Daily Cryptocurrency Markets Update: Monday, November 12

Daily Cryptocurrency Markets Update: Monday, November 12

Across the vast majority of digital currencies this morning, markets seemed vanquished as most chart patterns showed red. The downward trend was felt across most of the top cryptos with a small section of coins recording a slow upward surge.

Coins such as Stellar (XLM), Cardano (ADA) and ZCash recorded an upward move perhaps owing to the news that they will soon be listed on Coinbase. Stellar was up by 6% to trade at $0.27, Cardano gained up to the $0.077 mark before settling at $0.075.

Additionally, the upcoming Bitcoin Cash Hard Fork on November 15 has had the effect of lowering BCH prices.


Daily Cryptocurrency Markets Update: Monday, November 12
Image Via Coin360

Bitcoin (BTC/USD)

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Over the last 24 hours, some slight alterations have been witnessed on the charts. For starters, Bitcoin underwent market correction to overcome its recent slight drop. It is currently exchanging at $6396 against the U.S. Dollar up from $6344, representing about 0.2% growth.

On one day charts, the 7-day moving average is above the 21-day moving average, an indication that a bullish momentum is in the works. The Relative Strength Indicator (RSI) is stable on the charts, showing that the periods of extended stability for the leading cryptocurrency by market capitalization are on.

Experts have indicated that the periods of increased stability and reduced volatility are ‘the calm before the storm’ that will see a major upward surge as the year comes to a close.

Bitcoin Cash (BCH/USD)

With a scheduled protocol upgrade on November 15, opinions are divided on the future of this digital coin. While one chain wants the coin’s block size increased, another one is opposed to it. Investors have therefore moved to dispose of their BCH holdings. The increased supply of BCH has pushed the prices down. It has lost about 20% of its value over the previous week and is currently trading at $517.

Ethereum (ETH/USD)

The second largest digital coin by market capitalization was also marked in red as it lost ground from its stellar performance last week. It is currently trading at $210 with its stability intact. This follows news of its hundred times capacity upgrade as announced by Vitalik Buterin.