During the last few days, it is seen that the Cryptocurrency market is going in losses as digital asset values fall significantly. Presently, the entire crypto-economy is trading at $13.1 Bn USD. Most of the coins saw some gains over the past day, and now the statics for BTC/USD markets are increased by 5.5 percent and BTC price are now hovering below the $7,400 region.
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The trade volume of BTC is still going flat as traders are getting roughly $5.1Bn in trades during the last 24-hours. The top five exchanges include Bitfinex, Okex, Finance, Huobi, and Upbit. In the last few weeks, the Japanese yen has got over 50 percent of the global BTC trade volume. It is followed by US dollar which is at 22.1 percent, tether at USDT 12.7 percent, the South Korean won at 3.2 percent and the Euro at 3 percent. Tether USDT is now the second most traded digital currency since last two weeks.
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The technical indicators show some differences between today and last three days. For example, “the 100 Simple Moving Average has crossed paths above the long-term 200 SMA trendline.” which indicates the exhaustion of bears and the participants of the bullish temporarily reign. The Relative Strength Index is approaching the 70 zone indicating steadily. Macd is also showing some similar readings.
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To maintain the bullish reversal, traders must go past the $7,800 zone and have to hold the momentum to make things look positive. Bulls need to close above $8,100 territory daily to gain from “dead cat bounce.”
We can say in general that cryptocurrency market is seeing some gains. The ethereal which is the second largest market capitalization is up by 3.8 percent; Ripple also gains by 8.3 percent and XRP trading at 0.53 cents. The bitcoin cash market is gain by 5.6 percent as one BCH is testing at $707 per coin.