Business 17 May 2018Gerald Fenech
Bitcoin Cash regains footing as crypto market snaps out of doldrums
The crypto market began a slight recovery on Thursday after Wednesday’s doldrums, when several currencies lost considerably on their values. BTC appeared to be well supported at the $8,350-$8,400 level as more buyers come into the market. As previously indicated, the Consensus Conference did not seem to have had the slightest effect on the largest cryptocurrency by market cap, which has been acting independently throughout the week.
Bitcoin Cash was in recovery mode on Thursday after having dropped considerably on Tuesday and Wednesday, but it regained the psychologically significant level of $1,300 on Thursday morning and looked to be making a push towards the $1,350 level.
After briefly dropping below the $700 mark, Ethereum regained that level on Wednesday evening and seems to be consolidating at that level before making a push up to further targets. Ripple also regained a psychologically significant mark at the $0.70 level and looks poised to make further gains in the coming 24 hours as it consolidates at that level.
The other larger cryptocurrency by market cap, Litecoin, also moved considerably ahead on Thursday morning, approaching the $140 mark after having sunk to as low as $130 on Wednesday. Rumours that Charlie Lee would be leaving the project he started himself seem to have not been negative towards the currency and there is excellent support at these levels.
Currencies with smaller market caps had a slightly mixed performance. EOS was up by over 10% as it looked to rebound from lows that went down to as much as $12 on Wednesday. It appears that buyers have moved in at that price with a rally expected in the next few days. NEO was also up from lows of around $60 and was trading in the mid $60s on Thursday morning with all the ingredients for another spike. Dash maintained the $400 level quite comfortably, whilst Stellar Lumens continued to establish a smallish recovery when it was up by around 2% to trade at $0.33 at press time. Ethereum Classic was also slightly up over this week’s performance, when it was trading at around $18 on Thursday.
Other smaller currencies such as TRON and Cardano were also up by around 5% as they attempted to recover from the heavy losses over the past few days.
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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