This week there was massive green all across the board, as the cryptocurrency markets are recovering well. The markets returned today at one of their previous highs, back above 350$ billion total market capitalization. Mostly winners this week’s price analysis, as there were almost no decreasing in value cryptocurrencies, with few exceptions of course. Almost all cryptocurrencies experienced an increased trading volume, as the markets were really active.
It was an interesting week with a lot of opportunities. Both Bitcoin and Ethereum trading pairs had interesting moving patterns. Let’s take a look at some statistics from this week and cryptocurrencies that made it under the spotlight.
Top 5 cryptocurrencies by trading volume (24-hour)
- Bitcoin (BTC) (35,53%) – Trading Volume: 7 330 647 495$ Average Price: 8,253$
- Tether (USDT) (10,65%) – Trading Volume: 2 197 503 088$ Average Price: 9955$
- Ethereum (ETH) (9,89%) – Trading Volume: 2 039 629 443$ Average Price: 535,00$
- Ripple (XRP) (3,99%) – Trading Volume: 822 358 750$ Average Price: 0,7253$
- Tron (TRX) (3,09%) – Trading Volume: 637 656 793$ Average Price: 0,0491$
Bitcoin (BTC) Price Analysis
After Bitcoin dropped below 7900$ yesterday, it was quick to recover today, trading at around 8,250$. Bitcoin’s Dominance index is 39.3% and has been decreasing for the last week. This is a good sign for all altcoins, as their market cap and prices are increasing. Bitcoin’s chart shows that the cryptocurrency is starting to exit the descending triangle it’s in since the beginning of 2018. There are indications for short term growth, as Bitcoin is stepping at a crucial support level.
The Relative Strength Index (RSI) of Bitcoin remains at the neutral zone where it isn’t oversold neither overbought. The moving average convergence divergence (MACD) indicator is signaling that it is a good time to buy. It is highly likely that Bitcoin will reach the 8,600$ mark this week if it can sustain its momentum. If Bitcoin can keep going, a rally to 9,200$ is possible, and another rally to 10,000$ after. However if the support is not enough, the currency can easily fall back to around 7,000$.
Like Bitcoin, Ethereum is also barely exiting the descending triangle from the beginning of the year. However, Ethereum is recording decent growth and has increased with 33% for the last week. The cryptocurrency jumped from 424$ to 563$ as of writing this price analysis. Ethereum’s volume has also increased by 33% for the last 24 hours, but was higher a week before.
Ethereum was staying close to the 500$ support level, but yesterday it made a last push towards the new support level. The currency is still rallying, so it will be interesting to see where it will stop. Ethereum is always one of the safer bets to have in the cryptocurrency world so it continues to be a great investing opportunity.
As of writing this price analysis, Ripple is trading for 0,77$ and has increased by more than 25% for the last week, as it was trading for 0,61$. There are good indications that bullish action may be coming next. If this happens, a rally to 0,84$ is possible so proactive traders can take long positions on Ripple. Ripple seems really popular in South Korea and Japan, as more than 50% of Ripple’s trading volume is being traded for South Korean or Japanese Fiat currencies. Depending on how you view this, it could be a bad sign, but it could be a great sign for Ripple with bullish action looking really possible.
Stellar has made an incredible jump in price for the last week, overcame the descending triangle and entered an ascending triangle pattern. The cryptocurrency was trading at 0.20$ on April 11th and has since increased by 90%, rising to nearly 0.38$. Stellar’s total market cap is over 6.8$ billion as of writing this cryptocurrency price analysis and remains strong the 8th cryptocurrency by market cap, close to the 7th place Cardano.
The most interesting part about Stellar is that in April 11th the 24-hour trading volume of Stellar was around 26$ million and has since risen to well above 200$ million, almost 900%. Judging by this, many people have started to trade more with Stellar and millions of Stellars have changed hands. Binance and Upbit are responsible for more than 53% of the total volume. Stellar is riding the momentum and it seems like the future is bright. Like Ethereum, Stellar is an Initial Coin Offering platform that has many benefits to offer.
Monero is holding strong to the 11th place for cryptocurrencies by market capitalization with over 3.7$ billion. Monero’s price has been increasing this week, as it was trading at 166$ on April 12th. Monero is currently trading at 235$. This price increase amounts to almost 50% increase for less than a week. Yesterday, Monero made an insane jump from 197$ to 233$ with an increased volume by 400%. Monero is our number one Security and Privacy coin. Read the article to learn more about Top 5 Security and Privacy coins.
The security focused cryptocurrency, Verge experienced an extreme pump and dump this week, after which it came crashing. On April 17th, Verge a large pump and dump, increasing with more than 40%. Verge’s trading volume also surged by more than 1000%.
Verge’s price surge happened right as the company revealed a partnership with Pornhub to allow its users to purchase adult films with with the cryptocurrency. Right after the partnership was announced, Verge’s price plummeted from 0,11$ to 0,07$, and later to 0,06$. Still, the cryptocurrency made a small comeback to 0,07$ but it has a long way still. Trading on rumors or partnerships are both big mistakes, as most of the times the investor suffers the consequences.
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