ETH, BCH, BNB Altcoins Price Analysis — Following the Market Rise, Bitcoin Cash Gains More than 10%

Libra Coin News
Wed, 08/14/2019 - 09:06
Denys Serhiichuk
Bitcoin broke $11,000 against the continued rise of altcoins. Is the domination of BTC coming back to the 60% mark?
Cover image via www.123rf.com
Contents

Altcoins’ rally continues against the falling rate of the leading cryptocurrency. Almost all of the top 10 coins are in the green zone in correlation to BTC, except for Monero, whose rate has dropped by 0.39% over the last day. In this regard, the dominance index of Bitcoin has also fallen and now is 67.5%. 

Bitcoin dominance index by CoinMarketCap

The season of altcoins has started, as they do not follow Bitcoin anymore if the top crypto is going down. Such a tendency is outlined in the table below.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Ethereum

ETH

$22 300 008 959

0.01956080 BTC

$6 022 200 774

5,85%

Bitcoin Cash

BCH

$6 184 485 716

0.03243855 BTC

$1 833 538 670

11,32%

Binance Coin

BNB

$4 500 559 628

0,00272377 BTC

$249 976 567

2,47%

ETH/BTC

The chief altcoin as other coins has not followed the price drop of BTC and gained 5.85% over the last 24 hours.

ETH/BTC chart by TradingView

On the 1H chart, Ethereum has resumed the uptrend started on August 9. However, ETH faced a slight correction afterward. Such a situation might happen again, as the RSI indicator has already crossed the overbought area. In this case, Ethereum will keep trading in the yellow corridor as it is outlined on the chart.

The price of ETH is trading at 0.0196 BTC at the time of writing.

BCH/BTC

Bitcoin Cash is the winner today among all other top cryptocurrencies. Its rate has soared by 11.38% over the last day.

BCH/BTC chart by TradingView

Although the rate of Bitcoin Cash has rocketed over the day, it is not going to go down fast. According to the chart, both lines of MACD are moving upward, suggesting a further price rise. Thus, trading volume is also increasing, which means that buyers are not going to sell BCH in a short-term. Respectively, the price has all chances to get to the resistance at 0.0340 BTC before a correction happens.  

The price of BCH is trading at 0.03272 BTC at the time of writing.

BNB/BTC

Binance Coin is a ’loser’ today, as its rate has gone up by 2.50% over the day, while other cryptocurrencies have increased 5% and more.

BNB/BTC chart by TradingView

On the 4H chart, Binance Coin has crossed the 50% mark according to the Fibonacci retracement. The MACD indicator is also bullish, as well as high trading volume. In a short-term scenario, BNB might reach 0.00278 BTC (61.8%). However, it happens if the price of Bitcoin keeps falling or remains constant.

The price of BNB is trading at 0.0027291 BTC at the time of writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.


This site uses cookies for different purposes. Please set your preferences in Consent Settings and visit our Cookie Policy for more information on how and why cookies are used on this site.

Cookie policy