BCH and BTC markets have begun the year with consolidation, with BCH bouncing between $150 and $175 and BTC trading within a $3,500 to $4,000 range on Bitstamp, and $3,700 to $4,300 on Bitfinex. In other market news, a bullish start to the year has seen ETH reclaim its position as the second largest cryptocurrency by market cap.
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BCH Markets Cool After Closing 2018 on Record Volume
After producing the strongest week of trading activity on record two weeks ago, the BCH/USD markets have since retraced from the local high of roughly $220 and consolidated within a range between approximately $150 and $175. As of this writing, BCH is trading for $158.
BCH/USD – Kraken – 1D
When measuring against BTC, BCH price action has roughly followed the same trajectory, beginning the new year with consolidation following a retracement from the local top of 0.05 BTC posted during late December. BCH is currently trading for 0.0417 BTC.
BCH/BTC – Bittrex – 1D
Bitcoin cash is the fourth largest cryptocurrency by capitalization with a market cap of $2.86 billion, equating to a market dominance of nearly 2.2%.
BTC Consolidates Near $4,000
When looking at the daily charts, BTC has started the new year with tight consolidation in the upper $3,000 range, following a 30% rally during the second half of December 2018. As of this writing, BTC is trading for $3,800 on Bitstamp and $3,942 on Bitfinex, after establishing local support approximately $200 lower toward the end of 2018.
BTC/USD – Bitstamp – 1D
BTC currently has a market dominance of 51%, down from 55% as of mid-December, coinciding with a rise in the combined capitalization of all other markets from $45 billion on Dec. 16 to $64.2 billion today. BTC has a capitalization of $67.11 billion.
ETH Produces Bullish Start to 2019
ETH has rallied consistently since the middle of December when measuring against both USD and BTC, having gained nearly 90% over the dollar and 55% over BTC in just three weeks. After trading for just $83 and 0.026 BTC on Dec. 15, ETH is currently testing support at roughly $160 and 0.04 BTC.
ETH/USD – Bitfinex – 1D
The bullish momentum has also seen ETH reclaim the distinction of being the largest altcoin by market capitalization, following seven weeks in which XRP held second spot. ETH currently boasts a market cap of $15.93 billion and a dominance of 12%.
ETH/BTC – Bitfinex – 1D
Ripple Grinds Sideways
After a week of bullish momentum leading up to Christmas, XRP/USD has since traded within a price range between roughly $0.33 and $0.37, with current prices consolidating at the support zone of XRP’s former all-time high posted during May 2018.
XRP/USDT – Poloniex – 1D
When measuring against BTC, XRP is testing support near 0.0001 BTC for the third time since September after producing a multi-month ascending wedge formation. Ripple is currently the third-largest cryptocurrency market with a capitalization of $14.79 billion and a market dominance of nearly 11.3%.
XRP/BTC – Bitfinex – 1D
How do you expect the markets to perform during 2019? Share your thoughts in the comments section below!
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