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Bitcoin Cash Outpaces Crypto Market Consolidation with 20% Spike

The top 10 cryptocurrencies by market capitalization look to be consolidating today, generally trading flat to positive below yesterdays highs.

The notable exception is bitcoin cash, which at time of writing had spiked more than 23 percent in 24 hours. At press time, that figure had dropped a little to 19 percent.

Currently, the total market capitalization of all currencies is $38 billion – down just 3 percent from the high of $401.87 billion seen yesterday. The total value is also up 40 percent from the low of $276 billion seen on Feb. 6, according to CoinMarketCap data.

Bitcoin cash (BCH), the world’s fourth-largest cryptocurrency by market capitalization, is clearly leading the pack with a 23 percent rise in the last 24 hours. Also, at the current price of $1,207, BCH is trading 18 percent above the previous day’s high of $1,040 and almost 60 percent above Tuesday’s low of $764.

Bitcoin (BTC) is trading at $8,468, currently – down 0.48 percent from the previous day’s high of $8,509.11. That said, on Coinbase’s GDAX exchange, BTC is trading well above the 200-day moving average of $8,020. Further, the cryptocurrency breached the key trendline resistance earlier today, and could soon witness a sustained move above the previous day’s high of $8,650 (as per CoinMarketCap).

Meanwhile, other names like ethereum’s ether token, Ripple’s XRP token, cardano, litecoin, NEO are all down at least 3 percent from yesterday’s peaks.

Clearly, the broader markets are consolidating and a move above the highs seen yesterday would establish a higher high (bullish chart pattern) on the price charts, thus opening doors for further gains.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Ripple.

Kart race image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Author: Currency

Updated: February 8, 2018 — 2:08 pm

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