Business 30 May 2018

Gerald Fenech

Crypto markets charge ahead, Bitcoin Cash up 12%

The cryptocurrency market has rebounded from last week’s lows with all major currencies posting considerable double-digit gains against the U.S. dollar. BTC traded at around $7500 on Wednesday morning with strong support at that level, although the bulls have yet to make a return to the market.

Bitcoin Cash posted strong gains and retook the $1,000 level with an increase of around 12% demonstrating strong support at those levels. BCH has now risen by around 20% overall in the last 48 hours, an impressive increase considering that there is still a bear market around. Ripple also posted good gains and retook the $0.60 level with further increases also possible. News that the XRP protocol was rapidly being adopted across the board gave an impetus to this currency whose price is poised for further strong gains in the next few days.

Ethereum also continued consolidating in the $550 level after having dropped considerably in the past days and looks to be making a push to the $600 level in the not too distant future. Litecoin was also up by a healthy margin and was trading at around $120 at press time with the possibility of increasing to the mid $120s in its next push.

Currencies with smaller market caps also posted good recoveries. EOS managed to claw back almost all of its losses in the past weeks and was trading at around $12 at press time. With the main net approaching over the next few days it seems that the currency has shed what it had to lose, although recent revelations that there were some security issues with its blockchain did not help matters that much either.

Neo also posted strong gains and went well over the $50 level, trading at around $53 at press time. Stellar Lumens likewise posted a strong gain of around 10% and was trading at around $0.28, demonstrating a healthy support with a push to the $0.30 level very much a possibility. Dash seems to be settling at the $300 level with very little movement, whilst Ethereum Classic was well poised at just over the $15 level. Cardano continued to post strong gains and maintained the $0.20 level registering a 13% increase.

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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