Business 11 April 2018Gerald Fenech
Bitcoin Cash regains foothold amid largely neutral crypto market
The cryptocurrency market remained largely neutral on Tuesday with SegWit-Coin BTC (also referred to as Bitcoin Legacy or Core) trading between an extremely tight range of around $100, oscillating between $6720 and $6850 with some activity at the high end of the range. Bitcoin Cash performed somewhat better and regained the $650 mark on Wednesday morning and was looking to move forward to begin retesting the $700 mark although some strength will be needed to achieve that target.
Ethereum, the second largest cryptocurrency by market cap, showed a considerable increase of around 10% from lows of $375 to around $415, and is looking to begin testing the $450 figure again. In fact, when compared to SegWit-Coin BTC, Ethereum has performed much better over the past 48 hours with Monday’s drop largely cancelled out. The same cannot be said for the third largest currency by market cap, Ripple, which remained languishing between the $0.47 and $0.48 level—an extremely tight range which indicates weak turnover and not much of a recovery in sight. Although Ripple has consistently been in the news for good things with a lot of positive deals being announced, the price has failed to move although there are signs that it could be positioning itself for a breakout in the short to medium term.
Other currencies were relatively stable over the past 48 hours, with Litecoin also trading in a tight range between $113 and $115. Weak buy volumes for this currency have consistently pushed the price down and it seems to be suffering to gain the $120 mark again, although it had easily reached the $125 mark on Monday before dropping back. Dash also traded stably at just below the $300 mark, although it looks like it might regain that position quite soon and perhaps make a charge for $400. Ethereum Classic had another disappointing day stuck at its 2018 low of around $13.50, and there appears to be absolutely no momentum for it to move forward in the short term.
Of the currencies with smaller market caps, NEO continued moving slightly forward with a 3% gain to trade at the $54 level. This currency appears to be positioning itself for a breakout in the short term although again buy volumes are still rather weak. Stellar again retook the $0.20 level but it is still very far away from its bull run when it reached the $0.50 mark in mid to late February. All in all, the whole market appears to be rather staid with very little movement over the past 48 hours apart from a few pumps and dumps on currencies such as Verge and Tron, with the former having gone up by around 15% while others such as VIA, WAN and ELF were up by as much as 30% against SegWit-Coin BTC, although their levels against the U.S. dolar are still not so good.
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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