Business 21 May 2018Gerald Fenech
Bitcoin Cash up 12% as crypto markets look for recovery
After a relatively quiet weekend where most cryptocurrencies remained at the low levels registered over the past week, there was a slight rebound on Sunday with most coins registering gains that were confirmed on Monday morning. BTC was trading at around $8,500 at press time—an increase of well over 5% from its lows of just below $8,000 last Friday.
Bitcoin Cash (BCH) also had a fine recovery and rose by about 12% over the past two days to come close to the $1,300 level yet again. There appears to be positive interest in this coin as more investors come into the market and a boost is also being seen in mining for BCH. Ethereum also posted a good string of gains and was once again well above the $700-mark, trading at around $720 at press time as it looks to make another push for the $750 level.
Of the other cryptocurrencies with larger market caps, Ripple made a modest push upwards and was trading at the $0.70 level on Monday morning. There seems to be a pause on the news for this cryptocurrency and price movements have been very quiet of late.
Currencies with smaller market cap saw considerable positive movement, reversing most of the losses made last week. Chief of these was EOS, which was trading at around $14 at press time, a considerable 14% increase over its lows of $12 established at the end of last week. With its Main Net approaching on June 1, there could be considerable interest in this coin in the coming days. Stellar Lumens also registered an increase and was trading at around $0.32 at press time—here the increase was not too marked though.
One of the stars as regards price movement was NEO, which easily sailed past the $60 mark to trade at $63 on Monday morning—an excellent 8% increase. Dash again came close to retain the $400 mark with a fine push on Sunday, although momentum appeared slightly stalled on Monday. Ethereum Classic appeared stable at the $18 mark, although there could be a slight push downwards on low volume. TRON shot up against BTC with a 14% increase, although that could eb due to the speculation around its Main Net launch that should happen this week.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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