Bitcoin on the Market

In the short term though Bitcoin may be headed for another price dip as information regarding a 16,000 coin block of Bitcoin and an equal amount of Bitcoin cash from the Mt. Gox reserve has been transferred out of cold wallet storage. Large transactions made by the trustees of the Mt. Gox estate since December of 201 have been blamed for causing the price of Bitcoin to crash. The last time Mt Gox transferred a large amount of Bitcoin from its cold wallets was on February 5, the next day Bitcoin fell to its all-time low for the year at $6,000

 

Author JOHN MCMAHON | APRIL 27, 2018 | 6:00 AM

 

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

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The 17 Millionth Bitcoin Is About to Be Mined

The 17 Millionth Bitcoin Is About to Be Mined

The 17 Millionth Bitcoin Is About to Be Mined

Bitcoin's limited supply is about to get a bit more limited.

Barring an unforeseen event, the 17 millionth bitcoin is likely to be mined in the coming days, a development that would mark yet another milestone for the world's first cryptocurrency. That's because as per bitcoin's current rules, only 21 million bitcoin can ever be created.

Stepping back, the milestone, the first million-bitcoin marker to be crossed since mid-2016, is perhaps noteworthy as yet another reminder of the technology's core computer science achievement — digital scarcity created and enabled by shared software.

In short, bitcoin's code, since cloned and adapted by scores of other upstart cryptocurrencies, ensures that only a set number of new bitcoins are introduced to its economy at intervals. Miners, or those who operate the hardware necessary to track bitcoin's transaction set, are rewarded with this scarce data every time they add new entries to the official record.

Still, there's a lot of variability in the process.

Of note is that it can't be precisely predicted when the 17 millionth bitcoin will be mined or who will mine it, due to the many minute variances that are created in keeping a common software in sync. That said, there's a relative predictability. Each bitcoin block produces 12.5 new bitcoin, and as bitcoin blocks occur roughly every 10 minutes, about 1,800 new bitcoin are created each day.

As such, it's perhaps best to view this event as a "psychological barrier," Tetras Capital founding partner Alex Sunnarborg told CoinDesk, one that is interpreted differently by different communities.

Sunnarborg, for example, sought to stress that another way to interpret the result is that 80 percent of all the bitcoin that will be ever created have now been mined. In other words, only about one-fifth of the eventual supply remains for miners and future buyers.

Others see the milestone as one that's ripe for appreciation of the technology and its achievements.

"I think it is awesome," Tim Draper, the venture capitalist who bought millions of bitcoin seized by the U.S. government at auction in 2014, said of the coming milestone.

He told CoinDesk:

"I would bet the founders wouldn't have imagined how important bitcoin would become in their wildest dreams."

Way with words

Others sought to suggest the milestone is one that should be considered as an opportunity for education about both the features of bitcoin, and those of cryptocurrencies broadly.

For example, unless all of the humans who operate the computers running the bitcoin software decide to make a change (a perhaps unlikely scenario today), there's really no way to ever introduce more new bitcoin. This achievement, a technical reality, has played a key role in bitcoin's association with money, economics and other scarce, naturally occurring assets.

In this way, the goldbugs and readers of Austrian economics who piled into bitcoin early on were quick to realize the value of the feature, perhaps giving rise to the term "cryptocurrency" itself.

Trace Meyer, one of this group's most vocal members, summed up the philosophy in a recent tweet, in which he argued governments might seek to prevent users from holding bitcoin in the future.

"Increasing money supply is a means to confiscate through inflation which is a form of taxation without representation or due process of law," he wrote.

Even the new way new bitcoins come into being, called "mining," is a nod to the gold analogy.

Rather than being issued by a central bank, bitcoin is created by a network through the work of maintaining the blockchain. When a miner finds a valid hash for recent transactions, solving the bitcoin protocol's puzzle, he or she is rewarded with a "coinbase transaction," bitcoin credited to her account.

A little bit of cryptocurrency is created and deducted from the final supply
 

The bitcoin supply curve

How participants have been rewarded has, of course, changed over time.

When bitcoin's founder Satoshi Nakamoto mined the first bitcoin block on Jan. 3, 2009, he created the first 50 bitcoins. This reward stayed the same for another 209,999 blocks, when the first "halvening," or reduction in rewards, took place.

It didn't come as a surprise. Every 210,000 blocks, according to a hard-coded schedule, the network reduces the block reward by 50 percent. Following the most recent halvening, in July 2016, the reward is 12.5 bitcoin.

That means that while there are only 4 million bitcoin left to mine, the network will not reach its final supply in anything like the nine years it's taken to get this far. As the halvenings halven, the rate of monetary inflation — supply growth — slows.

BashCo, a pseudonymous moderator on the r/bitcoin subreddit, has plotted the trajectory of bitcoin's total supply (blue curve) against its rate of monetary inflation (orange line).

Source: BashCo.

Assuming the bitcoin protocol remains the same (a new block is mined every 10 minutes on average and the halving schedule and supply cap are unchanged), the last new bitcoin will not be mined until May 2140.
 

The next 120 years

With this in mind, the chart hints at another common talking point when acknowledging the milestone — that bitcoin is programmed to run for a very long time.

Jameson Lopp, lead infrastructure engineer at wallet provider Casa, was quick to remind CoinDesk that bitcoins are divisible, and that as such, the smallest parts of each bitcoin can hold seemingly infinite value.

He said:

"While 17 million BTC may sound like a lot, it's incredibly scarce — there won't even be enough for every current millionaire to own a whole bitcoin. Thankfully, each bitcoin is divisible into 100 million satoshis, thus there will always be plenty to go around!"

But there are other quirks to the software as well.

For one, bitcoin will never actually reach 21 million units, as barring a protocol change, the total supply will fall short by at least one satoshi. That's because on May 17, 2011, the miner "midnightmagic" — for reasons that remain unlear — claimed a 49.99999999 block reward, rather than an even 50.

Further, to be clear, bitcoin does not stop running when 21 million bitcoin are produced. At that point, the idea is that miners would be compensated purely through the fees, which they already collect. (Though some scientists have sought to project whether such a market would work in practice).

With so many questions left unanswered, if anything, the event serves as yet another reminder of how far bitcoin has come, and just how far it has to go.

In the words of long-time developer Adam Back:

"Another million down four more to go."

 

Author David Floyd Updated Apr 26, 2018 at 03:33 UTC

 

Posted by David Ogden Entrepreneur

 

Alan Zibluk Markethive Founding Member

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Police in Chinese city seize 600 computers used to mine bitcoin

Police in Chinese city seize 600 computers used to mine bitcoin

Police in Chinese city seize 600 computers used to mine bitcoin

BEIJING (Reuters) — Police in the north China city of Tianjin confiscated 600 computers used to mine bitcoin cryptocurrency after the local power grid operator reported abnormal electricity usage, Xinhua reported Wednesday.

Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration

“Eight high-power fans were also seized,” Xinhua said, quoting local police and added that it was the “largest power theft case in recent years.”

The report didn’t say when the police had seized the equipment.

China was home to the majority of crytopcurrency mining operations before Beijing last year began to discourage it as part of a larger crackdown on bitcoin and other cryptocurrencies. It is unclear how much of mining activity has moved offshore or been shut down.

Reuters reported in January that China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.

Miners use high-powered machines to generate the massive computing power to produce cryptocurrencies, which is done by solving mathematical equations.

The activity is also highly energy intensive, leading miners to seek locations with easy access to cheap electricity.

Five people are under investigation and another has been detained in the Tianjin case, Xinhua said.
 

Reporting by Elias Glenn; Editing by Shri Navaratnam

 

Alan Zibluk Markethive Founding Member

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Bitcoin Price Climbs to 40-Day High Above $9,200

Bitcoin Price Climbs to 40-Day High Above $9,200

Bitcoin Price Climbs to 40-Day High Above $9,200

 

Bitcoin's price climbed above $9,200 on Tuesday to hit a 40-day high, according to data from CoinDesk's Bitcoin Price Index (BPI).

 

Following a steady increase over the past week, the price of world's largest cryptocurrency by market capitalization jumped above $9,000 soon after the morning trading session began around 00:30 UTC, after which it continued to climb up to as high as $9,220.97 at around 2:00 UTC.

 

The price is at its highest point since March 14, when bitcoin dropped $800 within one trading day to reach a one-month low around $8,000. Following the plunge, the cryptocurrency's price declined to as low as $6,593 on March 30, reflecting what is now a 39% gain since that market bottom.

The wider cryptocurrency market has seen price growth in the past month as well, climbing above $400 billion in terms of total capitalization, according to data from CoinMarketCap. That figure has shifted between $200 billion and $300 billion since March 18.

 

Currently, four out of the five largest cryptocurrencies by market capitalization are all seeing their prices at one-month highs, market data shows. Ethereum, the world's second largest cryptocurrency, is now above $660 after recently dropping below $400. The price of bitcoin cash has nearly doubled in the week since April 18, climbing back above $1,500 as of press time.

 

Author Wolfie Zhao Apr 24, 2018 at 04:00 UTC

 

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member