Bitcoin cash token is trading near the 20-DMA (SMA) short-term moving averages. The coin is seeing a lot of buying interest. When the currency starts to sustain above the 20 and 200-day moving averages with good volume, it will create bullish momentum. Despite the market’s recovery, BCH is underperforming when compared to other altcoins. The bearish momentum will reverse if volume increases and the coin maintains above the 20 and 200-day moving averages. The lower top lower bottom trend will continue until the coin shows a reversal sign. Support on the more downside is at $440 and $390, while resistance on the higher side is $620 and $740.
The bitcoin cash token is trading on a bullish note on the weekly chart, with higher and lower lows. The volume over the 4-hour time frame, on the other hand, is quieter and needs to improve in the next trading session. The breakout of the channel pattern will provide vital momentum in the coming trading sessions on either side. On the other hand, the technical parameters show no indication of a positive or negative trend and highlight mixed trends across the chart. The coin at this moment is trading at $525. It has an intraday gain of +0.89%, and the volume to market cap ratio is 0.1512.
Goldman Sachs, one of the world’s leading investment banks, recently backed Ethereum, the world’s second-largest cryptocurrency. The New York-based investment bank stated in a research note on Tuesday that Ethereum’s growing popularity makes it the leading contender to overtake Bitcoin as the most valuable digital currency.
According to a recent Goldman Sachs research note cited by Business Insider, Ethereum may overtake bitcoin as the dominant digital store of value in the coming years. On the other hand, Goldman Sachs believes that rising competition among various cryptocurrency assets such as Ethereum, Bitcoin, Binance Coin, and Cardano is a significant risk factor.
In terms of price action, Ethereum has seen significant gains over the last seven days. The cryptocurrency increased by more than 13% within the previous week. This is the highest percentage gain among the top five digital assets. ETH currently has a market cap of over $275 billion and a market dominance of nearly 19%.
According to Goldman Sachs, despite the recent surge in popularity of cryptocurrency assets such as Ethereum and Bitcoin, neither will be able to overtake gold anytime soon. The bank emphasized the riskiness of digital currencies. Gold competes with cryptocurrency in the same way that it competes with other risky assets like stocks and cyclical commodities.
The ETH network upgrade, Ethereum 2.0, now has over 6 million ETH staked, with a total value of nearly $15 billion.