Markets Update: BCH Rallies, XRP Nears ETH MarketCap
In the cryptocurrency markets, BCH appears to be confirming the recent establishment of a double bottom at approximately $422, preceding bitcoin cash’s rally this past week that culminated in breaking resistance at roughly $600 today. XRP has also produced a strong rally in recent days, with ripple currently appearing poised to overtake ethereum as the second largest cryptocurrency by market capitalization.
BCH Breaks Resistance at $600
BCH has posted a strong performance this past week, rallying by nearly 50% from a retest of 2018’s low at approximately $410 on Oct. 31st to be currently trading for roughly $615.
The rally appears to have produced a double bottom ‘W’ formation on both the USD and BTC charts, with price currently establishing a higher high than that posted on Sep. 27 at the highest price posted since Sep. 5 on the BCH/USD daily.
When measuring against BTC, BCH is currently trading at the highest price posted since Aug. 9, at roughly 0.0945 BTC after breaking above multi-month resistance at approximately 0.09 BTC.
Bitcoin cash is the fourth largest cryptocurrency by capitalization at $10.4 billion.
XRP Rivals ETH Market Cap
Ripple has rallied to rival ethereum as the second largest cryptocurrency by market capitalization for the first time since Sep. 21, with XRP briefly ranking above ETH at approximately 9:00 UTC on Nov. 6. As of this writing, ripple is the third largest cryptocurrency with a market cap of over $21.4 billion, trailing slightly behind ethereum’s roughly $22 billion.
In the last two days, XRP has posted price gains of roughly 15%, with ripple currently trading for approximately $0.54 and 0.0000831 BTC. In the last four hours, XRP rallied as high as $0.568 and 0.0000875 BTC.
ETH by contrast has been very stable in recent weeks, trading within an approximately 13% range of around $195-$220 for the past three to four weeks when measuring against the dollar. ETH is trading for $216 as of this writing.
When measuring against BTC, ETH has traded within a range of less than 3% between roughly 0.03083 BTC and 0.032 since Oct. 12, before rallying by 7.2% on Nov. 4 to test resistance at 0.0336. ETH has since consolidated and is trading for roughly 0.0333 BTC as of this writing.
BTC Consolidation Continues
BTC has continued to consolidate within an approximate range of between 10% and 12% since early September, following the posting of the lowest monthly volatility for 2018 at the end of October.
For four weeks the price has hovered between roughly $6,200 and $6,850 on Bitfinex, and between $6,100 and $6,800 on Bitstamp. BTC currently has a market cap of approximately $111.7 billion, and is trading for $6,485 on Bitfinex and $6,430 on Bitstamp.
Do you think that Ripple can overtake Ethereum as the second largest crypto market by capitalization for a meaningful length of time? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
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