Markets Update: BCH and BTC Consolidate, ETH Regains Second Spot

BCH and BTC markets have begun the year with consolidation, with BCH bouncing between $150 and $175 and BTC trading within a $3,500 to $4,000 range on Bitstamp, and $3,700 to $4,300 on Bitfinex. In other market news, a bullish start to the year has seen ETH reclaim its position as the second largest cryptocurrency by market cap.

Also Read: Report: 70 to 80 Percent of South Korean Miners Shut Down in 2018

BCH Markets Cool After Closing 2018 on Record Volume

After producing the strongest week of trading activity on record two weeks ago, the BCH/USD markets have since retraced from the local high of roughly $220 and consolidated within a range between approximately $150 and $175. As of this writing, BCH is trading for $158.

When measuring against BTC, BCH price action has roughly followed the same trajectory, beginning the new year with consolidation following a retracement from the local top of 0.05 BTC posted during late December. BCH is currently trading for 0.0417 BTC.

Bitcoin cash is the fourth largest cryptocurrency by capitalization with a market cap of $2.86 billion, equating to a market dominance of nearly 2.2%.

BTC Consolidates Near $4,000

When looking at the daily charts, BTC has started the new year with tight consolidation in the upper $3,000 range, following a 30% rally during the second half of December 2018. As of this writing, BTC is trading for $3,800 on Bitstamp and $3,942 on Bitfinex, after establishing local support approximately $200 lower toward the end of 2018.

BTC currently has a market dominance of 51%, down from 55% as of mid-December, coinciding with a rise in the combined capitalization of all other markets from $45 billion on Dec. 16 to $64.2 billion today. BTC has a capitalization of $67.11 billion.

ETH Produces Bullish Start to 2019

ETH has rallied consistently since the middle of December when measuring against both USD and BTC, having gained nearly 90% over the dollar and 55% over BTC in just three weeks. After trading for just $83 and 0.026 BTC on Dec. 15, ETH is currently testing support at roughly $160 and 0.04 BTC.

The bullish momentum has also seen ETH reclaim the distinction of being the largest altcoin by market capitalization, following seven weeks in which XRP held second spot. ETH currently boasts a market cap of $15.93 billion and a dominance of 12%.

Ripple Grinds Sideways

After a week of bullish momentum leading up to Christmas, XRP/USD has since traded within a price range between roughly $0.33 and $0.37, with current prices consolidating at the support zone of XRP’s former all-time high posted during May 2018.

When measuring against BTC, XRP is testing support near 0.0001 BTC for the third time since September after producing a multi-month ascending wedge formation. Ripple is currently the third-largest cryptocurrency market with a capitalization of $14.79 billion and a market dominance of nearly 11.3%.

How do you expect the markets to perform during 2019? Share your thoughts in the comments section below!

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