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Bitcoin Cash Outpaces Crypto Consolidation with 20% Spike
The top 10 cryptos are trading more or less sideways today, with the exception of bitcoin cash, which has spiked in the last 24 hours.
Updated Sep 13, 2021, 7:32 a.m. Published Feb 8, 2018, 12:45 p.m.
The top 10 cryptocurrencies by market capitalization look to be consolidating today, generally trading flat to positive below yesterday's highs.
Currently, the total market capitalization of all currencies is $380 billion – down just 5 percent from a high of $401.87 billion seen yesterday. The total value is also up 40 percent from the low of $276 billion seen on Feb. 6, according to CoinMarketCap data.
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The notable exception to this sideways trading, however, is bitcoin cash (BCH).
At time of writing, the cryptocurrency had spiked more than 23 percent in 24 hours, a figure that was outpacing averages across the market.
Bitcoin cash (BCH), the world's fourth-largest cryptocurrency by market capitalization, is clearly leading the pack. At the current price of $1,207, BCH is trading 18 percent above the previous day's high of $1,040 and almost 60 percent above Tuesday's low of $764.
(BTC) is trading at $8,468, currently – down 0.48 percent from the previous day's high of $8,509.11. That said, on Coinbase's GDAX exchange, BTC is trading well above the 200-day moving average of $8,020. Further, the cryptocurrency breached the key trendline resistance earlier today, and could soon witness a sustained move above the previous day's high of $8,650 (as per CoinMarketCap).
Meanwhile, other names like ethereum's ether token, Ripple's XRP token, cardano, litecoin, NEO are all down at least 3 percent from yesterday's peaks.
Clearly, the broader markets are consolidating and a move above the highs seen yesterday would establish a higher high (bullish chart pattern) on the price charts, thus opening doors for further gains.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Ripple.
Kart race image via Shutterstock
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