Markets Update: Ethereum Leads Strong Altcoin Rally

Since yesterday’s update, the cryptocurrency markets have produced a strong bounce over the last 24 hours. Of the top ten cryptocurrencies by market cap, Ethereum, and Monero were the day’s top gainers – both of which have posted gains of over 15% in the last 24 hours.

Also Read: Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses 

BTC Tests $6,500

In the last 24 hours, BTC has gained by roughly 3% – with current prices testing resistance at the $6,500 USD area as of this writing.

Looking at the daily chart, the stochastic RSI appears poised to break above the 20 threshold – signaling that more bullish action may ensue should BTC be able to produce and hold a strong break above the $6,500 area.

Bitcoin Cash Gains 7% in 24 Hours

BCH produced gains of approximately 7% in the last 24 hours, bouncing off a new low for 2018 of $410 yesterday to now be trading for roughly $455.

The bullish move for BCH coincided with a roughly 5% gain over BTC – with BCH currently trading for around 0.07 BTC after bouncing off 0.066 BTC yesterday.

Ethereum Shorts and Longs Continue to Test Record Highs

Of the top ten cryptocurrencies by market capitalization, Ethereum has produced the strongest gains during the last 24 hours of price action. As of this writing, ETH is trading for $205 – up more than 18% from yesterday’s lows of roughly $170.

The number of open ETH/USD short positions is currently testing the all-time high area of 240,000 for the second time since the record was established just three days ago.

The number of ETH/USD longs appears to be retracing to test the area of September 5th’s prior all-time high of roughly 330,000, after yesterday establishing a new record of approximately 360,000.

ETH has gained roughly 15% over BTC in the last day, bouncing from 0.027 BTC to test resistance at 0.032 BTC.

For two consecutive days, ETH/USD has posted a larger trade volume than BTC/USD to comprise the most traded pairing on Bitfinex.

Monero Gains by 17.4% in 24 Hours

XMR was the second strongest performing of the top ten cryptocurrencies by market cap today – gaining approximately 17% over yesterday’s low of $96. XMR is trading for $114 as of this writing.

When measuring against BTC, XMR has rallied roughly 12.5% from yesterday’s low of 0.0155 BTC, with XMR trading for 0.0175 BTC as of this writing.

Do you think the cryptocurrency markets will continue to produce bullish momentum in coming days? Share your thoughts in the comments section below!

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