Sunday, August 25, 2019

After a 40% Surge, Bitcoin Cash Takes the Lead

It seems like Christmas came early for crypto holders as Bitcoin Cash 40% surge appears more like a gift. Currently priced at $182, Bitcoin Cash has performed impressively, surging about 40% within the adjusted time frame of 24hours. Just within the space of five days, the market cap of Bitcoin Cash ABC rose to $3.19 billion from its previous $1.32 billion according to CoinMarketCap.

At the same time, there is an increase in the volume of Bitcoin Cash which is an improvement from its previous low volume. A trading volume worth $72.2 million was recorded across all the digital assets exchanges on December 15, for the Bitcoin Cash ABC/Dollar market. In any event, the pair has recorded a daily trading surge of 934% and now a volume worth $745 million is being posted on a 24-hour adjusted time frame.

Bitcoin Cash SV Increases Up To 18%

Bitcoin SV, the result of forking Bitcoin Cash blockchain, has risen by 18%. The surge seems to be more theoretical compared to the rest of the cryptocurrency industry, due to some recent negative reviews made about Bitcoin SV in the media. A Crypto researcher who goes by the name Reizu stated that he successfully performed on the Bitcoin SV chain double spending attacks, which made him come to the conclusion that it is a centralized project.

These newest findings put the price of Bitcoin Cash SV under pressure since its price action was the most responsive to the bear cycle currently ongoing. Compared to its peers, it declined the most. Anyway, the coin is currently at $109, a new high, which indicates that the coin has been revived, but a strong communal backing had nothing to do with it.

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EOS and Ethereum Join the Rally

It is no longer news that both EOS and Ethereum, two blockchain projects that are favorably rated, are highly oversold, and this has made traders capitalize on it. The price of Ethereum almost hit 10% on an adjusted 24-hour timeframe while EOS follows closely with a jump of 4%.

On Binance, the trading price of Ethereum/Dollar is at $100 while a $128 extended upside action remains the focus as a potential rebound/breakout target. Meanwhile, the support level of the pair appears to be fixed at $84.

At the same time, the EOS/Dollar rate is going through an intraday rebound from yesterday’s selling action. As the pair is making efforts to overcome the $2.89 resistance level, it is receiving decent floor support of close to $2.48.

Similar to Bitcoin Cash ABC, EOS, Bitcoin SV and other major altcoins have in their respective markets also rebounded fairly. This includes Stellar (+4.27%), XRP (+4.36%), and Monero (8.54%).

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