This week featured mixed sentiments amid a consolidation phase, with the global cryptocurrency market cap dropping from $1.66 trillion to $1.65 trillion. Some assets bucked the trend, while others succumbed to bearish pressure.
Top cryptocurrencies — Bitcoin SV (BSV) Bitcoin Cash (BCH) and FTX Token (FTT) — stood out.
BSV crosses $100
Bitcoin SV was one of the best performers this week, but its early price movements were not entirely encouraging to market watchers. The token began the week with a 4% increase, but shed off these gains when it dropped 2.05%.
This drop immediately preceded a massive recovery that saw BSV appreciate by 73.32% from Dec. 27 to Dec. 28. The asset rallied by another 4.49%, eventually reclaiming the $100 pivotal psychological price level for the first time since April 2022.
Bitcoin SV has now slumped below the $100 level, but it has retained its upward momentum, currently up 101% this month. The cryptocurrency has also increased 90.8% this week, with a current trading value of $96 at the reporting time.
Amid the price spike, BSV’s RSI has surged to 84.40, indicating bullish momentum and a slip into overbought territories. This metric has triggered mixed reactions, with trade volume down 52% over the last 24 hours to $335 million.
BCH hits 5-month high
Bitcoin Cash appears to be leveraging the market-wide uptrend at a slower pace. While other crypto assets clinched their pre-FTX and pre-Terra highs, BCH failed to even eclipse the figures it attained in July.
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Author: Wahid Pessarlay
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