Business 19 April 2018Gerald Fenech
Bitcoin Cash closes in on $900 as crypto market roars ahead
All major cryptocurrencies had an excellent day on Thursday against the U.S. dollar, with almost every single one of the top 10 coins seeing double digit rises. Leading the pack was Bitcoin Cash which roared ahead to $880—a whopping 23% increase over less than 24 hours, and a clear indication that this currency is back to the bull phase as we previously predicted.
SegWit-Coin BTC (also referred to as Bitcoin legacy or Core) was more or less static, although at one point it dipped again below the $8,000 mark but recovered during the day to trade between the $8,050-$8,200 range—significantly lower in terms of increases when compared to other currencies. In a week, the total market cap of cryptocurrencies has advanced by more than $100 billion overall with most coins enjoying considerable increases of up to 70% in some cases.
The other star in the firmament was the appropriately titled Stellar Lumens, which also saw a considerable increase of around 18% to reach the $0.38 level. This is more than double the price Stellar was trading at just a week ago, and those who got on to the train at low prices must be extremely satisfied with themselves since they are enjoying gains of over 100%. Another cryptocurrency that saw a considerable increase was Dash, whose price rose by 12% to well over the $410 mark. It appears that this crypto is preparing for another bull run although it remains to be seen whether it can approach the fable $1,500 mark it reached in December.
Ripple also had an excellent day and soared to well over the $0.72 mark with a 10% increase, whilst Litecoin finally crossed the $140 threshold after a day of teetering on the brink of that level. Both of these coins should see considerable increases in the near future as their graphs are well positioned for another move upwards.
Ethereum saw a steady increase of around 5% to the $530 mark and it appears that the line of next resistance is the $550 mark from where another considerable increase should be seen. Ethereum Classic also performed well, rising by around 10% to begin flirting with the $18 mark and corresponding price rises are expected in the coming days. Of the currencies with smaller market caps, NEO also soared and was trading at around $74, which is an increase of around 11% after having lagged slightly behind in the previous weeks.
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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