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Bitcoin Cash Sets Up For Major Upside Break Analysis

Stefan by Stefan
16/04/2019
in Analysis
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Following the coming altcoin news which saw Binance delisting Bitcoin SV (BSV) from the exchange, we are also seeing a lot of red in the latest cryptocurrency news. In fact, the total cryptocurrency market cap has now lost more than $6 billion and the sinking is apparently not coming to an end.

The Binance BSV debacle has sent the market in a tailspin as $6 billion left the space a few hours after the official announcement. Currently, the volumes and total capitalization are thinning as the market approaches $170 billion – and no major decline has ensued.

First on the list is Bitcoin (BTC) which managed to go as low as $5,025 on the day but now retraced to $5,095 following the Binance announcement of its smaller sibling. However, there is still a lot of resistance looming above this level.

Ethereum (ETH) is the main spotlight in the altcoin news as it plunged almost 4% and fell back to $160. The markets have been generally bearish over the past 24 hours but ETH took a harder hit this time. Ripple (XRP) which has moved very little in recent days, has receded 2.5% overnight and fell back to $0.32.

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Right now, the top ten is all in the red. As featured on many best cryptocurrency news sites, the Asian trading session has managed to mop up some of the losses caused by the Binance BSV debacle – but insufficient enough for them to be completely erased.

The only gainer is Bitcoin Cash (BCH) – and an altcoin that added 5% on the day to reach $313 after an initial surge of 25% to surpass $330 as it continues to benefit from BSV’s misfortune. All of the other altcoins, however, have been dumping and both Litecoin and Stellar managed to drop in the 4% to 5% region, while EOS and Cardano went with losses over 3%.

Bitcoin SV’s epic dump triggered by Binance has also made its the biggest loser on the day as it shredded 21% so far and is apparently still decreasing. This led to a shortage of $6 billion across the entire market.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: binance bitcoin svbinance crypto newsbinance czbinance decisionbinance delists bsvbinance exchangebinance market dropbinance market reversalfeatured
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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