The cryptocurrency market continued its slow recovery on Wednesday with several coins moving ahead. Bitcoin Cash appears to be stabilizing at around the $1,300 mark before what appears to be a big push upwards as more volume comes into the market. It looks like the cryptocurrency is building on its 25% increase last week as the market recovered from one of its steepest drops ever.
Other cryptocurrencies are also making a slow recovery: Litecoin continued to rise touching the $230 mark after weeks of being in the doldrums, while legacy Bitcoin, or SegWit1x (BTC) passed the $9,000 mark at press time although it does not seem to have the momentum required to sustain its rally.
The main mover behind the rally of the currencies was Ethereum Classic which saw an inexorable rise of around 30% over two days with result that it is now trading at around $35—almost the figures it was trading at before the January crash. This steep rise in price is probably linked to the announcement that there will be a fork on March 1 where bonus coins are to be given for each ETC coin owned. There has been considerable controversy over this announcement with owners being kept in the dark on what this entails but the news has had an effect on the price with the consequence that it has shot up.
One currency that has lagged behind this recent recovery is Ripple which is still flirting with the $1 mark although in the past hours, it has seen a rise of around 9% and is now trading at around the $1.15 mark at press time. There were several recent positive announcements over the past days concerning Ripple as more and more banks and companies adopt the currency for their payment methods however this has failed to move the price upwards—at least for now.
Other currencies appear to be stable in their values, such as Dash, which has stabilized around the $600 level although the last few hours have seen slight rises in its price with hopes of a rally coming shortly. There are still several investors who have bought at the top of the market when prices were at crazy highs and these are still holding on to these positions in the hope that they will eventually increase exponentially.
Another currency which is now roaring ahead after a considerable drop during the crash is Stellar Lumens (XLM) which has seen its price rise by around 15% over the past few hours as it enters what seems to be a considerable bull run. XLM had reached a high of around $0.96 but fell back to $0.20 during the crash. It has now recovered to around $0.45—a rise of at least 15% from its price on Tuesday. The cryptocurrency was also launched on the popular Etoro exchange that could have also seen a corresponding rise in its price.