Bitcoin Jumps Over $420; Ethereum Emerges as Its Main Rival

When we were writing about the Bitcoin on the last Friday of March, 2016, the price was settled around $415 and everything suggested that the value per coin wouldn’t change over the weekend. That turned out to be true during Saturday and Sunday; however, yesterday evening the Bitcoin surprised everyone with an unexpected jump, which launched it over $420.

With this latest change of price, we can see improvements in many other segments. For example, the market cap has increased and the volume has drastically improved. This brings a new wave of hope to traders who got a bit tired of waiting for the bulls to take over and boost Bitcoin’s worth.

And as the world was busy discussing Bitcoin’s price increase, another digital currency also attracted lots of attention after its value went up for more than 1,000%. The New York Times dedicated a whole article to the Ethereum calling it Bitcoin’s main rival because it enables the same transactions as the Bitcoin does. The article also highlights several things that may put it in a superior position and it’s a really good read regardless your feeling about the Ethereum.

Currently Trading for $424.42

Well, it’s definitely promising to see our favourite cryptocurrency settled over $420 again and currently trading for $424.42. The drastic change can be spotted even if you’re watching the price movement in the past 24 hours since yesterday for most of the day it was around $415.

The price range shows that both the day’s high and the day’s low were recorded Sunday evening, whereas today the price has been pretty constant. The lowest value per coin reached was $415.90, while the highest one was $427.37. Generally speaking, the price change noted in the past 24 hours has been 1.68% and that’s more than good.

Today the volatility of the Bitcoin is set at 40.94%, while the volume has drastically increased. In case you don’t remember, on Friday the volume’s value was $54,524,700, while today it’s much higher $81,353,100. This may indicate that the cryptocurrency hasn’t finished surprising us and we might even expect some further price jumps. Finally, the market cap went from $6.41 billion to $6.54 billion.

Indicators’ Signal Once Again Fails to Provide Valuable Info

By the end of 2015, the indicators and the moving averages never made a single mistake when it comes to guessing the future Bitcoin price movement. However, ever since 2016 started the situation has been a bit more complicated and on several occasions their signal turned out to be completely wrong or unhelpful.

Today, we may say that it’s just like that. First of all, technical indicators are sending an overall sell signal, whereas the moving averages are telling traders to buy. However, if you give a closer look, you’ll see that with a small shift in numbers, both would send, in fact, a neutral signal.

This means that we can’t really say whether the Bitcoin will grow or fall in the days to come. However, if we take into consideration the majority of the indicators that are pro-sell and combine them with the incredibly high volume, our wild guess would be that the Bitcoin would either remain over $420 or even increase a bit more.

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