It has been another positive 24 hours of trade for the crypto market and strong gains are being seen across the board this morning.
With only two coins in the top thirty not pushing higher over the period, the entire value of the market has jumped 3.5% to US$224.2 billion according to Coin Market Cap.
These gains are likely to be the result of positive technical analysis signals that crypto bulls believe point to the market reversing its recent declines.
According to Bloomberg, analysis of RIG trend lines, a leading technical indicator based on a combination of the relative strength index (RSI) and momentum studies, the momentum gauge has crossed the RSI gauge.
Technical analysts believe that this could be indicating a positive price movement is on the horizon because the Bitcoin price has risen strongly the past three times the two gauges crossed.
It has been a case of so far so good for the indicator, with Bitcoin rising strongly over the last 24 hours.
Here is the state of play on Friday morning compared to 24 hours ago:
The Bitcoin (BTC) price is up 3% to US$6,697.45 per coin, increasing its market capitalisation to US$115.8 billion.
The Ethereum (ETH) price has surged 5.6% higher to US$229.77. This lifted the ETH market capitalisation to US$23.5 billion.
The Ripple (XRP) price has climbed 4.6% to 54.65 U.S. cents. This latest gain has lifted the XRP market capitalisation to US$21.8 billion.
The Bitcoin Cash (BCH) price has been a strong performer and is up 8.8% to US$567.19. Traders have been piling in since the Bitmain IPO was announced, lifting its market capitalisation to US$9.85 billion.
The EOS (EOS) price is up 5% to US$5.88, increasing the EOS market capitalisation to US$5.3 billion.
Outside the top five things were equally positive. Stellar (XLM) is up 6.6%, Litecoin (LTC) has stormed 10.1% higher, Cardano (ADA) is up 9%, and Monero (XMR) has pushed 4.3% higher.
The only coin in the top ten that failed to climb higher was Tether (USDT), which has fallen 0.8% over the period.
What now?
While things are looking positive for the market right now, it is worth remembering how quickly things can change. Because of this, I feel the prudent thing to do is to watch on from the safety of the sidelines.
