Christmas Delight? Bitcoin Cash ABC Leads the Crypto Rally after Surging 40%
Are we witnessing an early Christmas gift for crypto hodlers? Bitcoin Cash ABC leads the crypto rally after surging nearly 40%.
The crypto asset has engaged itself in an impressive upside action, surging 40% on an adjusted 24-hour timeframe. In five days, the Bitcoin Cash ABC market cap has jumped from $1.32 billion to $2.83 billion, indicating that bullish sentiment is being maintained on every higher high formation.
Meanwhile, the volume of Bitcoin Cash ABC is also noting a steep rise from its previous low. On December 15, the Bitcoin Cash ABC/Dollar market recorded $72.2 million worth of trading volume across all the crypto exchanges. However, the pair has registered a 934% surge in its daily trading, now posting $745 million worth of volume on a 24-hour adjusted timeframe.
Bitcoin Cash SV Up 18%
Bitcoin SV, which was launched after forking the main Bitcoin Cash blockchain, has gained 18%. The surge appears a further more speculative than the rest of the crypto market, owing to some bad press Bitcoin SV received lately. Cryptocurrency researcher known as Reizu wrote in a blog post that he performed successful double spending attacks on the Bitcoin SV chain, adding that the project is very centralized.
The Bitcoin Cash SV price was under pressure from these latest findings because its price action was visibly the most-responsive to the ongoing crypto bear cycle. It fell more than its peers. However, the coin seems to have woken up without any solid communal backing, to establish a new weekly high at $103.64.
Ethereum and EOS Join the Rally
Traders have capitalized on the deeply oversold status of Ethereum and EOS, two of the leading decentralized blockchain projects. While Ethereum price jumped close to 6% on a 24-hour adjusted timeframe, EOS is a little behind with a 4% jump.
The Ethereum/Dollar price is now trading at $100 on Binance while eyeing an extended upside action towards $128 as a potential breakout/rebound target. The pair’s support level, at the same time, looks set at $84.
The EOS/Dollar rate, meanwhile, is undergoing a decent intraday rebound from the yesterday’s selling action. While the pair is pretty much struggling to break above the resistance level at $2.89, it is also being supported by a decent floor near $2.48.
Much like Bitcoin Cash ABC, Bitcoin SV, and EOS, other altcoins have also rebounded fairly in their respective markets. Including XRP (+4.36%), Stellar (+4.27%), Monero (6.23%), and Stellar (4.27%).
Featured image from coin360.com
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