Crypto market capitalization jumped to $20 billion in the industry after a flurry of bullish momentum took the entire market along with it to the top. Ethereum was a star performer, clocking a new yearly high of $433, but other assets were still able to take advantage of the rally.
Bitcoin completed its recovery from its last decline before $11,465, arching back above $11700. For Bitcoin Cash and Litecoin, the rally did not make a huge difference as the altcoins lacked the drive displayed by other top assets.
Bitcoin’s quick jump back from its recent low at $11,200 was reverse within a window of 48-hours in the chart. The assets price was currently picturing a crypto market capitalization of $217 billion, having risen by 2.08 in the charts. With a volume of $17,46 billion over the past day, Bitcoin’s incline in the chart was back up a few market indicators.
Parabolic SAR for BTC is exhibiting a bullish trend as the indicator was hovering under the candlesticks. Relative Strength Index or RSI was also positive in the 1-hour time frame, allocating an incline, however, at press time, MACD has turned bearish. The orange marker line had completed a turnover with the blue MACD line, suggesting that bears might take charge of the price again.
For Bitcoin’s straight competitor in terms of functions, Bitcoin Cash did not take complete advantage of the recent rally. The asset was not able to complete its turnover with the $300 dollar resistance, and the token is currently valued just under, at $297. Bitcoin Cash’s market was worth above $5.48 billion and it continues to trail Chainlink in the chart, as LINK token recently surpassed BCH.
Although the asset wasn’t able to breach $300, Chaikin Money Flow indicated high capital in-flows for BCH, keeping the asset relevant during the trade.
Relative Strength Index or RSI was positive as well, with the index maintaining a higher buying pressure in the charts.
Parabolic SAR for BCH pressed on a continued bullish rally as well, indicating that $300 might still get breached over the next few days.
Lastly, Litecoin registered a growth of 4.50 percent in the chart but just like Bitcoin Cash, there was a lack of control from the bull side. The asset was unable to the price above $60, stopping at $58 at top.
Now, Bollinger Bands for Litecoin indicated that the volatility might decline over the next few days as the bands appeared to converge, while Awesome Oscillator suggested that the tides were turning bearish.
The same sentiment was indicated by Parabolic SAR, where the dotted indicator appeared above the candles, hence Litecoin is possible heading towards a correction in the next few days.