Business 4 June 2018

Gerald Fenech

Crypto markets stable over weekend, Bitcoin BCH up 20%

The cryptocurrency markets continued with their recovery over the weekend with most of the major coins showing considerable increases across the board. The star performer however was Bitcoin Cash which saw a 20% rise over two days to trade at well above the $1100 mark and it is looking good for further gains over the next few days.

Legacy Bitcoin appears to have stabilized at the $7500-7700 level although there appears to be strong resistance at the upper end of this trade range demonstrating a certain toughness to once again attack the $8000 mark. Ethereum also posted strong gains and was trading at around the $620 level on Monday morning although it fell slightly back in the last hours of Asian trading to hover around the $610 mark. Ethereum has posted a 10% increase over the past few days that bodes well for future performance.

Litecoin also showed remarkable resilience and sailed past the $120 mark quite easily to settle at around the $124 level at one point although it retraced slightly in early Monday trading. EOS survived its main net rather well and climbed to almost $15 at one point before the inevitable decline where it went down to below the $14 mark – still a strong performance overall.

Ripple also had a good recovery over the past few days where it gained at least 10% to trade in he mid-$0.60’s mark. It appears that the constant trickle of partnerships for the XRP protocol with leading banks is having some sort of positive effect on the price at last.

Currencies with smaller market caps also posted excellent increases across the board. Stellar reached the $0.30 mark again and was poised to make further gains as its chart appears to be rather bullish overall. NEO was also up to around $55 before retracing slightly on Monday although the chart there is also rather bullish. Dash continued to trade around the $320 area which was a slight increase over past days whilst Ethereum Classic held on to the $15.50 mark quite well and could be positioning itself for further gains although its chart remains slightly bearish.

Other currencies which showed big gains last week experienced a slight retracement over the past 48 hours. Cardano was down by over 7% to around $0.22 whilst IOTA saw a steep drop of around 11% to trade at $1.71 at press time.

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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