Business 20 February 2018Gerald Fenech
Cryptocurrency market quite tepid, but still growing
The cryptocurrency market continued on its slow road to recovery on Monday and early Tuesday with prices climbing steadily although some currencies remained slightly stagnant.
The chief performer among the main top 10 cryptocurrencies was Ethereum Classic which rose to over $41 before pulling back slightly—this means that the currency was at more or less its all-time high achieved in December. Another currency which performed quite well over the past hours has been Litecoin which rose by over 10% to reach the $240 mark and looks poised for further gains.
Legacy Bitcoin (BTC) registered a slow but steady increase of around 5% and traded at the figure of $11,500 at press time. This means that BTC is now at about 60% of its all-time high of $20,000 registered in December. Analysts are predicting that the currency will be making a push for $12,000 shortly and this will indicate an upward surge to further levels although volume of trading is still rather low.
Bitcoin Cash remained in the $1,500 level before breaching that barrier and is trading at around $1,520 at press time. The currency appears to be well supported at this level and looks to begin regaining those levels of price support that it had in January before the crash.
Meanwhile, Ethereum has been hovering around the $920-950 levels for several days now and cannot seem to breach that barrier with the $1,000 mark still far off. This is an important psychological level for the cryptocurrency but so far trading volumes and surges have been disappointing to say the least.
As usual these days the main disappointment was Ripple, the cryptocurrency that has had an extremely torrid start to the year when it was dropped more than 70% from its all-time high of $3.50. The currency that is favored by banks was trading at around $1.10-1.12 through Monday with movements seen as very small. Although there has been a slew of good news of late with several top level institutions such as Santander and Western Union partnering with XRP, this has not had any sort of positive effect on the price and the currency is lagging well behind its peers which are consistently recovering.
Smaller currencies by market cap had a mixed day on the whole with the overall best performer being NEO which rose by some 8%. This was probably due to it becoming available on some exchanges through Monday and interest in the Chinese cryptocurrency has spiked considerably. On the other hand, Stellar Lumens ended the day rather flat and hovered around the $0.48 mark as trading volumes appeared to pare down from previous days. Dash saw a modest increase of around 4% and is now trading at around $720 with the psychological $700 barrier appearing to have been breached.
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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