Crypto Market Wrap

Cryptocurrency Market Update: Bitcoin Cash Boosted on Stress Test Day

Martin Young | September 2, 2018 | 8:30 am
bitcoin cash BCH

Cryptocurrency Market Update: Bitcoin Cash Boosted on Stress Test Day

Martin Young | September 2, 2018 | 8:30 am

FOMO Moments

Sunday seeing further gains; Bitcoin Cash, Neo and Verge all performing solidly.

That green feeling has continued over the weekend in crypto land as the recovery gains momentum. Market capitalization has climbed a little again pushing it over $235 billion, its highest level for over three weeks.

Bitcoin keeps climbing, albeit very slowly, it has made 2.3% on the day to trade at $7,230. The next resistance level for BTC is $7,350 which it could reach soon if momentum is maintained. Ethereum has finally made a little progress inching ever closer to $300. ETH is up 3.6% on the day and currently trading at $297.

Altcoins are mostly in the green with a couple really standing out at the moment. The top ten shows Bitcoin Cash streaking away with the lead and a 17% gain on the day to $647. BCH was one of the worst performing cryptos in August dropping 30% over the month. The community is currently conducting a stress test on the network which will determine transaction speed and stability, and this is likely to have affected trade volume which has over doubled.

Litecoin is up another 4% to $66 but the rest are just 2-3 percent higher on the day. Leading the top twenty is another of last month’s big losers, Neo, which is up 9% on the day to $23. Good gains have also been made by Dash and Tezos, climbing 5-6 percent at the moment. Verge is leading the top one hundred race with a 22% pump to $0.019 at the moment. An update to the XVG roadmap seems to have driven momentum;

After yesterday’s pump, Reddcoin is losing the most right now with a 6.5% decline, Monacoin and TaTaTu are also down 5% on the day.

Total market capitalization has climbed another 2.6% on the day to $238 billion. Trade volume has remained the same at $13 billion but a steady recovery seems to be happening. Time will tell if this can be prolonged to the end of the year or the bears will get back into a selling frenzy to push cryptos back down to their yearly lows.

More on Bitocoin Cash can be found here:

FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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