Cryptocurrency Market Update: Bitcoin Cash Boosted on Stress Test Day
Sunday seeing further gains; Bitcoin Cash, Neo and Verge all performing solidly.
That green feeling has continued over the weekend in crypto land as the recovery gains momentum. Market capitalization has climbed a little again pushing it over $235 billion, its highest level for over three weeks.
Bitcoin keeps climbing, albeit very slowly, it has made 2.3% on the day to trade at $7,230. The next resistance level for BTC is $7,350 which it could reach soon if momentum is maintained. Ethereum has finally made a little progress inching ever closer to $300. ETH is up 3.6% on the day and currently trading at $297.
Altcoins are mostly in the green with a couple really standing out at the moment. The top ten shows Bitcoin Cash streaking away with the lead and a 17% gain on the day to $647. BCH was one of the worst performing cryptos in August dropping 30% over the month. The community is currently conducting a stress test on the network which will determine transaction speed and stability, and this is likely to have affected trade volume which has over doubled.
The Biggest Community Driven Stress Test Of Any Blockchain
So far $BCH has processed 1,265,876 transactions in the past 24 hrs
BMG Pool just mined a 10 MB / 44,705 transaction blockhttps://t.co/G135pUEmUHhttps://t.co/CLYp8rjbJdhttps://t.co/V5ver1Eaa6https://t.co/U1nlqzntSp pic.twitter.com/6Y2hND3YNg
— Bitcoin Cash (@BITCOlNCASH) September 1, 2018
Litecoin is up another 4% to $66 but the rest are just 2-3 percent higher on the day. Leading the top twenty is another of last month’s big losers, Neo, which is up 9% on the day to $23. Good gains have also been made by Dash and Tezos, climbing 5-6 percent at the moment. Verge is leading the top one hundred race with a 22% pump to $0.019 at the moment. An update to the XVG roadmap seems to have driven momentum;
We have adjusted our #roadmap to reflect the most current status levels. https://t.co/28lN1yHvoJ #Vergecurrency #XVG $XVG
— vergecurrency (@vergecurrency) August 31, 2018
After yesterday’s pump, Reddcoin is losing the most right now with a 6.5% decline, Monacoin and TaTaTu are also down 5% on the day.
Total market capitalization has climbed another 2.6% on the day to $238 billion. Trade volume has remained the same at $13 billion but a steady recovery seems to be happening. Time will tell if this can be prolonged to the end of the year or the bears will get back into a selling frenzy to push cryptos back down to their yearly lows.
More on Bitocoin Cash can be found here: https://www.bitcoincash.org/
FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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