Business 9 April 2018

Gerald Fenech

Bitcoin Cash regains its mojo as crypto markets begins recovery

After a torrid week where the cryptocurrency market reached new lows with SegWit-Coin BTC (also known as Bitcoin Legacy or Core) dropping below $6,500, it appeared that the past few days have shown some indication of a slight recovery.

On Sunday, SegWit-Coin BTC made a slight push to reach the $7,000 mark and then rose above the $7,100 mark with momentum in the $7,300-$7,500 buying region. Bitcoin Cash also recorded a good recovery from previous lows, rising to around $660 from a low of $610 only a few days ago. Bitcoin Cash appeared to be moving forward in the coming days as news of a hard fork in May create interest and demand in the currency.

The other currency which established a considerable gain over the past few days was Ethereum, which rose to around $410 and appeared to be making a push for the $450 mark after having pushed over the psychologically significant $400 mark. Litecoin was also gaining traction, and, after having been stuck in the $113-$117 mark for several days, managed to regain the psychologically important $120 mark with further increased expected in the next few hours if the good news regarding the currency was anything to go by. Ethereum Classic was also up and regained the $14 mark, although the increase was slightly muted.

Ripple also started a mini recovery and easily regained the $0.50 mark with buy volumes expecting it to make a charge beyond the $0.60 mark soon. XRP was in the news last week, following reports that it had offered large sums of money to U.S. exchanges to list the coin on their platforms—but the deals came to nought.

Dash was also showing signs of recovery, where it was holding well above the $300 mark to trade at around $318 at press time on Monday. Stellar was also showing signs of revival having gone across the $20 mark and was trading at around $0.21 at press time.

However, the currency which showed the largest gain over the past few hours was NEO, which rose by a staggering 13% to reach the $54 mark having languished in the $45-47 levels over the past few days. It seems that good news regarding development competition results were behind this recent surge although one has to be wary if these gains are to be sustained.

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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