Gain Archives -
The United States added just 20,000 jobs in February, way below expectations of a 180,000 gain, and a sign that the job market might be beginning to cool.
The unemployment rate fell slightly to 3.8%, the Labor Department reported Friday. Wages gained 3.4% in the past year, the best annual gain…
MSCI said it would more than quadruple the contribution of mainland Chinese shares to an influential global benchmark, a move that will make shares in Shanghai and Shenzhen much more important to global investors.
WSJ.com: What’s News Asia
The recent bounce in the value of many leading cryptocurrencies relative to fiat currency has comprised the first bullish action in several months. Since bottoming out during the third quarter of 2018, many leading altcoins have made significant bullish moves against BTC.
BTC and BCH Produce Sideways Consolidation
BTC has entered its fourth day of consolidation at approximately $ 4,000, with bitcoin core currently trading for $ 3,940 on Bitstamp and $ 4,040 on Bitfinex. As of this writing, BTC appears to be on the verge of posting its first green monthly candle since July 2018.
Bitcoin core currently has a market capitalization of $ 69.88 billion and a dominance of 51.9%. Approximately $ 7.3 billion worth of BTC has changed hands during the last 24 hours.
BCH is currently in its fourth day of consolidation above $ 140 following Feb. 18’s 15% rally. January is presently poised to comprise the first green monthly candle for BCH since July 2018.
When measured against BTC, BCH has similarly consolidated for several days at the 0.036 BTC area.
Bitcoin cash is currently the sixth largest crypto asset with a capitalization of nearly $ 2.55 billion and a dominance of 1.89%. Almost $ 1.18 billion worth of BCH was traded over the previous 24 hours.
Leading Altcoins Make Significant Gains Over BTC in Recent Months
A number of top altcoins have made considerable strides over BTC in recent months, suggesting that an altcoin season may be quietly underway.
Ethereum currently appears poised to post its second green monthly candle in months against BTC. ETH is currently trading for approximately 0.0376 BTC, up roughly 50% from December’s low of 0.025 BTC.
ETH is currently trading for nearly $ 150. Ethereum is the second largest crypto asset by capitalization with a market cap of $ 15.6 billion.
Despite posting a bearish performance during February so far, XRP has generated three green candles since September, with XRP currently trading for 0.000081 BTC, more than 95% higher than last year’s low of 0.000041 BTC.
Currently trading for $ 0.32, XRP is the third largest cryptocurrency with a capitalization of nearly $ 13.24 billion.
LTC to Post Fifth Green Candle Against BTC in 6 Months
Litecoin has been among the strongest performing altcoins relative to BTC in recent months, with LTC about to post its fourth consecutive green monthly candle after gaining 36% since the start of February. LTC is currently trading for roughly 0.0124 BTC, up 80% from December’s low of 0.0069.
Litecoin is trading for $ 49 and comprises the fifth largest cryptocurrency with a market cap of almost $ 3 billion.
TRX appears poised to post its first red monthly candle in five months, following a 13.5% drop against BTC since the start of the month. Despite February’s performance, TRX is currently trading for 630 satoshis, up 120% from November’s low of 290 satoshis.
Tron is trading from $ 0.025 and comprises the ninth-largest cryptocurrency with a capitalization of $ 1.67 billion.
ADA is less than a week away from posting its third consecutive green candle, with cardano currently trading for 0.0000116 BTC, up nearly 40% from December’s low of 835 satoshis. Cardano is worth $ 0.046 and comprises the 11-largest crypto asset with a market cap of $ 1.19 billion.
How long do you expect the current altcoin season to last? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
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Technology and healthcare companies led U.S. stocks higher Friday, erasing some of the market’s losses from the prior day and placing the benchmark Standard & Poor’s 500 on track for its fourth weekly gain in a row.
The broad rally came as investors weighed a mixed batch of corporate earnings reports.
Cryptocurrency prices have spiked significantly in value during afternoon trading sessions on Feb. 8. The entire market cap of the top digital assets recorded today has added over $ 15 billion in fiat value in just one hour.
Cryptocurrency Markets Gain Billions in One Hour
Earlier today, news.Bitcoin.com reported on a slew of leading digital currency markets breaking the descending trendline since December 2017’s all-time high (ATH). Not too long after our markets update, the bearish price trend for most cryptocurrencies has started to show signs of reversing. At the moment the entire digital asset economy is worth roughly $ 120.5 billion and global trade volumes have spiked to $ 20 billion+ worth of 24-hour trades.
Bitcoin core (BTC) is currently trading for $ 3,657 per coin and has a market capitalization of $ 64 billion at the time of publication. 24-hour statistics show BTC has jumped 7.3% today in value so far, giving it a 4.8% lead in value for the last seven days. This is followed by ripple (XRP) markets, which are up 7.2% as each XRP is swapping for $ 0.31 a token. Ethereum (ETH) has jumped considerably seeing a 13.5% gain today with each ETH trading for $ 118 apiece. In a surprising move today, litecoin (LTC) jumped to the fourth largest market cap as the cryptocurrency has gained 28.4%. Each LTC is trading for $ 42 per coin at the time of writing. Lastly, eos (EOS) has seen a 16% increase over the last 24 hours and each coin is around $ 2.72.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) markets are up over 10% today and 9.7% over the last seven days. At the moment, one BCH is trading for $ 128. The overall market valuation for BCH is around $ 2.27 billion and the cryptocurrency has about $ 306 million in trade volume. The top five exchanges trading the most BCH today are Lbank, Hitbtc, Fcoin, Huobi, and Coinbase. USDT is the strongest pair today against BCH and currently captures 32% of today’s trade. This is followed by ETH (29%), BTC (21.5%), USD (7.5%), and KRW (4.3%). Bitcoin cash today holds the seventh highest trade volume below XRP and above TRX.
BCH/USD Technical Indicators
Looking at the BCH/USD 4-hour chart on Poloniex and Kraken shows bitcoin cash bulls have pushed the price past heavy resistance much like most of the top coins. At press time the two Simple Moving Averages (SMA) are still spread, with the 200 SMA above the 100 SMA. This indicates the path toward the least resistance is still the downside. However, the two trendlines seem as though they will crossing hairs in the near future which would further solidify today’s gains if things reversed.
RSI levels are screaming oversold conditions on the 4-hour BCH/USD chart but this is true for most coins at the moment. After the initial jump in price, there’s been a slight correction but nothing too crazy. Order books show a bunch more resistance for BCH all the way until the $ 145 range and from there, things look a touch lighter. On the backside, lots of foundational support has formed and if bears attempt to grab the reins again then they will see pit stops between now and $ 110 again.
Breaking the Descending Wedge and the Eventuality of a Bitcoin ETF
Many traders are curious about what will happen next after many of the top digital assets broke out of their descending wedges. Many coins tried to overcome resistance in the past and today’s daily spike shows a bullish engulfing candle on BCH, BTC, ETH, and many other charts. Traders and speculators are also talking about bitcoin exchange-traded funds (ETF) today. The commissioner at the U.S. Securities and Exchange Commission (SEC), Robert J. Jackson Jr., explained he believes an ETF will “eventually” happen. Jackson thinks that someone will satisfy the SEC’s regulatory standards. For now, today’s cryptocurrency trading session seem far brighter than the last two weeks and the faithful remain positive a change will come.
Where do you see the price of BCH, BTC, and other coins heading from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, Bitstamp, Coinlib.io, and Satoshi Pulse.
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The post Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour appeared first on Bitcoin News.
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