November 7 Cryptocurrency Markets Update: The Bull Run Continues

2018-11-7 13:51

The top cryptocurrencies have seen an upward surge since yesterday (November 6) when most candles went green. The last 48 hours also saw Ripple overtake Ethereum as the second rated digital coin by market cap.

XRP/USD v. ETH/USD

The two coins have, however, regained their positions after Ethereum underwent market correction. The latter coin gained 3.64% in the last 24 hours, coming from the $206 mark to trade at $215. In addition, the coin’s trading volume grew to $22.2 Billion against Ripple’s $21.4 Billion. The XRP/USD pair also saw a 10% gain but it was not sufficient to maintain its ‘new’ position as the second-best cryptocurrency by market cap. It is currently trading at $0.53.

Coin visualization chart showing various cryptos’ performance on Nov 7

BTC/USD

After dipping below the $6400 mark over the weekend, the world’s biggest digital coin by market cap began rebounding on November 6. It is currently pushing for consolidation higher beyond the $6500 mark. It is however still down by 1.67% over the past 30 days but the recent upward momentum is expected to continue for some time.

After pushing to the $6500 mark yesterday, the bullish momentum has continued today. An upward surge of 1.61% was recorded. Additionally, prices are above both the 9-day and the 30-day EMAs signaling a strong momentum from the bulls.

Since the slow dip seen over the weekend where the Relative Strength Index (RSI) was at $48, buying activity has increased to a new RSI of $55. This signals improved investor confidence.

The upward trend is projected to continue with price consolidating above the $6500 mark.

BCH/USD

Bitcoin Cash has been skyrocketing rapidly following backing by Binance of the digital coin’s Hard Fork. Yesterday, it recorded a massive 8% gain. This was bettered by the 10.89% percentage growth it recorded today. It is currently trading at $644 with its RSI at the ‘oversold’ area ($75). This indicates increased demand which essentially pushes prices further up.

The BCH/USD pair is currently exchanging miles above both the 9-day EMA and the 30-day EMA indicating a strong bullish momentum.

The post November 7 Cryptocurrency Markets Update: The Bull Run Continues appeared first on ZyCrypto.

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Источник: zycrypto.com

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