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Crypto Market Surges from Lows of the Trend as Bitcoin Cash and Ethereum Rally

November 07, 2018 16:59
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The last few sessions for the crypto market has been overall positive, as, after a long period of muteness and sideways momentum, the market started showing signs of strength led by the rally in altcoins. The total market cap of the crypto market has increased by $6 billion in the past 24 hrs to reach around the $220 billion.

The boost in the market has been pushed by the rally in Ethereum and Bitcoin Cash, rallying over 10.5 per cent and 35 per cent in the last four sessions and in the past 24 hours, Bitcoin Cash has rallied over 12 per cent. The noise around Bitcoin Cash is due to the hard fork which is scheduled on Nov. 15th.

Source: Coinmarketcap.com

In the past few sessions, the market dominance of Bitcoin has decreased to 51 per cent and has also crossed above the resistive $6,500 level which is extremely bullish. In the last two months, the Bitcoin price was consolidating between the $6,200 and $6,500 with very static movement.

Now, if the Bitcoin price successfully holds above the $6,500 level, then it will provide a little confidence to the bulls to return to the market. The next major resistance is place $6,800 level in order to move further higher.

There has also been a positive development, with data suggesting unique addresses has been rising for quite some time, signalling the presence of buyers who are looking to accumulate BTC at the current levels. As of 5th Nov. 2018, the number of unique addresses used to purchase Bitcoin has touched around 500,000.

There has also been a rise in optimism, that SEC will be approving the first Bitcoin ETF over coming months, for which SEC just concluded the public consultation round.

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