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Crypto Market Marks Three-Week High as Major Coins Lead Rally

Dave Jackson Dave Jackson, Stockhouse
0 Comments| November 5, 2018

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As we start another week of trading, cryptocurrency markets have made some upward progress. Total market capitalization has passed US$210 billion for the first time in in a week.

Bitcoin (BTC) is down marginally and has made it to US$6,422 after a low just under US$6,300 earlier today. Bullish momentum appears to have returned in the short term, at least. It comes as the price rocketed by US$97 in just one hour yesterday afternoon. The BTC’s price has also found a strong buying interest against the US dollar. The upside move was strong as the price even settled above US$6,375 and the 100 hourly simple moving average.

Ethereum (ETH) is faring a little better after posting a 4% gain since this time yesterday, taking it to US$209.43 at press time.


Daily trade volumes have picked up sharply since Friday, climbing nearly 30% to reach US$14 billion. Turnover last month fell to the lowest level of the year as volatility fell across most major assets.

An anticipated hard fork of B Cash (BCH) has been speculated as the major catalyst of the most recent rally, as investors poured into BCH to maximize their receipt of new coins. The fourth-largest cryptocurrency by market capitalization began its upward trend on Friday, and has now gained a whopping 34% over the past seven days.

Still, there’s no indication of a break from the sideways channel that has been intact for almost a month. Bitcoin dominance has fallen back to 53.5% as a few of the altcoins make solid gains.


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