The cryptocurrency markets have enjoyed a strong week, with BTC, BCH, and many altcoins generating significant gains in recent days. There is considerable uniformity shared among major altcoin markets, with many cryptocurrencies recovering to test the 0.236% retracement areas after breaking above descending trendlines.
Also Read: Kraken CEO Condemns “Hostile” Questionnaire Issued by New York AG
BCH Gains Over BTC
Whilst bitcoin (BTC) has made gains of 10%, this past week has seen Bitcoin Cash (BCH) perform with considerable strength, ramping up to gain nearly 50% against the dollar in just 7 days. Yesterday, the markets surged past resistance at $1,000 USD, breaking into the four-figure threshold for the first time since March. As of this writing, BCH appears to be consolidating above $1,000, with current prices sitting at roughly $1,080.
When measuring against BTC, BCH has gained 40% in a week – bouncing from a low of approximately 0.092 BTC to the current levels of roughly 0.13 BTC. When measuring from 2018’s high of 0.25BTC, BCH is currently consolidating at the 23.6% retracement area. Bitcoin Cash is currently the fourth largest cryptocurrency by market capitalization, with a total capitalization of approximately $18.5 billion according to Coinmarketcap.
Altcoin Markets Begin to Reverse During April
After months of sustained downward price action that saw many markets lose upwards of 80% – 85%, many altcoins have produced substantial gains over the course of recent weeks after breaking above major descending trend lines against both BTC and the dollar. Many markets are now testing their respective 0.236% retracement areas when measuring from 2018’s highs.
The second largest crypto by market cap, Ethereum, has made gains of approximately 60% over the last fortnight, rallying from the local low of approximately $370 USD