The Cryptocurrency Market Enters a Large Uptrend Led by Ethereum
May 4, 2018, 10:52AM
The cryptocurrency market has resumed its uptrend, but the gains are uneven across the board with a mix of gainers and losers.
The cryptocurrency market has resumed its uptrend, but the gains are uneven across the board with a mix of gainers and losers. Most of the major assets have moved single-digits in the last 24 hours with Ethereum taking the lead with an over 10% rally. The total cryptocurrency market capitalization is now $458 billion with Bitcoin dominance stable at 36.2% of the market.
Bitcoin
The overall market sentiment for Bitcoin is bullish. Goldman Sachs has announced plans to start trading Bitcoin futures, and South Korea is working on legalizing ICO launches. Bitcoin is rallying towards resistance at $10,000, and if this level is broken it would indicate a very bullish double bottom reversal pattern.
Bitcoin is up 5.84% to a price of $9,756 and a market cap of $166 billion. Bitcoin Cash is up by only 1.55% to a per unit price of $1,503 and a market cap of $25.72 billion.
Ethereum
Ether prices have spiked around almost 12% to a total market cap of $80 billion on moderate volume. The current per unit price of $799 has shattered technical resistance at $780 and is now testing the psychological resistance point of $800. Ether is the best performing asset among the top 25 cryptocurrencies.
EOS & Cardano
EOS and Cardano buck the trend with single-digit declines of 3.8% and 1.70% for market caps of $14.29 and $9.15 billion, respectively. In the case of EOS, today's decline is the latest in a longer term correction that began near the end of April. The technicals for both assets are negative.
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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