The collective crypto-market climbed to a market cap of $176.6 billion, propelled by the latest surge on April 15. The king coin, Bitcoin [BTC], rallied by 2.09% while Litecoin [LTC] surged by 7.83%, over the past 24 hours.
At press time, BTC held a market cap of $91.41 billion and was priced at $5,181. The cryptocurrency registered a 24-hour trading volume of $10.82 billion. Its silver counterpart and the sixth largest coin on CoinMarketCap, LTC, held a market cap of $5.12 billion and a 24-hour trading volume of $2.51 billion. The crypto-asset was valued at $83.60.
1-day BTC chart
BTC’s one-day chart exhibited a downtrend from $6,451 to $5,309, along with a small uptrend from $4,194 to $5,104. The supports for the crypto-asset were found at $4,036, $3,789 and $3,469, while the immediate resistances were found at $5,654 and $6,467.
Bollinger Bands: The diverging bands of the indicator predicted increasing volatility for the gold crypto’s price.
Awesome Oscillator: The closing bars of the indicator were red and continued to draw a bearish picture for the coin.
Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price pattern for BTC was predicted.
1-day LTC chart
The candlestick arrangement for LTC’s one-day chart projected two uptrends from $32.90 to $45.68, and from $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.17 to $78.49 was registered, following which the coin climbed over the $80 mark. A minor downtrend from $56.52 to $34.60 was also recorded.
A potential price break was anticipated at press time, one that may push the coin over the $90 mark. The support points for LTC stood firm at $56.70 and $41.93.
Parabolic SAR: The dotted markers were below the candlesticks, suggesting a bullish phase for the silver crypto.
MACD: The MACD line was below the signal line, indicating a bearish trend formation for the silver coin’s valuation.
Klinger Oscillator: The reading line was also below the signal line and depicted a bearish phase for the coin.
BTC continued to exhibit minor highs with persistent volatility while Litecoin soared by 7% over the past 24 hours. However, the silver coin’s market was turning bearish over the last few trading cycles.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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