Bitcoin Rallys Through $8,200; New Crypto Market Cap Record
- Bitcoin pierces through $8,200 and is set to push higher.
- Turnover in the last 24 hours has been strong but not exceptional.
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Bitcoin (BTC): Another Day, Another Record High for the Market Heavyweight.
Bitcoin(BTC) traded above $8,200 in European trade Monday, set up by a reasonably active session in Asia with trading dominated by US Dollars, ahead of Korean Won and switching from Bitcoin Cash (BCH). While turnover was active at just over $3.6 billion, this is around half the volume seen this time last week when BTC volume broke through $7 billion for the first time. Slowing volume may indicate that enthusiasm for BTC may be waning but for now, potentially, the path of least resistance in the short-term points to higher prices.
BTC prices have been driven higher by a regular flow of positive news of late, and more importantly a lack of any bad news or negative commentary. The launch of BTC futures by the CME and the CBOE also nears, an event that is expected to increase liquidity and market respectability.
We discussed the upside potential of BTC at last week’s Bitcoin webinar - if you would like to join us every Wednesday at 12:00pm for updated news and views, please click here.
** Please note that this week’s webinar – w/c November 20 – will take place on Thursday November 23. **
Chart: Bitcoin (BTC) Daily Timeframe (July 15 – November 20, 2017)
Ethereum (ETH) Exceeds Short-Term Target
At last week’s webinar we noted that Ethereum’s price action pointed to further gains with the 78.6% Fibonacci retracement level at $353 the first target. If this level holds, then the September 1 high of $395 beckons ahead of the all-time high at $412.
Chart: Ethereum (ETH) Daily Time Frame (June – November 20, 2017)
The total crypto-currency market capitalization rose further Monday, hitting $242 billion, as the altcoin market joined in the heavyweights rally. Both Ripple (XRP) and Litecoin (LTC) rose in excess of 25% over the last week, while Dash (DASH) is currently around 33% higher over the last 7 days after hitting a high-low peak in excess of 70%.
Market Moves/Top 8 Capitalizations – November 20, 2017
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.