Business 16 April 2018Gerald Fenech
Bitcoin Cash touches $790 mark as crypto market continues recovery
The cryptocurrency market continued a slight recovery over the weekend, with SegWit-Coin BTC (also referred to as Bitcoin legacy or Core) climbing to around $8,500 on Sunday—only to fall back slightly to around the $8,000 mark. It appeared that the Thursday spike was linked to several large investors getting into the cryptocurrency market, investors such as the Rothschild and Rockefeller families who administer and control trillions of dollars in assets.
It is not only SegWit-Coin BTC that saw a recovery. Bitcoin Cash also rose substantially to touch the $790 mark at one point before falling back marginally to trade at around at $760 level although the cryptocurrency may also continue to rise if further buying pressure comes into the market.
The continued rise of Bitcoin Cash price is in line with the predictions made in a recent report titled, “Cryptocurrencies: Past, Present and Future.” Using historical data coupled with data-driven algorithm, researchers said Bitcoin Cash is poised to hit “$2,000 per unit by May 2018”—a “130 percent jump in price,” according to a UK Express report.
Compared to Bitcoin Cash, the research report was less optimistic about the future of Ethereum. This weekend, Ethereum managed to sail over the $500 line and was close to targeting the $550 mark, but it eventually fell back and was trading at the $510 mark early Monday morning.
More bad news, however, is in store for the cryptocurrency. According to the “Cryptocurrencies: Past, Present and Future” report, researchers expect Ethereum’s price to “plummet by more than $237 per unit in the next month (April) or so.”
Callum Blanchard, a cryptocurrency data specialist, was quoted by the Express saying: “Ethereum originally stood out for allowing ‘blocks’ to be created quicker, but compare that to the likes of Bitcoin Cash, or even for transaction speed—Ripple and Litecoin—and suddenly even that isn’t so unique anymore.”
Another currency that saw a huge rise over the past 48 hours was Stellar, which, at one point, had surpassed the $0.30 mark, but it eventually fell back on Monday morning and was trading at $0.28 again after selling pressure. However, there appears to be a bull market for this currency according to trading analysts, who are predicting it to rise substantially over the next few days.
Of the currencies with larger market cap, Ripple had a relatively quiet few days after it shot up by over 20% on Thursday and Friday to settle at around $0.67. Again there appears to be a bull flag here and further increases in the short term are not being ruled out by seasoned investors. Litecoin was also relatively staid when it traded at between $125 and $132 over the weekend, but it eventually fell back and was touching the $123 mark on Monday, although changes during the day could have a positive effect on the price.
Of the currencies with smaller market caps, Dash was also relatively positive with substantial increases over Friday and Saturday to settle at around the $380 mark where it was also making a push for the $400 mark, but it eventually fell back to around the $360 mark although this is a considerable improvement when just a few days ago it was trading at the $280 mark. The same goes for NEO which was up to almost $70 at one point—well on its way to a substantial recovery.
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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