Markets Update: Crypto Assets Spike But Traders Are Skeptical
Most of the top crypto assets are seeing gains today as many cryptocurrencies suffered losses over the past week. BTC/USD markets reached a weighted average of $9,892 across global exchanges during the overnight trading sessions. This rise follows BTC/USD prices touching a low of $8,366 on March 9 and many other digital assets reaching lows as well. After most crypto-assets spiked during this morning’s early trading sessions, this afternoon a significant amount of them are seeing losses once again.
Monday’s Early Morning Spike Doesn’t Hold as Bears Claw Weaker Volumes
The overall market capitalization of all 1500+ digital assets is roughly around $394Bn after a vast majority of cryptocurrencies shaved billions off their valuations over the past six days. During Sunday’s trading sessions on March 11, BTC/USD markets and many other cryptos started seeing some relief. Currently, BTC volume is decent as there’s been roughly $6Bn worth traded over the past 24 hours against various crypto pairs and fiat currencies. The top five exchanges swapping the most BTC today are Bitfinex, Okex, Binance, Bitflyer, and Upbit. The Japanese yen continues to command the top fiat currency position as the yen is 52 percent of current BTC trades. The yen is followed by the USD (23%), tether (USDT 13%), the euro (3.92%) and the Korean won (3.9%).
Looking at the 30-min, 4-hour, and daily BTC/USD charts there is clearly some significant consolidation taking place and the continued wedge formation. At the time of writing, one BTC is worth around $9,300-9,500 during the afternoon hours (EST). One positive sign is the two Simple Moving Averages (100 SMA and 200 SMA) have crossed hairs, and the short-term 100 SMA is now above the longer term 200 SMA trendline. This indicates the path to the upside will have less resistance and reinforces the short-term bullish sentiment.
After touching the high of $9,892 earlier this morning (EDT), the MACd has been heading southbound, but still hovers in a relatively safer zone. RSI and Stochastic oscillators (below 50.00) are showing oversold conditions at the time of publication, but it looks like a temporary downturn. Order books on the upside show some tough resistance around the $10K region, but nothing major if bulls wished to press that region later today. Another pit stop will be around $10,600 for a short period of time. On the back side, there’s a lot of support showing for areas within the $9,100 through 8,600 zones.
Cryptocurrency Markets In General
Overall cryptocurrencies, in general, are doing well today and seem to be in recovery mode. The second largest cryptocurrency market capitalization held by ethereum (ETH) is up 1.9 percent as one ETH is roughly $730. Ripple (XRP) has seen some smaller gains as one XRP is $0.82 cents, and markets are only up 0.76 percent. The fourth largest market valuation is bitcoin cash (BCH), and its markets are up 3.7 percent today. One BCH is averaging around $1,113 per coin. Lastly, litecoin (LTC) is also seeing some decent recovery as one LTC is about $190 during this afternoon’s trading sessions. At the moment BTC’s market valuation is dominating by 42 percent amongst 1500+ cryptocurrencies.
The Verdict: Short-Term Skeptical — Long-Term Bullish
Traders are still skeptical to where this current spike is headed or if it will be short-lived. $6Bn over the past 24 hours for BTC markets is decent, but nothing special compared to two months prior. Well known traders like Haejin Lee, crypto traders across forums like r/Bitcoinmarkets and chat groups like the Whale Club seem uncertain as well. Further, there’s been a lot of unpredictability due to governments and regulations worldwide, as many nation-states are preparing laws and rules concerning cryptocurrency activities. The last point of concern is the trustee from the Mt Gox case who has been selling millions worth of BTC and BCH. The trustee from Tokyo has a lot more to sell on the open market which concerns some skeptics.
Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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