Business 8 May 2018Gerald Fenech
Bitcoin Cash continues to be crypto market’s prime mover
The cryptocurrency market continued to be relatively stable on Monday with most top currencies recovering slightly from Sunday night’s losses. BTC maintained the $9,300 mark after having dropped from a high of $9,900 over the weekend. However, the prime mover over Monday and early Tuesday was once again Bitcoin Cash, which recovered from a drop of below $1,600 to trade at almost $1,700 before dropping back slightly to the mid $1,600s.
Ethereum dropped considerably from around $830 to almost below the $700 mark, following reports of a hearing that was supposed to take place regarding the cryptocurrency’s status as a security. However, there was a considerable recovery after this news was deemed to be FUD and no hearing actually took place. ETH charged back to the mid $750 mark and was well poised to continue moving ahead to the $800 mark again in the coming 24 hours.
Litecoin was another currency which recovered considerably well from its post weekend slump, when it dipped dangerously close to the $150 mark. However, at press time on Tuesday, the coin coin was trading at the $164 mark and was looking to move further forward and charge towards the $170 mark. Ripple saw a slightly staid morning, trading at just over the $0.82 mark having been stuck in this trading range for over a week. It seems that a push towards the $1 mark is not going to happen anytime soon with poor momentum towards that level.
After having a relatively successful weekend in the midst of some dips, Ethereum Classic floundered slightly and retraced from a high of $24 to settle at just around the $23 mark. Stellar Lumens also floundered and once again dipped below the $0.40 level at one point to trade at around $0.39, although it appeared poised for a mini rally over the next week. NEO also dipped below the psychologically significant $80 level settling at the $78 level. The only outlier to this sea of red was EOS, which performed a considerable climb from its lows of $16 reached last week and at press time it was trading at around $18 and looking to make a further charge forward.
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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