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Bitcoin Cash [BCH] pumps by 9% as market’s bullish wave continues

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Bitcoin Cash [BCH] pumps by 9% as market’s bullish wave continues
Source: Pixabay

Bitcoin Cash [BCH] saw yet another significant price increase, days after the coin rose by a whopping 18 percent against the US Dollar. On 16 March, Bitcoin’s [BTC] breach of the $4,000 mark saw the collective market surge, shooting past the $140 billion mark, with top coins in a sea of green. At press time, another bullish wave had taken over the market.

After trading at a stagnant price of under $130, BCH prices soared to above $160, for the first time in over two months. Despite market correction forces stepping in and pulling the prices down to $149, the bulls struck again. The bulls pushed the price above the $155 mark within 12 hours of the fall.

At 0130 UTC on 18 March, the coin broke the $160 mark yet again, and breached the $166 mark. At press time, the coin had gained by 9.28 percent against the US dollar, and was trading at $165.48.

Source: Trading View

Bitcoin Cash valuation has soared since the bulls struck the market, adding over $500 million in the first cycle. After peaking at $2.81 billion on 16 March, market correction had pulled the coin’s market cap to $2.63 billion.



However, the coin defied the odds, and pushed up again, breaking the $2.9 billion mark by 0100 UTC. The market cap reached as high as $2.94 billion, its highest point since it broke the $3 billion mark on 3 January. At press time, the market cap of Bitcoin Cash stood at $2.92 billion, ahead of Binance Coin [BNB] by just under $700 million, and behind EOS by over $500 million.

P2PB2B dominated the Bitcoin Cash global trading volume, accounting for 6.29 percent via the pair BTC/BCH. Other prominent exchanges were Huobi Global, ZBG and IDAX, holding 6.05 percent, 6.02 percent, and 5.18 percent of the BCH trading volume, respectively.





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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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