The cryptocurrency market seems to have recovered from the bloodbath which was a result of the bearish trend. The bearish market had a firm grip on the crypto market for the past few weeks, but today most of the coins are in the green. Most of the cryptocurrencies show an increase 8 – 10% in the past 24 hours. But there are a few cryptos that have increased over 15 – 20% gains in the past day.
The overall market cap at present is $257 billion, this is a significant increase compared to yesterday when it was $236 billion. There has been a significant increase in the 24 hour trading volume as well, at present it is $14 billion.
Almost all of the coins have seen radical jump in prices. But it’s yet to be seen if this bullish trend will last long. Let’s have a look at how some of the top coins are faring right now.
Ripple Price analysis:
Ripple (XRP)’s price appears to have broken the descending trendline at least for now. XRP which suffered from the bearish market of last week shows signs of recovery and is now trading at $0.46. While there’s been a slight drop since this morning, it was trading at $0.48 at 7:14 (UTC +5:30). The coin has seen an increase of 5.89% in the past 24 hours.
It looks like Ripple will support this momentum for a while but it’ll still face pressure selling on the higher levels. But even with the bullish wave, XRP will face a tough test to cross $0.50.
NEM Price analysis
NEM (XEM) started off this week trading at a weekly high of $0.165 on Sunday the 24th of June. But now it has dropped to $0.163. But this is a significant improvement from yesterday’s $0.146. The cryptocurrency has seen a 10.97% increase in the past 24 hours.
NEM’s market cap has also increased and currently it is $1.467 billion. If the bullish trend continues the price of XEM could go up to 0.168. Also, XEM has moved up a rank and is now the 17th largest crypto in the market.
Zcash Price analysis
For Zcash, this week has been pretty eventful. Especially since the cryptocurrency claimed that their first upgrade, OVERWINTER was successfully executed. The charts show that the cryptocurrency’s price experienced extreme volatility this week. It started off the week trading around $170 on Sunday, 24th June and dropped to $158 on the same day. Yesterday it showed the same pattern and the prices kept fluctuating. The price reached a high of $170.60 today at 7:19 (UTC+5:30) but dropped quickly to $168.
The coin is currently trading at $166.83 and has seen an increase of 10.82% in the past 24 hours.
Bitcoin Cash Price Analysis
Bitcoin Cash (BCH) started the week trading around $758.36 on Sunday. But it didn’t stay for long, the bearish grip on the market got the coin down to around $687.98. Yesterday the coin was trading pretty low at $663.34, but the prices have picked up today. The cryptocurrency has increased by 13.02% in the past day and is currently trading at $747.69.
If the bullish trend continues, BCH could reach a high of $780 high.
Image via Shutterstock
Data and charts via Coinmarketcap
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