Ethereum, EOS, Litecoin, Bitcoin Cash: Majors Stabilize as Bulls Gather Pace

The top ten cryptocurrencies traded mostly higher on Thursday, as Litecoin (LTC) and Binance Coin (BNB) maintained a solid leadership pace of the market, echoing a quarter of solid gains for both assets. BNB was already covered in our recent techno-fundamental analysis: BNB the New Bitcoin – Gearing Up for New All-Time-Highs.

Crypto Market Update
Ethereum (ETH) saw little price action Thursday and was last seen trading at $138.00, down just 0.4% compared with the previous day. ETH continues to face strong resistance near $140.00, which represents the high point from Tuesday. On the opposite side of the ledger, key support is located at $130.00, according to the Hacked.com trend model.

EOS (EOS), the Enterprise Operating System, climbed 1% to $3.79. The cryptocurrency has gained roughly 17% from its most recent swing low on Monday and is approaching a known area of supply between $3.80 and $4.60. EOS surged through this range last month before giving back all of its gains in relatively short order.

Litecoin’s price clawed back above $56.00 on Thursday, having gained 2.2%. If Litecoin reaches $60, it will have doubled in price since the beginning of the year. The coin’s sudden breakout can be attributed to a major adoption push by the open source community, including recently announced partnerships with UFC and K-Pop.

Bitcoin cash (BCH) saw a modest dip in price, falling 0.3% to $132.29. BCH is up more than 7% from its Monday low and has gained 15% over the past month.

The combined value of all cryptocurrencies climbed back above $133 billion on Thursday, according to CoinMarketCap. At last check the market cap was valued at $133.2 billion, with daily trade volumes eclipsing $30 billion.

Hacked.com Week in Review: Bitcoin’s Longest Losing Streak Comes to an End; Facebook Readies Launch of WhatsApp Stablecoin.

Venezuelans Adopt Crypto to Escape Socialist Nightmare
Venezuela has emerged as a major player in the cryptocurrency market after the government adopted a new remittance service for digital assets, a move that effectively allows citizens to send and receive bitcoin and Litecoin.

As Forbes reported, the new remittance service has been designed to “guarantee financial inclusion along with the social protection of the people of Venezuela.” In reality, it is a means of aiding citizens in adopting new stores of value to combat economic collapse and hyperinflation in a country that has been spiralling out of control since the 2014 oil-price collapse.

Venezuela has no intent on scrapping the bolivar, its native currency, or allowing bitcoin to compete with it. The new cryptocurrency remittance service can be disabled any time “depending on the availability of funds in bolivars.”

Forbes also reports that services like LocalBitcoins have surged in popularity across the country. Last week alone, more than 25 billion bolivars traded hands on LocalBitcoins. That’s equivalent to $7.5 million U.S.

Happy Trading!