Business 18 April 2018Gerald Fenech
Bitcoin Cash jumps to $830 as BTC takes a nosedive
After a relatively positive Tuesday when most cryptocurrencies posted strong gains, SegWit-Coin BTC (also referred to as Bitcoin legacy or Core) took a considerable tumble in the late evening with the price dropping from around $8,100 to $7,850 in a matter of minutes.
The price drop was caused by reports that the New York Attorney General has been gearing up to investigate cryptocurrency exchange business. At press time, SegWit-Coin BTC had recovered slightly and was trading at around $8,100. Strangely, however, it was only SegWit-Coin BTC that took a big tumble—other cryptocurrencies holding onto the gains made during the day with relative ease.
Bitcoin Cash was amongst those currencies which posted strong gains during the day and in fact, it was trading at around $780 before the news struck, only to jump to $830 level at press time—a positive movement overall.
Incidentally, investor Brian Kelly went on CNBC’s Fast Money on Tuesday, where he declared that now was the time to buy Bitcoin Cash, adding that with the filing deadline for tax purposes in the United States now past, there could be a huge interest in cryptocurrencies yet again.
Kelly pointed out that Bitcoin Cash has seen “increased volatility” as well as “increased volume” in the past month—a clear indication of the cryptocurrency’s potential for growth.
“Those are the first things traders look at, that I look at, to say, something might be changing here,” Kelly said, according to CNBC. “If we get that breakout, you’re looking at higher moves.”
Meanwhile, Litecoin also posted the strongest gains on Tuesday, when it rose to almost $140 during intraday trading although it fell back slightly to the $137 mark at press time. News that the coin founded by Charlie Lee was to be listed on a new exchange undoubtedly added considerable buzz to the toke explaining the price rise. However, the currency is still a very long way from its all-time high of $350 registered in December.
Stellar Lumens was another currency that shot upwards over the past 24 hours breaching the $0.31 level and looking ripe for further gains over the next few days. In fact, Stellar is the currency which has recovered best from the March crash and is now only a few points away from its February levels. As a way of contrast, Ethereum is performing rather sluggishly of late since it is playing around the $500 mark with very small movements either way and no sign of real upward momentum as yet. Ethereum Classic is also seemingly stuck at the $16 level with not much movement either way, and it will have to be a significant push for the currency to breach the $20 level.
Other cryptocurrencies with smaller market caps such as Neo and Dash saw smaller increases overall but were still generally up by around 3-5%, with NEO approaching the psychologically significant $70 level where it could then be positioned for a good breakout.
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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