Cryptocurrencies are seeing some relief during today’s trading sessions just before the weekend, as the top ten digital assets are currently up 3-11 percent. Most of the losses that took place two days ago have been erased as the total market capitalization of all digital currencies now tops $420Bn USD.
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Cryptocurrencies Rebound Erasing Most of the Week’s Losses
Digital currencies are showing bullish momentum today as the losses 48-hours ago seemed to be a ‘bear trap.’ BTC/USD markets reached a low of $8,647 yesterday but then rebounded back to the $9,380 region earlier this morning EDT. At the moment the current weighted average for BTC/USD prices is hovering around $9,250 per coin and trade volume has been around $7.9Bn over the last 24-hours. Daily BTC/USD values are up 4.6 percent at the time of publication and 9.8 percent over the last week. The top five exchanges today swapping the most BTC include Okex, Binance, Bitfinex, Bitflyer, and Huobi. Out of all 1591 cryptocurrencies, BTC has an overall market valuation dominance today around 37 percent. The Japanese yen currently commands the most BTC trades today, capturing 53 percent of the market. This is followed by the USD (20%), tether (USDT 15%), KRW (4.9%), and the EUR (3.6%). The most popular trade today on the peer-to-peer platform Shapeshift is ETH for BTC swaps.
BTC/USD Technical Indicators
Looking at the 4-hour BTC/USD chart shows that bulls are trying to muster up the strength to break resistance at $9,500 and above. The two Simple Moving Averages (SMA) show the short term 100 SMA is well above the long-term 200 trendline. This indicates the path towards resistance should head towards the upside after some deep sell walls.
