Price analysis 07/16: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC)

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Most cryptocurrencies are trading in the green as momentum from the weekend carries over this week.

Trading volume for many coins is seeing an increase that leaves the global range at over $13 billion.

The top 10 coins all traded in the higher, recovering some of the losses suffered earlier in the week as Blackrock announced it would be exploring Bitcoin Futures. Estimates put the firm at $6 trillion, the kind of money that can boost cryptocurrencies.

Blackrock is one of the largest asset management companies in the world and the announcement added over $10 billion to the total crypto market cap.

Total market capitalization is just above $267 billion, gaining by about $17 billion above $250 billion recorded on Sunday, July 15.

Bitcoin (BTC) Price

BTC is up by almost $260 in the last 24 hours to see its price cut above $6,600. The uptrend began on Saturday and the Blackrock news sent the coin flying above $6,500.

On Sunday, the BTC/USD pair rallied and reached an intraday high of $6,403, before a close just under. It gained about 2 percent on Sat and a further 4 percent on Sunday.

Monday, July 16 sees it pick a nice upside that has seen it grow by over 4 percent. Bitcoin is now trading above $6,600 and could see more growth if the momentum sustains.

Bitcoin had begun last week at $6,723 and it’s possible it may recover to reach similar levels.

In terms of daily trading volume, BTC has seen a gradual increase since the weekend, rising from $2.9 billion on Saturday, to $3.2 billion a day later.

Today finds it trading above $4.7 billion, nearly 49% increase in the last 24 hours.

Ethereum (ETH) price

Ethereum continues to face challenges with its network as it comes under heavy load once more. It has seen gas prices soaring in the last three days.

The platform experiences such fluctuations from time to time, and so it isn’t an isolated case.

Ethereum prices traded at a low of $434 on July 14, before a slight rally saw its value rise to a high of $454 by Sunday.

The growth by about $20 saw volumes increase from $1.2 billion on Saturday to over $1.3 billion a day later.

Currently, a total of $2.2 billion have been traded in the last 24 hours- gaining over 51%.

Buyers have continued to dictate momentum on day three as we begin a new week. ETH is exchanging hands above $472, nearly 6% higher on its value a day ago.

The current trend into the green over 24 hours means ETH/USD is now just 2% in the red over the last 7 days. It’s more likely Ethereum will hit $480 within the next several hours if the current momentum holds.

Ripple (XRP) price

Part of the bad news to hit Ripple before the weekend relates to Coinbase’s decision to exclude XRP from its list of possible assets for listing.

That, however, hasn’t pinned the 3rd ranked XRP onto the floor. News that the Ripple team was looking at new use cases for xRapid has helped push the coin forward.

XRP began the weekend trading at just above $0.433. a slight run of great moves saw it reach an intraday high value of $0.441.

On day two of the weekend, the coin made further gains to reach a new high price just shy of $0.499. It appeared as if the coin would slip back into a sideways trading pattern.

The picture is different today as prices raced past $0.46. Ripple is trading +4.56% higher over the last 24 hours, and nearly 2% in the hour-to-hour charts. XRP/USD trades at $0.464.

In terms of intraday trading volume, the coin has crossed $200 in the last 24 hours. The value represents an increase of about $70 million worth of XRP tokens above the $132 million traded on July 14, and more than $50 million on yesterday’s volume.

Total market cap now stands at $18.2 billion, up from $17.2 billion 24 hours ago.

Bitcoin Cash (BCH) price

Bitcoin Cash will in about two weeks, mark a year since the hard fork that led to its blockchain.

The community is excited and seems upbeat about its future. News that a BCH wallet on WeChat has clocked over 600k users is also great.

The crypto is also set to benefit from a listing by Robinhood App.

In terms of price movements, the weekend saw the fourth-ranked BCH post uptrends that took its price above $730.

The coin gained by about $40 over the weekend, surging from a low of $690 on Saturday to touch a high of $731 on Sunday.

Today sees the coin surge by nearly 7%, rising sharply from $743 to hit a high of $772 according to CoinMarketCap.

It currently trades at $771. The momentum is there and what remains is to see if the buyers will carry it over $800 today.

Intraday trading volumes have also increased since the weekend. Bitcoin Cash had a total of about $272 million and $322 million worth of the coin traded on July 14 and July 15.

However, that now stands at $511, over 52% increment in the last 24 hours.

Its market cap has also increased by over $1 billion in the last 24 hours alone. It was valued at $12 billion a day ago, but now has a market cap of $13.2 billion.

EOS (EOS) price

Block.one has announced that it has closed a strategic investment round that was led by Peter Thiel and Bitmain.

Others who have invested in the company include Louis Bacon and Alan Howard. It’s a rare piece of good news for EOS as it seeks to gain traction after a chaotic June and early July.

EOS prices were among the hardest hit last week, trading almost 25% in the red on Tuesday.

However, the crypto has seen some positive growth over the weekend that has pushed it into the green zone.

EOS/USD traded at a low of $6.85 on Saturday but rallied to close at $7.52 on Sunday. The same momentum has been taken up by EOS bulls this week.

The 5th ranked coin is trading +9% higher over its prices 24 hours ago. It’s also trending firmly on the upside in the hour-to-hour charts, signaling that the uptrend may hold near-term.

At the moment, EOS is trading at $7.90 and may break above $8.00 before testing $9.00. That may be aided by the huge trading volumes.

EOS had a total of $396 million and $501 million in intraday trading volumes over the weekend. That now stands at $627, taking its market cap to $6.99 billion

Litecoin (LTC) price

Litecoin’s surge this week is juxtaposed with a great previous week in terms of new developments.

The most notable of course is the partnership with TokenPay that led to LTC Foundation acquiring a 9.9% stake in Germany’s WEG Bank.   

Weekend trading, therefore, saw Litecoin gain slightly to test resistance near $80. Saturday saw its price rise by about 2% to hit $77.54.

Further gains were made on Sunday where its prices rose to $79.65. Nevertheless, LTC bulls didn’t have enough power to see it consolidate above $80.

Today, Litecoin has surged by about 6% over a 24h period to see its value reach a high of $82.71.

Although it has since corrected lower, the expectation is that it will see more upside to test prices above $85 and near $90. LTC/USD currently trades at $82.41.

Intraday trading volume for Litecoin hasn’t seen huge increases as the other top coins above.

Its volume on Saturday and Sunday stood at $197 and $230 million respectively. It has increased to $284 million, an increase of about $52 million in the last 24 hours.

Market capitalization has also increased slightly over the weekend.

It had a market cap of $4.4 billion on Sunday but has gained about $300 million to see its market cap rise to $4.7 billion in the last 24 hours.

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