Business 20 March 2018Gerald Fenech
Cryptocurrency market commences recovery; BTC back at $8,500 level
The cryptocurrency market managed a slight recovery on Monday followed by the considerable boost seen on Sunday evening, when around $30 billion was added to the total market cap in the past 24 hours. Legacy Bitcoin (BTC) continued its bounce from a low of $7,300 and was trading at around $8,500 at press time, indicating a bullish possibility to touch the $9,000 mark and complete the recovery.
Bitcoin Cash also completed an impressive interim recovery where it soared to around the $970 mark after having touched the $850 mark at one point on Sunday. The cryptocurrency, which is now rapidly gaining traction, may even reach the psychologically significant $1,000 level in the next few hours if the bull run continues. In fact T/A analysts are all predicting a considerable bull run for BCH as well as BTC in the next few hours.
Of the currencies with larger market cap, Ripple appeared to be well supported at the $0.67 level although it still has a long way to go before it starts to test the $1 level again. Although there has been a consistent strain of good news regarding XRP and X-Rapid—which is the technology that underpins the coin—the rallies in this currency have been few and far in between following the large declines of recent weeks. However, T/A analysts are again confident that this will start rising again shortly.
Litecoin and Dash also recovered substantially from their intra week lows and were trading at $160 and $410 respectively, with the latter posting an impressive 8% rise during the day. However, the currency which once again outperformed the rest was Ethereum Classic (ETC) which saw a 15% rise to back on the 20% rise on Sunday meaning that it was up by an impressive 40% overall from its intra week low. At press time, ETC was still climbing and was looking to test the $19 mark with a possible push towards the psychologically significant $20.
On the other hand, the other larger currency by market cap, which is Ethereum, saw a push towards the important $550 mark only to fall back during the day to settle at around $530. Of the currencies with smaller market cap, it seems that both Stellar and NEO could have started a recovery with the former up by 8% on Monday and a further 5% at press time to breach the $0.24 mark, while NEO was also up by an average of 8% to touch the $70 mark and at press time was also rising.
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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