As at Saturday, 5th May 2018, the cryptocurrency market reached a total capitalization of $471 billion, which was also the highest since early March. This means the cryptocurrency market added more than $50 billion in value last week, led by Ethereum’s more than 20% gain.
This has spurred a much larger rally in the cryptocurrency market, with altcoins surging 114% over the same stretch. As a result, bitcoin now accounts for roughly 36% of the total market, down from more than 45% at the beginning of April.
As at the time of writing, Bitcoin rallied past the previous rally high near $9700, but still shows signs of relative weakness. BTC is still not overbought from a short-term perspective. Support is found in the zone between $9000 and $9200, while above $10,500 the next target is at $11,300.
BITCOIN CASH (BCH)
The value of bitcoin cash rose double-digits as at 6thMay2018 as the controversyover its status continued to revolve, making way to its highest level since January 2018.
At the time of writing, BCH was up 11.4% at $1,698. Prices peaked around $1,844 earlier in the day for a total market cap of $31.5 billion. The total market for bitcoin cash was last valued at $29.1 billion.
As the second largest coin continues to outperform its closest peers, Ethereum is still leading the segment higher, leaving behind the $800 level on the 6thMay2018. Ethereum is now just below the key $845 resistance, above $845, two resistance levels are ahead at $900 and $1000 respectively, while support is found near $780 and $735. Given the recent profits, it is recommended that short-term traders do not enter new positions here, as the coin is already overbought from a trader’s standpoint.
Litecoin finally made its move above $170 after triggering a buy signal, and the coin already topped the crucial $181 level after surpassing the April high in early trading. The coin remains in a bullish setup, and a move to $200 is likely in the coming days after an extended period of relative weakness. Support is found at $170, $150, and $140, and given the encouraging long-term picture, furthergains are likely in the coming weeks.
EOS being from the early leader in the bullish trend is currently in the correction mode, although in a different phase of the cycle, as correlations continue to break down in the segment. EOS is consolidating near the previous high. It is obvious that the EOS is overbought from a long-term perspective, but the short-term trend is still likely to continue.
There you have it, as of May 6, 2017 the coin prices and analysis for BTC, BCH, ETH, LTC and EOS cryptocurrencies. Where do you think the prices will be a week from now? Ethereum has a big week ahead in the legal world, while many more developments are sure to happen pre Consensus in New York City.