Cryptocurrency Market Is On The Rise Again

General overview

Market Cap: $413,692,195,374

24h Vol: $26,702,372,910

BTC Dominance: 37.9%

Since yesterday, cryptocurrency market cap is on the rise again. Market capitalization was  380,513,000,000$ at the lowers point, and it has increased to almost 416B.

The market is in green, and some of the biggest gainers among top 100 are Siacoin +52% and Bitcoin Diamond 42%. Other cryptos are about 7-9% up on average since yesterday.

News

IBM And Jewelry Industry Leaders To Use Blockchain To Trace Origin Of Diamonds

>Leaders in the gold and diamond industry have partnered with IBM to develop a blockchain network for tracing the origin of finished pieces of jewelry, IBM announced in a blog post-April 26.
Source: cointelegraph.com

Mt. Gox Moves Around $165 Mln In BTC And BCH From Its Wallets
>16,000 Bitcoin (BTC) and 16,000 Bitcoin Cash (BCH) have been moved out of cold wallets associated with the infamous, now defunct Japanese Bitcoin (BTC) exchange MT. Gox today, April 26, according to Mt. Gox cold wallet tracking data on Crypto Ground.

Source: cointelegraph.com

Comcast’s Venture Capital Arm Is Bullish On Bitcoin and Blockchain

>Gil Beyda, managing director of the venture capital (VC) arm of Comcast, appeared on CNBC today, April 26, with a bullish outlook for Bitcoin and real-world applications of blockchain technology

Source: cointelegraph.com

17 Mln Of Total 21 Mln Bitcoins Now Mined In Milestone For Digital Scarcity

>In a round million milestone, 17 mln bitcoins (BTC) have now been mined as of today, April 26, according to data from statoshi.info. Because of Bitcoin’s supply cap of 21 mln, this means that only four mln Bitcoin, or about 19 percent, remain to be mined.

Source: cointelegraph.com

 

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 5,42% coming from 8750$ to 9200$ where it is now. Looking at the daily chart we can see that the price went above 0.5 Fibonacci level and the 100 day EMA again

The current sentiment for Bitcoin is positive according to sentimnt.io having 74% positive mentions out of 70 in total.

 

Zooming into an hourly chart, we can see that the move to the upside had momentum and that the price has formed a mini cup and handle.

Overall hourly chart signals a buy.

Pivot points

S3        6109.5
S2        7355.5
S1        8134.0
P          8601.5
R1       9380.0
R2       9847.5
R3       11093.5

 

ETH/USD

Since the start of April 26 until now the price of Ethereum went from 599$ to 651$ which is an 8,45% increase. Looking at the daily chart, we can observe that the price went above 1.618 Fibo level and is now sitting right on it. 100 day EMA is also below serving as support.

The current sentiment for Ethereum is very positive according to sentimnt.io having 82% positive mentions out of 67 in total.

Hourly chart is similar to that of Bitcoin, meaning that the price is forming a mini cup and handle pattern.

 

Overall hourly chart signals a buy

Pivot points

S3        324.51

S2        450.42
S1        527.43
P          576.33
R1       653.34
R2       702.24
R3       828.15

XRP/USD

The price of Ripple has also increased in the last 24 hours and did so by 7,83% coming from 0.772$ to 0.832$. The daily chart is looking bullish, as the price is above 100-day EMA.

The current sentiment for Ripple is negative, having 61,5% negative mentions out of 13 in total, according to sentimnt.io

 

Hourly chart is similar to that of Bitcoin and Ethereum, however, unlike those cryptocurrencies, XRP is below 100 EMA.

Overall hourly chart signals a buy.

Pivot points

S3        0.20439

S2        0.50804
S1        0.68659
P          0.81169
R1       0.99024
R2       1.11534
R3       1.41899

 

Conclusion

A strong correlation between the three largest cryptocurrencies is shown, meaning that the chart looks pretty much the same. Market capitalization hasn’t exceeded the prior high at around 434B and has formed a mini cup and handle that retraced back to prior lows for a retest of support. In the next 24 hours, we are going to monitor what is going to happen but, I am expecting a new influx of money into the market, which will push the evaluation further to breakout and form new highs above 434B evaluation.

©Forex.Academy