Business 13 April 2018Gerald Fenech
Cryptocurrencies see huge revival; BTC price climbs 18%
Thursday could have been the defining point in the end of the three-month bear market for cryptocurrencies as a huge revival pushed the price of SegWit-Coin BTC (also referred to as Bitcoin Legacy or Core) up of around 18% in just 30 minutes. In fact, the price of SegWit-Coin BTC shot up from around $6,800 to $8,000 before dropping back to around $7,700 later in the day. SegWit-Coin BTC is trading at the $7,800 level at press time.
The rise, however, was not only exclusive to SegWit-Coin BTC. Other cryptocurrencies also saw a nice jump with Ripple finally waking up from its slumber and registering a whopping 14% increase in the same time period to reach the $0.57 mark—a full $0.10 up from its low registered several of days ago. Bitcoin Cash also jumped considerably and was trading at around $730 at press time, showing considerable support at this level.
Ethereum also roared ahead, and, at one point, was actually challenging the $500 mark before pulling back to trade in the $460-$470 region, although buying volumes may mean that that mark will soon be breached before another bull run upwards. Analysis by T/A specialists has noted that Ethereum could actually reach half the price of SegWit-Coin BTC this year, which would be an incredible achievement. Ethereum Classic also saw a considerable 8% increase, clearing the $15 mark and if further buying volumes are sustained, the $20 mark should be in sight within the next few days.
Other currencies also saw significant gains. Litecoin was up by around 8% before falling back but maintained the $120 level quite strongly and could be poised for further gains over the next 48 hours. Dash also rose sharply with a 12% increase and was flirting with the $350 mark with a push for $400 not out of the question. As predicted by CoinGeek, Stellar also had a good spike forward reaching $0.23 in a matter of minutes before scaling back slightly to around $0.22, although a further rise is to be expected. NEO which had already boomed was slightly less bullish but still recorded a 5% gain. Much depends on what happens in the next 48 hours to determine whether this is really the end of the bear market which has seen currency values drop by as much as 80% from all-time highs in some cases.
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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