August 16th Technical Analysis: Bitcoin

Cryptocurrency prices gained slightly on Monday after gaining steadily during the weekend. Most cryptocurrencies have maintained a positive momentum since last week including Bitcoin.

Bitcoin, the world’s most popular cryptocurrency, was trading strong at over $47,200, up 2.93 per cent at 2:10 pm. Bitcoin has gained nearly 8 per cent in the past seven days and its market capitalisation has increased to $887 billion.

Ether has also gained over 3 per cent, and it is trading at nearly $3,300. The value of the second-most popular cryptocurrency has gained nearly 11 per cent in the past seven days and its market capitalisation has increased to $384 billion.

All other altcoin prices have also gained steadily including Cardano, XRP, Dogecoin, Polkadot, Uniswap, Chainlink, Luna, Solana and Litecoin.

Commenting on the steady rise in valuations, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “Over the past 24 hours, we witnessed the markets finding support.”

“The largest cryptocurrency by market cap, Bitcoin, appears stable closer to the $48,000 level. The small candle body suggests a healthy stability. The second largest crypto, Ether, also reflected the same. Stability among the largest cryptos allows the Altcoins to make larger moves,” he added.

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