Business 15 February 2018Gerald Fenech
Bitcoin Cash recording steady gains—rising consistently and flirting with $1,400 mark
The impressive recovery in the cryptocurrency market continued apace on Wednesday and the early hours of Thursday as most major coins were all heavily in the green.
The currency that was looking extremely positive and bullish was Bitcoin Cash which rose considerably on Wednesday by about 11% and was flirting with the $1,400 level—this is almost a 100% climb from its low of $800 reached only a few days ago. The cryptocurrency, which is considered as the true remaining Bitcoin as intended by the 2009 Satoshi Nakamoto white paper, has improved massively in recent days being the first coin to show some signs of a recovery after the early February bloodbath in which most currencies lost at least 40% of their value and others dropped by around 60%.
Another gainer was Litecoin, which went up by over 30% on Wednesday, peaking at around $210. The coin founded by Charlie Lee continued its climb on Thursday morning where it was up by around another 12% to reach the $230 mark and was still climbing at press time.
Stellar Lumens also posted strong gains and is now flirting with the $0.50 mark, a 30% climb over two days. The other top 10 cryptocurrencies such as Dash and Ethereum Classic also continued moving forward with the former now also flirting with the $700 mark, although it is a far cry from the $1,500 mark registered in mid-December when crypto currencies were at an all-time high. The latter somewhat stalled in progress over the past 24 hours but it is still on the cusp of its impressive rally where it gained almost 40% in three days.
Legacy Bitcoin, or SegWit1x (BTC), and Ethereum also recorded steady gains over the past 24 hours. Bitcoin broke through the $9,000 barrier and is now trading at over $9,800 which is close to the five figure mark—a level that has not been seen since mid-January before the inexorable climb to the bottom began. Ethereum was at around $930 at press time, indicating that it was ready to start another climb upward to the sensitive $1,000 mark.
The market is showing some bullish signs of recovery and the combined cryptocurrency market cap is now close to the $500 billion mark which is almost double the low of $275 billion reached only last week.
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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