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Digital Currency Revolution Series: Bulls Uproar In Crypto-Avenue
During last fortnight or so, entire cryptocurrency avenue has been on bullish streaks accumulating noticeable returns after the scary ‘crypto winter.’
Hence, this spring has brought-in some cheer for crypto-aspirants with the recent price rallies, mining digital assets with next-generation miners has allowed participants to secure significant gains and even older mining devices are turning a profit.
Bitcoin (BTC): The pioneer crypto (Bitcoin) surged by 51.5% to fresh Year-To-Date highs of $8,020, the current price rally of BTCUSD spikes above 21-SMAs with the stern bullish candle (jumped about 51.50% in this month so far).
Ethereum (ETH): The 2nd largest cryptocurrency by its market capitalization ($27.91 bln) ETHUSD gained almost more than 65% this month, while the current price rally spikes above 21-SMAs with the stern bullish candle.
Ripple (XRP): XRPUSD was trading at $0.4360 while articulating on Thursday, down by -4.84% on the day, stern rallies were seen about 25.89% and 12.36% yesterday and a day before respectively which have been the largest single-day percentage gain since September’18, currently, on the verge of striking 5-month highs.
Technically, the pair has tested strong support at 0.27-0.28 areas on April 25th (on both daily and weekly terms), ever since then, the move upwards nudged XRP's market cap up to $18.17 bln, or 43% price jump. For now, XRP's 3rd highest market cap among entire crypto-industry. The stern bullish engulfing patterns have been traced out at 0.3049 levels on the daily chart, and at 0.3686, 0.4257 levels on weekly plotting.
Litecoin (LTC): Litecoin continued its bullish streaks 4th straight month in a row. LTCUSD has constantly been gaining its upside traction, this month with more than 37% gains. Last quarter, it has posted almost a mammoth +82.71% (Q1).
Back in 2017-18, the entire Cryptocurrency and ICO industries have seen in a continued struggle ever since the U.S. SEC (Securities and Exchange Commission) declined the Winklevoss twins’ and other attempts of launching a bitcoin ETFs. But for now, crypto-avenues seem to be coming back on track with consolidation and some constructive news flows such as institutional investors’ interests, some globally renowned companies (be it finance institutions, Tech giants or be it social networking firms) shown keenness in the emerging industry.
While the hopes regulatory approach sheds some light on the industry. The SEC has finally published the much-awaited regulatory ‘Framework for Investment Contract Analysis of Digital Assets.’ While an important development in detailing the guidelines for issuing crypto-assets in compliance with federal regulations, the framework doesn’t appear to be exhaustive as cited by the SEC.
Currency Strength Index: FxWirePro's hourly BTC is flashing at 24 levels (mildly bullish), while hourly USD spot index is at 2 levels (which is absolutely neutral) while articulating at (08:32 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex