Business 20 April 2018

Gerald Fenech

Crypto market recovery continues as Bitcoin Cash tests $1,000 mark

The cryptocurrency market continued its solid recovery on Thursday, with several currencies posting strong recoveries with a few notable exceptions where the price rose exponentially to new monthly highs.

Bitcoin Cash continued to perform exceptionally well, shooting up to $960 level and getting ready to test the $1,000 mark anytime soon. This could be largely due to the extremely positive comments from several large investors who are betting on the cryptocurrency to continue climbing. It is still some way away from its all-time high of $4,000 established in December, but it has gained well over 40% in just a few days so the momentum appears to be there. Bitcoin Cash is trading at $980 level at press time.

Ripple (XRP) also rose by around 10% to regain the $0.80 mark, a level not seen since early March and which continued to confirm the strength of this innovative crypto currency. Analysts have observed that Ripple might be ready for a bull run where the value reaches $1 in a short period of time and then eventually shoots upwards with lots of positive buzz surrounding the currency

Meanwhile, SegWit-Coin BTC (also referred to as Bitcoin legacy or Core) had a rather staid day and appears to be stuck between the $8,150 and the $8,300 mark with very little movement either way although at least some consistency is observed. Analysts have observed that a breakout could be possible and it could test the $9,000 mark at some point, although volumes do not support that theory just yet. Ethereum continued its slow but steady climb to the $600 mark and was trading at around $560 on Friday morning, whilst its sister currency, Ethereum Classic, also had a relatively good day when it climbed to the $18 level in quite a short space of time looking to test the $20 mark from where a bull run might be expected.

Of the currencies with smaller market cap, Stellar had a somewhat quiet day although it maintained the $0.38 level easily and might be poised for a testing of the $0.40 level, a price not seen since February. NEO was also in somewhat neutral territory but again easily maintained its previous level of around $75 with a push towards $80 not untoward. Dash also remained well over the $420 mark and looks to begin testing the $450 level very soon. Perhaps the slowest mover was Litecoin but its price level of $145-147 could indicate that it was well poised to begin attacking the $150 level.

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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