Business 10 May 2018

Gerald Fenech

Bitcoin Cash leads crypto market recovery

The crypto currency markets demonstrated a slight recovery on Thursday morning with prices up across the board. The chief leader amongst the top currencies was Bitcoin Cash (BCH), which saw its price rise considerably from below the $1,500 mark to well above the $1,600 mark on Thursday. There seems to be additional input into this currency as an important development occurred recently with the dropping of a lawsuit against Bitcoin.com CEO Roger Ver that gave added boost to BCH.

BTC, meanwhile, has stabilized around the $9,300 mark with very little movement, as the currency is now trading sideways and not much movement either way. There seems to be good support at that level, although a push towards the $10,000 mark in the coming days would not be untoward. Ethereum also posted a strong recovery, sailing past the $750 mark after having dropped as low as $710 at one point and poised to retest the $800 level sometime soon. ETH’s sister currency, Ethereum Classic, went in the other direction and lost further from its highs of $23 last week, trading at around the $21 mark although there appears to be good support at that level.

Other larger currencies by market cap had a mixed performance. Litecoin moved forward and looks to be testing the $160 level after having dropped significantly in the last days to just over the $150 mark. Ripple continued losing support and has dropped below the psychologically significant $0.80 level trading at around $0.77 with the news of lawsuits and general staid performance having an effect on the price.

The smaller currencies by market cap also performed rather negatively. Stellar Lumens continued dropping and was trading at around $0.36 at press time, a full 25% off its monthly high of $0.45 registered only last week. Dash was also down to below the $450 level, although there did seem to be some sort of a revival on Thursday morning with the possibility of reaching the $500 mark in a concerted push on back of positive market sentiment. Neo was also down to the mid $70’s after having reached a high of $90 last week—again this currency has retreated by more than 20% from that high. EOS continued to hold the high $17 level and could be poised to move slightly forward in the coming days.

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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