Price Analysis: Bitcoin and Ethereum vs. Bitcoin Cash and Ethereum Classic
Apr 24, 2018, 1:39PM
An in-depth overview of the price action and developments in the cryptocurrency market going into Tuesday, April 24th, 2018.
The cryptocurrency market continues to soar. This may be due to the influx of big Wall Street names into the industry. Daniel Masters, the former head of JP Morgan's global energy trading desk believes the market will be much bigger than its current size in the future, and he may be right.
Total market size now hovers at $423 billion with Bitcoin dominance down slightly to 37.3% as altcoins grow to take up a larger share of the market.
Bitcoin & Bitcoin Cash
Bitcoin continues to do well, albeit it still underperforms the other assets by a significant margin. Prices have consolidated near the $9,200-$9,300 level and continue to slowly creep higher.
Bitcoin Cash, on the other hand, is solidly outperforming the sector, breaking past resistance at $1,500 and forming a bullish trend line with support at its former resistance point. Prices remain in an uptrend and may break the $1,600 level soon which would indicate a short-term buying signal.
Ethereum & Ethereum Classic
Ether was the best performer out of the top three, up around 8.5% since yesterday and testing the psychological resistance point at $700. Ethereum's total market cap is now just under $70 billion.
Ethereum Classic continues to gain ground, recently breaking past $20 resistance and forming two bullish trend lines on the hourly chart. The asset is up 5.25% in the last 24 hours for a market cap of $2.18 billion and the 16th spot on coinmarketcap.com.
Other Assets
Bitcoin Private (BTCP) has made it to the 25th position by market cap, soaring from $14.50 to $55 in a matter of weeks and earning a market cap of $1.12 billion. Bitcoin Gold (BTG) and Bitcoin Diamond (BCD) are worth $1.47 billion and $756 million, respectively.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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