Business 7 May 2018

Gerald Fenech

Bitcoin Cash stays on course amid crypto market retracement

The cryptocurrency market was down around 5% on Monday largely due to a retracement in all the major coins after a bullish weekend in which most major currencies reached quarterly highs. The main leader amongst all this was Bitcoin Cash, which jumped considerably to well over $1,800 over the weekend—a 120% from its low in March. It was trading at around $1,650 at press time, still well above all other currencies performance which was rather staid.

Ethereum also had an excellent weekend, sailing past the $800 mark and even reaching the $830 mark at one point on Saturday. However, Sunday saw it slip below the $800 level, and it was trading at around $750 at press time. There seems to be anticipation for the U.S. Securities and Exchange Commission hearing later on Monday, where a decision is to be taken whether Ethereum is a security and this could be having an effect on the slight price slump.

BTC retraced by almost 8% from its intra week high of $9,950 to trade at around $9,300 at press time on Monday. There seems to be good support at that level; however, and this might mean that a further push towards the $10,000 level could materialise. Ripple had another disappointing day after a good move up to $0.90 over the weekend, but it dropped to below the $0.85 mark and was trading at around $0.83 at press time. Ethereum Classic was the only bullish performer over the past 24 hours and moved considerably forward to touch the $24 mark with further upward movement expected over the week.

The currencies with smaller market caps had a slightly disappointing weekend since they dropped from the intra week highs. Dash again fell below the $500 mark and was trading at around $460 at press time—a drop of 5% although there appears to be good support at that level. The same went for Stellar Lumens, which dropped by a further 5% over the weekend to trade at the $0.39 mark although support is very strong at that level. NEO dropped further to below the psychologically significant $80 mark and was trading at around $78 at press time. EOS continued to give up its spectacular gains from the week before, although it was recovering to touch the $17 mark with a further push beyond that range not unexpected.

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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