There have been lots of talks about Bitcoin prices, and more specifically, cryptocurrency prices after recent news emanating from China.
China has seen been a friendly ground to cryptocurrency, and recent news that China’s President Xi Jinping wants the country to expedite its adoption of blockchain technologies would come as sweet music to lots of cryptocurrency advocates.
To that effect, Bitcoin SV (BSV) and Bitcoin (BTC) seem to be the only crypto within the top 10 cryptocurrencies by market cap to go above their moving averages.
The 200-day MA is usually an indicator for a bearish long-term market health when prices are under the average, and bullish long term health when prices are higher than the average.
Bitcoin (BTC) observed a 30% jump in 2 days, bringing prices above the long term MA, for the first time in 5 weeks. The jump saw prices soar from $7,393 to $10,350, thus cementing its place as the leading cryptocurrency in the market.
Bitcoin SV (BSV) is too far behind, and it has also taken advantage of the feel-good factor surrounding crypto by closing above the 200-day Moving Average on Friday, October 25th.
One would expect that other cryptocurrencies would take the leap; however, other cryptocurrencies in the top 10 rankings are still battling the downward spiral they’ve been facing since the end of June.
BTC and BSV Daily chart
From the daily chart, it can be seen that BTC and BSV have gone above the 200-day. Analysts project that the increase in price might follow through to the end of October.
As for the other remain crypto in the top 10 list, much progress needs to be made if traders are to be convinced that there is a positive change in altcoins. With the movement of BTC and BSV, optimism is high for the likes o ETH and XRP.
Altcoins Daily Chart
ETH, XRP, BCH, EOS, Litecoin, Stellar, and Binance coin are still underneath the 200-day Moving Average despite gaining around 11.45-22% on Saturday, October 26. The Saturday move was unexpected by most traders, causing BTC to break out with its third-best single day price gain ever recorded in its history.
On the other hand, altcoins would have to put in more work if they are ever going to bridge the gap set by BTC (mind you, BTC already has more than 70% of the market share).
Any jump above the 200-day Moving Averages by the other leading crypto would further facilitate future price gains and thus ushering in the BTC halving event in May 2020.
The leap by BTC in the past few days has restored faith in the world’s premier cryptocurrency, and there is hope other coins will follow suit.