Business 2 May 2018

Gerald Fenech

Bitcoin Cash recovers as crypto market trades sideways

The cryptocurrency market continued to trade sideways on Wednesday after dropping slightly in the past 48 hours. After a day of trading below the $9,000 mark, BTC regained the $9,100 mark on Wednesday morning although trading volumes remained slightly low.

Bitcoin Cash retraced slightly from its intra week highs on Tuesday; however, it was recovering well on Wednesday to trade above the $1,300 mark and was well on course to reach the $1,400 mark if a sustained rally takes place over the next few days. There has been a consistent spread of good news for this currency as it continues to be involved in payment agreements and other news that is generally positive.

The third largest currency by market cap, Ripple, also had a generally positive 24 hours, regaining the $0.80 mark with ease to trade at around $0.84 on Wednesday morning. Ripple also continued to be in the news with more banks and companies adopting the technology, so it must only be a matter of time before a jump in price is seen. Another larger market cap currency, Litecoin, appeared to be on a slight recovery as it was once again flirting with the $150 mark on Wednesday morning after having dropped in the low $140’s over the past days.

Ethereum remained relatively stable and was once again close to the $680 mark in the past hours after having dropped as low as $650 on Tuesday, when the market correction took place. The currency’s founder Vitalik Buterin seems to be in the news constantly nowadays and that can only have an effect on the currency’s short- to medium-term prospects as it continues to garner exposure. Ethereum Classic held on to the small gains it registered on Wednesday and was looking to breach the $22 mark if a rally takes place.

Currencies with smaller market caps had a slightly mixed day overall. XLM was up by around 4%, only to fall back in the past hours but is holding well at the $0.43 mark. EOS seems to have stabilized at the $18-19 mark after the steep rises of last week, whilst Dash is also stable in the $450-480 range. Other currencies such as TRON and VERGE had a mixed day with the former losing some of its steep gains achieved last week and the latter shooting up on high turnover.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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