Price Analysis 07/18: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC)
Bitcoin prices soared past $7,500 today as the whole market reacted positively to a series of recent news.
At the moment, all coins in the top 10 are trending in the green, both over the 24h period and the week-on-week charts. Most coins have also gained in double digits in the last twenty-four hours.
The global cryptocurrency market capitalization now stands at $295 billion, up by over $25 billion in the last 24 hours.
The average global daily trading volume is well above $20 billion, while BTC dominance index is 43%.
Many have attributed to the sharp rise witnessed overnight and continued today to the high-profile news that has hit the industry.
The latest surge is courtesy of news from Goldman Sachs, whose incoming CEO is keen on crypto. David Solomon has hit the market at the right angle with a suggestion that Goldman will be exploring different ways of adding to bitcoin and crypto products.
That comes hot on the heels of similar news from hedge fund giant BlackRock as well as a positive reaction to FSB’s G20 report released yesterday.
Bitcoin (BTC) Price
Bitcoin saw its prices soar from $6,793 to go past $7,300 early this morning. It represented the first time it was trading above $7k in almost 30 days.
The sharp rise took the top coin’s value to a high of $7,514 before a slight pullback saw it recede to $7,498.
The top coin thus gained nearly $600 in a matter of hours. The BTC/USD pair has an intraday price change of +10 percent and +16 percent on its week-on-week price.
Bitcoin is currently trading at $7,443 and could see further gains. The prices are expected to hit $8k if the bulls sustain pressure above $7,500. If it corrects lower, Bitcoin will likely find support at $7k in the near-term.
BTC’s daily trading volume has also been rising throughout the day.
It was about $4.3 billion in the early morning hours, but a sharp rise in price also coincided with its spike to reach $6.5 billion at the time of writing.
The market cap has grown by nearly $10 billion, rising from $117 billion to the current $127 billion.
Ethereum (ETH) Price
Ethereum is trending in a bullish zone as it reaps the benefits of a general market recovery. The second-largest coin may have issues with its network experiencing congestion, but its prices in the market are trending higher.
As with BTC and many other coins, ETH saw its value spike overnight, rising from $473 to a high of $513 as seen on XBT.net.
There was, however, a period of building pressure that led to a slight break below $500.
Ethereum is trading at over 7 percent higher over its prices in the last 24 hours and over 14 percent in the last 7 days.
The sharp increase in price also saw its total market cap rise to hit $50 billion, up by about $2 billion. The crypto is exchanging hands at $498.
Intraday trading volume is currently at an average of $2.4 billion, up from about $2.2 billion at close on July 17.
Having crossed above $510 earlier in the day, ETH/USD has the potential to rally beyond $550 in coming hours. A pullback will see prices decline to $450.
Ripple (XRP) price
XRP is among top gainers in the last 24 hours, riding a wave of great news in the market. Ripple prices have a bullish trend with gains consolidating above $0.50.
Ripple’s price change saw it rise sharply last evening from $0.47 to sit above $0.50. The upside momentum hasn’t relented and today saw its price reach a new high above $0.525.
XRP is trading over 8 percent higher on its price 24 in the last 24 hours and over 14 percent higher in the last 7 days. The current trading price for an XRP token is $0.511
The 3rd ranked Ripple has an intraday trading volume of $374 million, increasing by over $30 million in the last 24 hours.
The day’s gains have seen its total market cap rise to $20 billion, up from just under $19 billion a day ago. Trends suggest XRP will see more upsides and could test resistance at $0.53 and $0.55 if momentum sustains above current prices.
Bitcoin Cash (BCH) Price
Bitcoin Cash (BCH) could soon test prices close to $900 and from there, may make a dash for $1000.
The coin has sustained above $870 for the better part of the day as it saw prices surge by over 9.6 percent in the morning. Over the 7 day period, BCH is one of the top gainers with about 24 percent price gain.
BCH/USD is looking to break above $880 again, having touched that level during the intraday price movements.
It is currently exchanging hands at $874, with a daily trading volume of $786 million worth of its coin traded.
Its daily price change saw it move from $843 to a high of $888 as buyers took control. However, bears have briefly reasserted their authority to see it break below $875.
Today’s price gains have seen the fourth-ranked Bitcoin Cash increase its market capitalization from $13.8 billion to $15 billion.
EOS (EOS) Price
EOS prices are benefitting from positive news regarding Bitmain’s decision to invest in the 5th ranked crypto.
Bitmain is estimated to be worth $12 billion and has chosen to invest in Block.one, the company behind the EOS platform.
EOS is trading at about $8.91 against the US dollar and has seen its price soar by over 12 percent in the last 24 hours.
As one of the biggest gainers since Monday, the coin’s value is now over 25 percent in the green in the last 7 days.
EOS prices jumped from $8.02 during early morning trading hours to reach an intraday high of $9.21 before trending lower. The uptrend is still bullish and it could push for $10 in the near-term.
Daily trading volume has hit $992 million in the last 24 hours, up from $847 million at close on July 17.
Litecoin (LTC) Price
Litecoin bulls are fighting to push the crypto’s price towards $100, despite stiff resistance at $95.
LTC is now ranked 7th in the market and has seen its value gain by nearly 10 percent in the last 24 hours.
It has also gained an impressive 16.6 percent over the last 7 days to put itself firmly in the green.
The bullish trend of the last few days has seen LTC prices rally to hit a recent high of $93.65. These prices were last seen around June 22.
LTC currently trades at around $91 against the US dollar. Its momentum above $93 has been curtailed, though the coin retains a short-term bullish outlook.
However, the bulls must keep prices above $90 to avoid further declines beyond immediate support at $88.
Litecoin has an average daily trading volume of $384 million and a market capitalization of $5.2 billion.