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Major Rally: Ethereum Price Overtakes Bitcoin Cash For First Time Ever

05 Jan 2019

As cryptocurrency market went into greens after a long time on Monday, the price of Ethereum went above Bitcoin Cash for the first time since its creation.Last 24 hrs have brought some much-needed relief to the cryptocurrency market. A number of major developments took place in the club of top 10 as all major cryptocurrencies rallied for the first time in a long-time. The most interesting development among them was the price of Ethereum topping the price of BCH for the first time.That’s right. As Ethereum gained over 10% on Monday its price surpassed the price of Bitcoin Cash. It’s still above Bitcoin Cash at $94, while Bitcoin Cash trades at $90. This has happened for the first time ever, otherwise Bitcoin Cash has always remained above Ethereum when it comes to price. However, the steep declines in its price over the course of last few weeks pulled it below $100, displaced it from the club of top 5 cryptocurrencies by market cap and made it record some of its historic lows and declines. The end result is that though Bitcoin Cash also rallied over 10%, its price still couldn’t hold itself above that of Ethereum, whose losses had been less in comparison over the course of last few weeks.Other major risers among top 10 cryptocurrencies were EOS (24%), XRP (15%), Cardano (13%) and Litecoin (12%). Bitcoin rose 8.65%, while Bitcoin Cash and Bitcoin SV rose 10.8% and 3.3%, respectively. Also, both these coins are neighbors now – one sits at number #7 and another at number #8. It can’t be said with certainty. Trade experts like Tone Vays and others are still urging the traders to act cautiously. Tone Vays is still not ruling out a collapse of Bitcoin price to $1,300. According to him a close of Bitcoin below the long-term 50-month moving average can trigger an extended downward spiral. He said:“We have crossed the 50-month moving average twice before but never closed below it; I pray to God we don’t close below it because if we do, shit gets bad.”In short, the direction of Bitcoin price, according to Vays, now depends upon the 50-month moving average.

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