Crypto Market Rebounds After Weekend Massacre


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Following the massive decline in the size of the cryptocurrency market, the market capitalization of the entire crypto market has now shrunk to around United States dollars 130 billion, from a peak of 822 billion in January this year.

As we have seen, $6k was not the bottom, not even close to it.

While the decline may have partially resulted from miners switching to other cryptocurrencies, JPMorgan Chase & Co. says some in the industry are losing money after Bitcoin's price tumbled.

Bitcoin Diamond (CURRENCY:BCD) traded 5.4% lower against the dollar during the twenty-four hour period ending at 12:00 PM ET on November 25th.

The four-hour BCH/USD charts on Bitstamp and Bittrex show bears have managed to make it quite hard for bulls to gain momentum.

The price traded above the $4,020 resistance (the previous support), but it is still well below the 100 simple moving average (2-hours).

Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is just near the 50 level.

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The Stochastic RSI has shot above the overbought zone in a bullish crossover. On the backside, things look a bit dreary as there are solid foundations between now and $145, but after that things begin looking slimmer.

At $3,745.89 as of press time, BTC's price is now down more than $1,700, or 30 percent, in the past seven days alone and 81 percent from its all-time high of roughly $20,000, set back in December.

The decline in the value of digital currencies has also affected the market cap of the entire crypto market.

The current capitalization of all digital assets in circulation is about $129B, up from $115.5B registered on Sunday.

BTC price remains at a risk of more losses if it remains below $4,140 and $4,500. Most traders this weekend are playing positions like a game of musical chairs and hoping their predictions will be correct.

While the cryptocurrency market has witnessed devastating losses in the past week, traditional markets have been equally as bleak.

"I don't know that this one specifically triggered the market sell-off - it was definitely one of the side stories among the many that may have influenced sentiment". Investors seeking to trade Bitcoin Diamond should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as GDAX, Gemini or Changelly.