Big gains for Bitcoin Cash as crypto market bounces back
The top ten cryptocurrencies are showing signs of bouncing back today as the crypto market shows flat to positive gains following yesterday’s highs.
At the time of writing, the total market capitalization of all cryptocurrencies is around $396 billion.
This is only slightly down from yesterday’s high of $401.87 billion.
Compared to the low of $276 billion seen on Feb. 6, the total value is now also up over 40 percent, according to CoinMarketCap data.
As most digital assets manage to hold onto their value today, the exception was Bitcoin Cash (BCH).
The price of the Bitcoin spin-off has soared, with a spike of more than 31 percent in 24 hours, at the time of writing.
This figure is outpacing averages across the market.
Bitcoin Cash leads the pack
According to Coin Desk, Bitcoin cash (BCH), the world’s fourth-largest cryptocurrency by market capitalization, is clearly leading the pack.
At the current price of $1,308, BCH is trading way above the previous day’s high of $1,040 and over 60 percent above Tuesday’s low of $764.
Bitcoin (BTC) is trading at $8,370, currently – down slightly from the previous day’s high of $8,509.11.
That said, on Coinbase’s GDAX exchange, BTC is trading well above the 200-day moving average of $8,020.
Further, the cryptocurrency breached the key trendline resistance earlier today, and could soon witness a sustained move above the previous day’s high of $8,650 (as per CoinMarketCap).
Meanwhile, other names like Ethereum’s ether token, Ripple‘s XRP token, Cardano, Litecoin, NEO are all down at least 3 percent from yesterday’s peaks.
Clearly, the broader markets are consolidating and a move above the highs seen yesterday would establish a higher high (bullish chart pattern) on the price charts, thus opening doors for further gains.