Market Analysis

BCH loses 5 percent in the wake of cryptomarket retracing

BCH loses 5 percent in the wake of cryptomarket retracing
Nov 8, 2018 by Rico Wise

The BCH trading volume, which fluctuated around 1.4 billion USD mark on Tuesday, has now lost 32% of it, accounting for 950 million dollars. Nevertheless, on a weekly basis, BCH has increased its volume to 750 million dollars from just 200 million USD. XRP, EOS, and XLM, the three dominant digital currencies that recorded quite decent profits versus both BTC and USD, have registered a 3-5% decrease, with the Ripple currency returning back to trading at 0.5 USD.

Over the past 2 days, BTC commenced a small movement on the upside, shifting from 6,390 USD to 6,550 USD, making a confident 2% value gain. With the retracing of both dominant digital currencies and lesser market capitalization coins, BTC value was also corrected, dropping down 0.5%. Such cryptoexchanges as Coinbase and Gemini deal Bitcoin at more than 6,450 USD, which is 60 dollars more since this Tuesday.

Since early August, Bitcoin has remained stable within the range of 6,300-6,800 USD, and analysts anticipate that the world’s most dominant digital currency will stay stable for the rest of November or until the currency finally breaks the major resistance level of 6,800 dollars.

In the event that the cryptomarket keeps on retracing within the course of upcoming days, which is quite possible taking into account the impact of the sell-off recorded among dominant digital currencies, Bitcoin might try out the 6,400 USD level, while the remainder of the digital currencies increases its losses, currently accounting for 2-4%.

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