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 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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