Cryptocurrency Market Analysis: Bitcoin Cash (BCH) Breaking the Barriers, Skyrockets Over 10% on Thursday

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The crypto market is bullish on Thursday morning with most of the coins recovering the losses that had occurred during the trading session on Wednesday. However, among the top twenty cryptocurrencies by market capitalization, IOTA (MIOTA) price is the only asset in the red with a downside correction of 1.92% in the last 24 hours. MIOTA/USD was shining despite the bearish wave in the market yesterday, but it appears that the bears have finally caught up with the buyers and are now seeking further downside equilibrium.

Market Overview

The cryptocurrency market is currently recovering after a major selloff that took place in the first quarter of 2018. Various aspects led to the digital currencies’ downslide with some cryptos shedding off more than 50% of their value traded between December 2017 and January 2018. Bitcoin Gold lost more than 90% of its value from trading above $400 to hitting rock bottom below $40. The total market capitalization also plunged from over $700 billion down to approximately $250 billion. The market is, however, on a recovery phase, similarly, the global market capitalization stands at $436 billion at the time of writing. It is slightly up from Yesterday’s $435. The trading volume is at $21 billion today, which is a slight drop from yesterday’s $22 billion.

Top Ten Cryptocurrency Roundup

The virtual currencies are correcting higher and investors looking at the charts today can afford a smile, although the recovery journey is not over. Bitcoin Cash (BCH) is leading other assets with a 10.16% surge while it is taking up 6.48% of the total global trading volume. Ethereum (ETH) is in second place up 5.52%, at the same time it takes up 17.28% of the trading volumes. Ripple (XRP) takes up 7.22% of the market trading volumes while it is up today by 3.59%. EOS, Litecoin (LTC), Cardano (ADA) and Stellar (XLM) are all up between 3 – 4%. Tron (TRX) closes the list of the gainers with a 1.66% increase in price. Last but not least, IOTA (MIOTA) is the only currency in the top ten list indicating losses of 1.27% in the last 24 hours.

Bitcoin Cash Price analysis

Bitcoin Cash (BCH) is the biggest gainer among the top twenty cryptocurrencies. The buyers are relentless in their quest to break the barriers. The crypto declined during the trading yesterday and traded below $1,500, however, it was supported by the 61.8% Fib retracement level with the previous swing high of $1,831 and a low of $1,259. BCH/USD bounced as it retraced its steps breaching key resistance areas at $1,550 and $1,600 respectively.

Bitcoin Cash (BCH) exchanged hands above $1,800 on May 6, similarly, the bulls are eyeing to revisit this level, but they must overcome the resistance at $1,700. The 23.6% Fibo is a significant barrier to the price as it attempts to correct higher. A break above this level could allow BCH/USD to gain momentum to attack the psychological $1,800.

At the moment, Bitcoin Cash (BCH) price is flirting with $1,657, a short-term support has been formed at $1,630. If it fails to hold the price, the moving averages will provide support below $1,600. However, the next major support target for BCH/USD is at $1,500.

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