Business 4 April 2018Gerald Fenech
Bitcoin Cash price rises 10% as crypto market continues muted recovery
The cryptocurrency market continued on a slightly muted recovery on Tuesday, with legacy Bitcoin (BTC) price moving from around $7,300-$7,500, which was a rather tight trading range and it appeared that the largest cryptocurrency by market cap has been finding it hard to sustain the $7,500 level. Other currencies, however, saw a substantial increase in their values with Litecoin surging ahead by around 15% at one point to top the $130 level, although it did fall back slightly to just below that mark on Wednesday morning.
Of the other cryptocurrencies by larger market cap, Ethereum increased considerably and easily rose above the psychologically significant $400 level, although it once again failed to sustain an upward momentum with the rally halting at around the $410 mark before dropping slightly again to $405. Ethereum’s sister currency, Ethereum Classic, was also up by around 9% on Tuesday and was flirting with the $15 mark, although it fell back slightly to around $14.60 on Wednesday morning as selling pressure began to have an effect.
Bitcoin Cash performed excellently on Tuesday rising by as much as 10% at one point before dropping back slightly to the $680 level, having gone over the $700 level at one point. However, even with Bitcoin Cash, the recovery seems rather muted and it might drop again in the coming hours as selling pressure comes to bear. It appears that the bear market is still not over even with these strongly positioned currencies by market cap.
Ripple also had a good day overall and rose by 10% to attain the $0.53 mark although once again, the recovery needs to be substantially more than that if it is to achieve levels attained in December. Dash also had an excellent day recovering by around 10% to trade at around $330 and there appeared to be more pressure for forward momentum. Of the currencies with a smaller market cap, Stellar was the only one that really lagged behind with a relatively minor 3% increase that was eventually all lost by Wednesday morning. By contrast, NEO had an excellent day on Tuesday and rose by well over 11% at one point to trade at $53, and there appeared to be momentum for a good push. However, this currency has lost well over 60% of its value from mid-March and is very far from recovering levels previously set in December, when it was trading at around $190.
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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