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.

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