Business 4 May 2018

Gerald Fenech

Crypto market continues strong recovery—Bitcoin Cash rises further

The cryptocurrency market continued in its strong recovery mode on Friday, with all major crypto currencies rising considerably and reaching new monthly highs at regular intervals. In fact, the whole cryptocurrency market is now worth well over $400 billion and looks to be making a push towards the $500 billion mark pretty soon—a milestone that should see more institutional investors start coming slowly into the market accordingly.

Although BTC finally made a long-awaited push and breached the $9,000 mark to settle at around $9200 at press time, the real star mover of the day was once again Bitcoin Cash which breached the psychologically significant $1,500 level to trade at around $1,550 at press time. This is an incredible 120% rise since April 10, when BCH was trading at just over $600.

Another good mover was Ethereum, which rose to well over $650 again and was trading at around $680 at press time. Its sister currency, Ethereum Classic, was also well up and trading at around $21 at press time—it appears to be close to achieving the levels it was at in February and perhaps attack the $30 mark sometime soon.

Of the currencies with larger market cap, Ripple also saw a considerable push forward and breached the $0.90 mark with ease, sailing through the $0.91 level and looking to make a drive towards the $1 mark in the next 24-28 hours. Volume has increased quite substantially with the major cryptocurrencies and this means that they can sustain rallies, which pushes the price considerably upwards. Litecoin also breached through $160 and looks to begin testing the $200 mark perhaps in the coming days as good news continues to increase accordingly with regards to the coin’s operations.

Of the currencies with a smaller market cap, Stellar Lumens appears to be poised to move over the $0.40 mark since it is currently trading at around the $0.395 region with a 5% increase overall. NEO was also strongly bullish over the past few hours and is now trading at well over $80—it seems that the days of its lows of around $46 are well and truly behind it. Dash continued to consolidate above the $500 level and is currently trading at $530 with a push towards the $600 mark not out of this world.

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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