Cryptocurrency Market: The Bullish Trend Continues



Last Updated: July 23, 2018 at 6:21 PM EST
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Good news and continuation of resurged hope to the crypto enthusiasts as the bullish trend of cryptocurrency market continues for the second week. A new bullish trend surfaced last week after a very long period of a bearish trend in the cryptocurrency market. As another trading weeks started today, and the increase continues, even though there was a bit detraction over the weekend. Presently the cryptocurrency markets are valued at $285 Bln while $14.3 Bln worth of trades were exchanged within the past 24-hours.

The Cryptocurrency Market Bullish Move

The detraction that took place over the weekend did not stop the bullish move of the cryptocurrency market again at the beginning of another week. Digital assets upward move covering for the bearish move that took place over the weekend while BTC, BCH, LTC, and XMR have exceeded 1-2% today. Bitcoin core continues to dominate the market with its bullish move which has risen to 3.65% today, as the market capital dominates over 1,600 digital assets. BTC, USDT, ETH, EOS, and BCH are the top traded digital asset on the exchanges.

BTC market capitalization is about $132 Bln, and the volume of trade within 24 hours is about $4.8Bn value of exchange. It sold in the market at the rate of $7,650-7,710 per coin, and the top exchange in trading BTC are Bitlfyer, Bitfinex, FCoin, Binance, and Coinbene. BTC controls more than 54% of total trade today. On the crypto peer-to-peer trade today, Ethereum (ETH) has been the most dominant.

The Bitcoin Cash present market value is placed at $14.1 Bln, and there has been a trade of about $617 Mln within the last 24-hours. BCH market value presently shows an average cost of $820 per coin. The top exchanges involved in trading BCH today are Coinex, Okex, Binance, Hitbtc, and Bitfinex.

Technical Indicators

The BTC/USD indicates the tendency for a massive break out above the current point of $7,950 – 8,100 regions. There is an indication that the bullish trend will continue.

Though there are signs of uncertainty on where the market will move, however, the trend indicates a specific short-term bullish direction, which will have to face a level of resistance.

Digital currency traders and analysts still doubt the likely trend the cryptocurrency market will take coming weeks, despite the recent rise and detraction, the cloud of skepticism still reign over the market. Regardless of the direction it takes, the time will justify the outcome as doubters continue with doubting and the optimists take their way.