Markets Update: Cryptocurrency Prices See a Slight Correction

Markets Update: Cryptocurrency Prices See a Slight Correction

Cryptocurrency prices have corrected over the last 24 hours as most digital assets have dropped in value between 6-10% since June 2 at around 6:45 p.m. EST. At press time the entire cryptoconomy is valued at $250 billion with about $80.5 billion in global trades in the last day.


Bulls Get Pushback

Digital currency values are lower this week after many coins dropped a few percentages during Sunday evenings trading sessions. Crypto bulls started showing some exhaustion during our last markets update but global trade volume has remained roughly the same. On June 4 at press time, the price per bitcoin core (BTC) is around $8,011 and BTC has a market capitalization of about $142 billion. BTC is down 6% today and has lost 7.9% over the last seven days.

The second largest market valuation is ethereum (ETH) and each coin is trading for $250. ETH has a total market cap of around $26.6 billion and has lost about 4.7% over the last 24 hours. Ripple (XRP) is trading for $0.41 per XRP, having dropped 5.9% in the last day. Lastly, the fifth largest market valuation is held by litecoin (LTC) and each LTC is swapping for $105 per coin. LTC charts show a loss of 5.8% for the day and 7.4% for the entire week.


Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) prices have dipped as well and each coin is trading for $397 per BCH at press time. BCH has lost 7.4% for the day and over the last seven days prices have dropped by 8.2%. Currently, bitcoin cash has an overall market cap of about $7 billion and over $2.1 billion in global trades in the last 24 hours. The top exchanges swapping the most BCH today include Coinbene, P2pb2b, Hitbtc, Binance, Huobi Pro, and Digifinex.

42.7% of todays BCH trades are paired against tether (USDT) which is followed by BTC, capturing 26.1% of trades. Other strong BCH pairs on June 4 include USD (16.5%), KRW (7.8%), EUR (2.4%), JPY (1.9%), and TUSD (0.73%). Since April 1 BCH has seen a significant increase in daily onchain transactions with 35,000-150,000 transactions per day and on June 4 theres been around 51,000 so far.


BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Kraken shows that bulls have lost the reins temporarily. Technical indicators show that most oscillators are either impartial signals or sell signals. For instance, the MACd, a momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows bears may pull the price down a bit lower. However, the 4-hour Relative Strength Index (RSI ~32.93) is hovering in the middle after touching overbought conditions on June 3.

The two Simple Moving Averages (SMA) reveal the 100 SMA is still above the longer term 200 SMA trendline. This indicates that the path toward the least resistance is still the upside despite the recent correction. Order books show some fresh resistance above the $400 mark and some walls within the $430-450 range as well. On the backside, if bears attempt to bring the price lower than they will be stopped at support foundations between $375-340.


Crypto Assets, Precious Metals and the Tumultuous World Economy

It seems that crypto prices are consolidating at the moment and intraday traders are searching for new positions. The downturn also follows alongside U.S. stocks tumbling in value with Dow Jones Industrial Average (DJIA) losing 365 points on June 3 and Nasdaq and S&P followed suit. Precious metals saw small increases yesterday and the price of gold is nearing a 13-month high. Some believe that precious metals like gold and silver and cryptocurrencies will be fueled by economic uncertainty as both types of markets have seen significant jumps in value.

Its likely due to the U.S. dollars drop in value which was sparked by commentary stemming from the St Louis Federal Reserve President James Bullard and Fed Chair Jerome Powell. Spectators believe the U.S. central bank is contemplating an interest rate cut in order to stabilize the American economy and dollar. As it stands, digital asset market values have increased a great deal in 2019. Even with the dip in value over the last 48 hours, at current market prices, cryptocurrency investments have still outpaced stocks, gold, and crude oil by a long shot.


The post Markets Update: Cryptocurrency Prices See a Slight Correction appeared first on Bitcoin News.

04.06.2019 / 07:40 17
Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper Markets Update: Bulls Show Signs of
Cryptocurrency prices have dipped slightly since our last markets update as most digital assets are down between 2-7% over the last 24 hours. Today,
Markets Update: Bears Claw Crypto Prices Back While Uncertainty Fills the Air Markets Update: Bears Claw Crypto
Digital asset markets fell hard during the early morning trading sessions on May 17 as the price of bitcoin core (BTC) quickly tumbled from $7,900 to
Markets Update: Crypto Prices Continue to Gather Bullish Momentum Markets Update: Crypto Prices Continue
Digital asset markets have been surging over the last 24 hours as the market valuation of the entire cryptoconomy has gained over $20 billion.
Markets Update: Crypto Bulls Outpace Stocks and Gold Markets Update: Crypto Bulls Outpace
Cryptocurrency markets have been doing extremely well over the last 48 hours, making a lot of prior skeptics think the bearish crypto winter may have
Markets Update: Crypto Prices Show Strong Recovery After Binance Loss Markets Update: Crypto Prices Show
Cryptocurrency markets are doing much better the day after the digital asset exchange Binance lost roughly 7,000 BTC ($40 million). Immediately after
Markets Update: Crypto Assets See Fresh Gains Markets Update: Crypto Assets See Fresh
The cryptocurrency economy has seen further gains, as the entire market capitalization jumped to $179 billion during the early morning trading
Comments (0)
Add a comment
Comment on