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Bitcoin Rallys Through $8,200; New Crypto Market Cap Record

Bitcoin Rallys Through $8,200; New Crypto Market Cap Record

2017-11-20 15:54:00
Nick Cawley, Strategist
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Talking Points

- Bitcoin pierces through $8,200 and is set to push higher.

- Turnover in the last 24 hours has been strong but not exceptional.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

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)

Bitcoin Rallys Through $8,200; New Crypto Market Cap Record

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)

Bitcoin Rallys Through $8,200; New Crypto Market Cap Record

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

Bitcoin Rallys Through $8,200; New Crypto Market Cap Record

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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