Business 17 April 2018Gerald Fenech
Bitcoin Cash holds $780 level amid largely staid crypto market
The cryptocurrency market was largely staid on Monday with most virtual currencies keeping their previous levels after the slight drops on Sunday evening. SegWit-Coin BTC (also referred to as Bitcoin legacy or Core) was again back to the $8,000 mark having reached a high of $8,400 on Sunday, and, at times, even dipped below the psychologically significant mark to the $7,800 region. The coin is trading at $8,100 level at press time.
Compared to SegWit-Coin BTC, Bitcoin Cash (BCH) had a relatively good day. It held the $760 level on Monday, only a minor drop from its highs of $780 achieved last week. Bitcoin Cash is back at the $780 level on Tuesday. There appears to be great interest in BCH at the moment with several payment providers announcing partnerships and it is looking good for another push—perhaps to the $1,000 level in the second half of the month. Ripple is also maintaining its $0.65 level and could also be poised for another bull run after being in the news with new banking partnerships announced. The issue of regulation could also be a factor for Ripple’s positive price movement.
The second largest currency by market cap, Ethereum, also had a relatively quiet day in a tight trading range of about $500-$520, whilst it also briefly dipped below the $500 mark but soon regained strength at that level. Its sister currency, Ethereum Classic, was also rather quiet but traded at the $16 level with very little movement, which indicated that it could be ready for a strong bull run very soon. Volumes in this currency have been relatively low of late but with Ethereum’s hard fork coming up soon, interest in this cryptocurrency could spike exponentially.
Litecoin seemingly bucked the trend and actually moved forward on Monday whilst on Tuesday it appeared to be maintaining the $130 level with a push for $150 not out of the question. Dash remains a sleeping giant—it is trading at around the $350-$360 mark, but if it manages to climb over the $400 level, there is general consensus that it will spike. Of the smaller market caps, Stellar held on to the $0.28 level retracing slightly from its high of $0.30 achieved on Sunday, whilst NEO was more disappointing as it fell back to the $65 level—still a full 100% down from its highs registered in February and even more down from its all-time high of $190 in December. Cardano bucked the trend registering considerable increases of around 7% overall whilst IOTA dropped by 5%.
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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