Digital assets, this weekend, have recovered a touch after a temporary price dip that started roughly 48 hours ago but crypto-values have rebounded once again on July 27. This Saturday, all 1600+ digital currencies are seeing slight gains as the entire cryptocurrency market capitalization at the start of the weekend is around $297.9Bn USD, with over $32.2Bn worth of cryptos swapped in the last 24 hours.!
A great majority of digital assets today are in the green seeing gains between 2-10 percent during the last 24 hours of trading sessions. Prices first took a big drop after the US Securities and Exchange Commission (SEC) had denied the Winklevoss twins exchange-traded fund (ETF) which may have put a black cloud over the community’s optimism concerning the upcoming Cboe ETF decision. After the ETF was denied, the price of bitcoin core (BTC) dropped from a rough average of $8,200 per BTC to a low of $7,798. However, not too long after that BTC prices jumped back up $400 to the $8,200 zone again. Most of the other digital currencies within the crypto-economy have been correlated with BTC and had followed the rebound back as most are nurturing losses today.
Bitcoin Core (BTC) Market Action
At the time of publication, the price of bitcoin core (BTC) is averaging around $8140- 8200 per coin. BTC has swapped over $6.2Bn today in global trade volume and the currency’s market valuation is around $140Bn this Saturday. The top BTC exchanges include Bitflyer ($2.02 Bn), Binance ($270.07 Mn), Bitfinex ($229.94 Mn), EXX ($212.66 Mn), and Coinbene ($169.53 Mn). The Japanese yen continues to be the dominant currency pair (49.5%) traded with BTC which is followed by tether (USDT 32.2%), USD (12.5%), EUR (1.64%), and the KRW (1.5%). BTC dominance is the highest it has been in months as the digital asset’s capitalization is 47.3 percent amongst all 1600+ market valuations. On the peer-to-peer platform, Shapeshift this Saturday shows the top swap is ethereum (ETH) for bitcoin core (BTC).
Markets Update: Crypto-Prices See Some Recovery After the Dip
BTC/USD Technical Indicators
BTC/USD charts today on Coinbase and Bitstamp are showing some consolidated action taking place as bulls seem to be recharging. A few days ago, the BTC/USD charts’ relative strength index (RSI) signaled a bearish divergence which drowned out the bulls with buyers wanting cheaper prices. Today the RSI is lower (52) and BTC bulls could muster up some strength to surpass current resistance levels. The SMA 200 is above the short-term SMA 100 on the 4-hour chart which indicates the path to least resistance is towards the downside. MACd is meandering in the middle (27.89) and shows room for improvement in the next few hours. Order books looking northbound show deep resistance from now up until $8,660 and observations from the Average Directional Index (ADX) shows this move is possible. On the back side, there is plenty of foundational support between $8K through $7,400.
Markets Update: Crypto-Prices See Some Recovery After the Dip
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) is being sold between $780 to 830 per coin this Saturday and the currency’s market valuation is around $14Bn. 24-hour trade volume is a bit lackluster since our last markets update as trades are around $567.3Mn today. The top BCH exchanges swapping the most bitcoin cash today include Coinex ($132.40 Mn), Okex ($59.30 Mn), Binance ($54.47 Mn), Hitbtc ($36.31 Mn), and Huobi Pro ($32.71 M). The top currency pair with BCH is tether (USDT 57.6%) which is followed by BTC (28.2%), USD (5.6%), ETH (2.7%), and KRW (1.14%). Bitcoin cash is the fifth most traded cryptocurrency this Saturday, just below the currency EOS.
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