Business 26 April 2018Gerald Fenech
Bitcoin Cash maintains $1,300 level amid mid-week market slump
The cryptocurrency market continued its mid-week slump, which started early on Wednesday morning after BTC dropped from a monthly high of $9,800 to below the $9,000 mark in just a few hours. That big crash dragged almost all major coins down with most dropping steeply and with double digit losses for the day. The market cap also dropping from almost $450 billion to below the $400 billion mark.
Bitcoin Cash retreated considerably although it was trading above the $1,300 mark at press time. This is still well over 120% up from its intra month low of around $600. Ripple also suffered a big decline over the past 24 hours, trading at below the $0.80 mark after having climbed to the $0.95 region on Tuesday and was thought to start attacking the $1 mark soon. Another currency that suffered a considerable drop was Ethereum, which had easily surpassed the $700 mark on Tuesday only to fall to the $630 mark even dropping below the $600 level at one point, although there was eventually a slight recovery in the price. Ethereum Classic also had a bad day, dropping over 20% overall after having flirted with the $22 mark. It is now trading at the $18.50 mark with a modest recovery expected in the next few days as it consolidates around that level.
Litecoin also lost the momentum it had gained on Tuesday and was trading at around $145 at press time, although there appeared to be strong support at the $140 level. The same could be said for Dash, which lost the $500 mark it had gained in the early part of the week and was trading at the $460 level at press time.
Of the currencies with smaller market caps, Stellar was the only bright spark for Thursday morning rising to the $0.39 mark again after having lost a whopping 20% on Wednesday and looked well poised to begin breaking the $0.40 mark yet again. NEO retreated by around 15% overall to the low $70’s level while EOS looked to have consolidated its level of around $14 with another push towards the $16 mark not out of the question. The latter currency was the only one not to drop considerably over the Wednesday crash and held on to most of its astonishing gains registered on Tuesday.
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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