Business 26 March 2018

Gerald Fenech

Cryptocurrency market back on decline as bears hit back

After a week that saw legacy Bitcoin (BTC) hit the $9,000 mark, the cryptocurrency market experienced a slow decline over the weekend with every currency again in the red and some also dropping to lows not seen since early February. In fact BTC dropped almost 10% from its intra week high to touch the $8,300 mark although at press time it was trading closer to the $8,500 position.

Another big loser over the weekend was Ethereum Classic which saw its value slump to well below the $18 mark and was trading at $17.60 at press time. It seems that the cryptocurrency has dropped considerably from its highs of $40 registered just over a month ago with the slow decline affecting it quite badly overall. The same could be said for its bigger brother Ethereum, which saw its price decline to just over $510 and if the $500 line is breached, this could mean a complete collapse to the $400 position and further lower.

Ripple also lost another 7% overall and is once again trading close to the psychologically significant $0.60 mark which may indicate another steep fall soon. Ripple has lost well over 300% in the past two months and even the $1 mark looks very far away now. Of the other currencies with larger market cap, Bitcoin Cash fell to well below the $1,000 mark and was trading at around $965 at press time. It seems that even here, the days of the $4,000 values are well behind us and it could take many more months to reach that value again. Litecoin was perhaps the only stable currency since it did not lose all that much and was trading at around $158 at press time with the possibility of testing the $150 support line, although that still seems rather far off.

It was another disappointing weekend for the currencies with smaller market caps such as Stellar and NEO. The former registered a small decrease at least and was trading at around $0.24 at press time also indicating that it might breach further upward movement with a small increase over the past 24 hours. NEO however was considerably down by around 10% and was trading at around $0.65 with no seeming end in sight to the decline.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Bennett Winchester

Its such as you learn my thoughts! You seem to know so much about this, like you wrote the guide in it or something. I think that you can do with some percent to pressure the message house a little bit, but instead of that, that is magnificent blog. An excellent read. I’ll certainly be back.|

Your comment is awaiting moderation.

Add a Comment

latest news

South African Cricket Board Twitter account hacked!

Business 15 January 2019

South African Cricket Board Twitter account hacked!

The South African Cricket Board twitter account suffered an attack earlier this week. According to reports, unknown persons hacked the account to run a bitcoin-related scam.

Read More
Bulgaria investigates crypto exchanges to discourage tax fraud

Business 15 January 2019

Bulgaria investigates crypto exchanges to discourage tax fraud

The Bulgarian National Revenue Agency is launching inspections of crypto exchanges to ensure their compliance with the law. Primarily, they will focus on compliance with tax and social security regulations.

Read More
Elections Canada doesn’t think cryptocurrency is money

Business 15 January 2019

Elections Canada doesn’t think cryptocurrency is money

Elections Canada have issued an Interpretation Note of their view of how cryptocurrencies should work as donations, with an invite to the registered political parties to provide their own opinions.

Read More