Business 27 April 2018Gerald Fenech
Bitcoin Cash pushes for $1,400 as crypto market continues muted recovery
The cryptocurrency market continued a steady recovery, with almost all currencies rising slightly in the past 24 hours. Stellar headlined the march forward, increasing by as much as 10% overnight. BTC also finally shrugged off the foibles of dropping below the $9,000 mark when it rose to around $9,200 at press time.
Bitcoin Cash consolidated above the $1,300 mark and was trading at around $1,380 at press time—it was looking to breach that mark and regain traction for a push to the $1,400 mark. Lots of good news for the currency continued to push interest in the coin as several exchanges introduced trading pairs for Bitcoin Cash in their portfolios.
Ethereum also continued a steady recovery with a rise to the $650 mark and it looks strong enough to reach the $700 mark again, a figure breached also on Tuesday but was surrendered during Wednesday’s drop. It’s sister currency Ethereum Classic also had strong showing over the past four hours, rising by around 8% to breach the $20 mark and looks poised to make considerable gains over the next few hours.
Ripple recouped most of Thursday’s losses and was trading at around $0.84 at press time with a minimal 1% increase over the past few hours. However, the cryptocurrency appears to have considerable turnover behind its back and another forage forward to the $1 mark would not be untoward as trading continues throughout the day. Litecoin also began recovering some of its losses over the past days and breached the $150 barrier with relative ease.
Of the currencies with smaller market caps, EOS continued to perform strongly and was trading well over the $15 barrier to consolidate the gains it made over the past few days. Dash appeared poised to regain the $500 barrier yet again, whilst NEO was the only sluggish currency amongst the top 10 appearing quite stuck in the early $70s levels. However, interest in this crypto remains strong and another push towards the $80 mark and beyond would not be unexpected at this stage.
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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