Digital asset markets tumbled hard throughout the early morning trading sessions on May 17 as the price of bitcoin core (BTC) swiftly plummeted from $7,900 to a low of $6,200 on Bitstamp. Many other crypto markets followed BTC’s decrease in value, still, over the last few hours, a decent portion of coins have recovered a percentage of the intraday losses.
Crypto Markets Dump In Unison
Markets faced severe volatility on May 17, as the price of numerous coins nosedived in value against the previous day’s high. Currently, the total market capitalization of the whole cryptoconomy is about $226 billion, but just about $30 billion was shaved off the overall valuation since the dump. For now, on Friday afternoon, the price of bitcoin core (BTC) is roughly $7,085 and is down 10.9% in the last twenty four hours.
The next largest market valuation correlates to ethereum (ETH) markets that are presently down in excess of 13.6% today. Each ETH is trading for $229 per coin and the market capitalization is around $24.3 billion. Ripple (XRP) prices are down 12.6% and each XRP is exchanging for $0.36. Lastly, eos (EOS) keeps the fifth largest market cap today, after knocking litecoin (LTC) out of the position. One eos is trading for $5.83 per coin and the market is down 10.9%.
Bitcoin Cash (BCH) Market Action
The fourth highest valued market cap on May 17 is bitcoin cash (BCH) that has dropped 14.7% ever since the initial dip. At press time, one BCH is trading for $347 but BCH is still up 20% over the last week. BCH has roughly $3.6 billion in global trades and a market cap of about $6.1 billion on Friday.
The primary five exchanges trading some of the most BCH today consist of Coinbene, Binance, Huobi Pro, Bitmart, and Bitforex. The leading currency pair traded with BCH this Friday is tether (USDT) which catches 44.9% of today’s trades. This is followed by BTC (28.4%), USD (12.5%), KRW (7.8%) and the EUR (1.9%). Both ETH/BCH and JPY/BCH are likewise capturing close to 2% of the day’s global trade volume. Bitcoin cash is the sixth most traded coin by volume below eos and above ripple.
BCH/USD Technical Indicators
Today, taking a look at the 4-hour BCH/USD chart on Kraken demonstrates the bears are making every effort to break lower ground as certainly there are strong foundations at the current $354 price point. The two Simple Moving Averages are coming closer with the 100 SMA, approaching the long-term 200 SMA. This could very well signify a trend reversal is in the cards but the Relative Strength Index (RSI 43.94) suggests the dip hasn’t moved into oversold regions.
The flash crash that impacted all markets failed to last long and the BCH MACd levels demonstrate things may go lower in the near future while the Stochastic oscillator is neutral at press time. The majority of the technical indicators indicate a sell signal or some level of doubt which indicates another correction is likely on the horizon. If bulls manage to triumph over the pressure, then they need to outperform prior heights again through the $375 and $400 range. On the backside, there’s some fitting foundational support that’s been holding strong at the $340 zone and some more foundations about the $315 and the $295 range.
The Verdict: Crypto Sentiment Changed Fast As A Mood Ring
Presently, a reasonable amount of uncertainty is in the air and traders are most likely hoping they played the correct positions. At this time, tether (USDT) has the strongest volume which is around $1 billion dollars greater than BTC’s trade volume today. Crypto markets kicked off rising pretty fast, about a week before and during the Consensus conference in New York which usually happens on an annual basis.
However, during the morning trading sessions this Friday, traders viewed a BTC sell order worth a monstrous $35 million on the Luxembourg-based exchange Bitstamp. Right after the order hit the market, it activated a very swift nosedive which saw BTC lose $1,000 in value. So far the cryptoconomy is calm but traders are agitated by the extreme volatility and the mood has undeniably changed.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice.
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