The Crypto Market Update

The Crypto Market Update

On the 9th of June, the entire virtual coins market has been moving along a manner that is consolidated. As at now, the whole cryptocurrency market is valued at $243 billion. However, the international trade has since declined from 480 billion on the 5th of June to $56 billion this past weekend.

How Things Appear In The Crypto Market

Between 2 to 15% was lost in the cryptocurrency market in the past six days. That happened between 2nd to 5th June 2019. However, the market participants were able to capture some of the losses in the course of last week. At the moment, the prices for Bitcoin Core are hovering at a price that is between $7,625 to about $7,700 for a single coin.

The market has, however, experienced a decline of 2.2% in the past few hours. About 24 hours ago, BTC enjoyed a market cap of more than $130 billion. The international trade volume is still standing at $16 billion, which is not totally bad. Ethereum has the second largest market valuation, and it has also lost close to 4.6% in the last few hours.

The Market Action For Bitcoin Cash

In the last couple of hours, Bitcoin Cash was trading at around $378 for a single crypto coin. The market has since declined with some percentages. $6.7 billion is the total market valuation for all the Bitcoin Cash that are under circulation. When it comes to the international trade volume, Bitcoin Cash is still trading at around $1.24 billion.

Bitcoin cash

Some of the leading exchanges when it comes to swapping BCH include Coinbene, which has swapped around $222 million. The others include P2pb2b, Hitbtc, Huobi Pro, Digifinex, Coinbase, Binance, Fcoin, and Idax. The pair that has been most traded with Bitcoin Cash is none other than BTC/BCH. The pair is closely followed by the USDT.

The Technical Indicators For BCH/USD

A keen look at the four-hour BCH/USD pair indicates that there is a foundational support that is holding up slowly. In addition to that, the bears have been working so hard to ensure that the price is right below the region of $380. At the moment, a number of oscillators are indicating both buy and neutral signals.

On the other hand, a number of moving averages are showing the sell signals. The two simple moving averages, for instance, both short term 100 SMA and the long term 200 SMA have since crossed paths. But the path towards the least resistance is now downside since the longer-term 200SMA is above the shorter term SMA.

The Crypto Analysts Are Still Bullish

Throughout the month of May, a number of the virtual coins have been doing so well. In a period of just 30 days, these coins have been gaining 40 to 80%. There are, however, certain skeptics that strongly believe that a pullback could be fast approaching. There are some market analysts that strongly believe that the month of June will be a very bullish month for Bitcoin. Naeem Aslam, a renowned market researcher is one of such people.

June 10, 2019

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Samantha Mitchell