Business 21 February 2018Gerald Fenech
Crypto markets suffer correction; ETC, LTC among biggest losers
The cryptocurrency markets had a slightly torrid day on Tuesday which got worse in the evening as almost every major cryptocurrency dropped in value by around 8%.
After days of a bull run which propelled the price to around $41, Ethereum Classic lost considerably when its price dipped by about 11% on Tuesday evening to around $36. Legacy Bitcoin (BTC) punched above the $11,500 mark but fell back throughout the evening and was toying with the $11,000 mark, although it seems to be well supported at this level.
Another currency which appeared to be doing well on Tuesday was Litecoin, reaching the $240 mark but then fell back by about 8% during Asian market time indicating a selloff although the loss was only around 8%.
Bitcoin Cash also posted a decline after having a relatively stable day—its price when down to around $1,350, also a drop of 8% overall. It seems that this currency is struggling to break through the psychologically sensitive $1,500 mark which should see it eventually reach for the record highs that it achieved in December.
Other smaller currencies by market cap also saw steep declines with Stellar Lumens dropping by over 10% at one point and Neo seeing a relatively smaller 6% drop. Ethereum, which, for the most part had been rather lagging behind while all other currencies recorded substantial gains, had again fallen back to below $900 and was trading at around $880 at press time. Dash was flirting with the $750 mark but in the Tuesday evening retraction, it fell back to around $670 again thus falling behind the psychologically significant $700 barrier.
Ripple had a mixed day but also suffered with the correction since it briefly dipped below the $1 mark yet again and its average trading price was around $1.02. Although there has been a substantial amount of good press surrounding the currency, especially with agreements with banks, the price has remained extremely stagnant, varying from $1 to $1.15 over the past week. It remains to be seen whether the cryptocurrency will test the highs that were seen last December and early January in the not too distant future but for now the die seems pretty much cast.
On the long term front, some recent developments have shown that cryptocurrencies are here to stay—at least for now. South Korea appear to be taking a much more positive stance towards the crypto market with encouraging signs that this will continue to grow exponentially after words of a ban only a few weeks ago.
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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