Cryptocurrency Markets Facing A Rough Weather This Spring

In May 2017, the crypto markets were quite hot, which is not the case this year. Statistics show that cryptocurrencies are on the red flag as every single coin, even the on that were among the top 50 largest valuations are all experiencing losses. The overall crypto market of all 1600+ digital coins is about $345 Bn today. Comparing the trade volume of two weeks ago from what we have now, there is a kind of decrease. BCH 24-hour trade at the time of writing was about $722Mn, and two weeks ago, it was about $2Bn+. The same phenomenon has been observed with BTC, that used to have a daily volume of about $8-9Bn and now, it is $5Bn.

During the past seven days, Bitcoin Cash values had dipped about sixteen percent, and eight percent at the time of writing. Okex, Hitbtc, Bitfinex, Lbank, and Huobi are the exchanges that swap the most BCH at the moment. Tether (USDT), BTC and USD are the top three currencies on these trading platforms traded for BCH.

The trading rates today are as follows: BCH is BTC by 39.3 percent, Tether (USDT 24.7%), USD (20.5%), KRW (10.3%) and the EUR (2.3%).

The 4-hour BCH/USD chart at the time of writing, on Bitfinex and Bitstamp, was showing that bulls were trying to get to the top again. As mentioned in the last markets updates, the two Simple Moving Averages (SMA) trend lines were about to crosshairs. The 100 SMA was now below the longer-term 200 SMA, an indication of the path of resistance that will most probably on the downside.

About Bitcoin Core (BTC), its prices are below the $8k region, after it had been above that level for the past weeks. Prices are now around $7,927 per BTC and markets are down by 4.6 percent for the last eight days. The daily trade volume is weaker than usual. Traders were only swapping $5.6Bn worth of BTC at the time of writing.


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