Business 23 February 2018

Gerald Fenech

Cryptocurrency market endures another correction

The whole cryptocurrency market endured another heavy correction on Thursday with legacy Bitcoin’s (BTC) price dipping to well below the $10,000 mark. Although there was no indicator to this heavy drop, it seems that the expiry of BTC futures at the end of the week might have triggered a sell off thus pushing the price down. This decline also affected the other major cryptocurrencies, which saw heavy drops although in some cases they were not so marked.

Bitcoin Cash suffered a considerable 8% drop after having climbed consistently in recent days and was back at the $1,100-1,200 mark, fluctuating consistently between those two figures. At press time however, the cryptocurrency—which offers far lower fees than BTC—was trading at almost $1,200 with signs of another bull run on the cards.

Ethereum had another disappointing day when it fell perilously close to the psychologically sensitive $800 level, but eventually it recovered to the $840 mark and seems to be climbing at press time as a small recovery gathers pace. Ripple also saw a steep descent in the past 24 hours when the price dropped to well below the $0.90 mark but was recovering at press time to reach the $0.92 mark. This currency has been by far the worst performer of late with steep declines and very little rises when compared to other cryptocurrencies which have made considerable gains.

Litecoin was another disappointment since it sank to well below the $200 mark having reached an impressive $240 figure earlier in the week. That recovery seemed to have been based on the launch of LitePay on Feb 26, but the currency was dragged down by negative sentiment. After a huge bull run which saw its price rocket to around $41, Ethereum Classic also suffered a considerable pullback to around $32—an almost 25% decline from its high reached only a few days ago. It had recovered to around $35 at press time and was seemingly on another bullish run in anticipation of the fork which is expected to take place on March 1.

Other smaller cryptocurrencies by market cap also suffered heavy losses, with Stellar Lumens being the main sufferer dropping by almost 12% at one point. Dash also suffered a reduction in its value which saw the price drop below $600 but it recovered to around $620. Neo also saw a decline in value of around 7%, but it recovered to around $115 after having dropped as low as $111 at one point.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

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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