Business 5 March 2018Gerald Fenech
Cryptocurrency market on the road to recovery
After several days of sideways trading and small declines, the cryptocurrency market appears to be on the rise and the road to recovery as several of the main coins showed considerable advances against the dollar on Sunday.
The main mover was Ripple which saw its value rise by over 20% in a matter of hours and, at press time, it was trading at $1.04 and pushing hard to overcome the $1.05 mark. Legacy Bitcoin (BTC) also posted a good increase over the weekend and was trading at around the $11,500 mark but there seems to be resistance at the $11,800 level which if broken could mean the currency shooting up and making a push for the $13,000 mark—a level not seen since early January.
Stellar Lumens was another currency which saw considerable gains after having been down in the doldrums for the past 10 days where it lost almost 30% from its high of $0.49 and was trading at around $0.39—a rise of 20% although there was a slight retracement early on Monday. Bitcoin Cash saw an almost negligible increase to around the $1,250 mark but appears rather stuck in this range with the $1,300 mark seemingly rather far off.
Of the other important currencies by market cap, Ethereum was perhaps the most disappointing since it is also mired in the mid $850’s with no sign of attacking the $900 mark anytime soon. Its sister currency, Ethereum Classic, had a very disappointing week after having traded in the mid $30’s, it dropped to below the $30 mark—a drop of well over 30% with the Callisto air drop having pumped the price artificially and profit taking also a factor.
Of the other top 10 market cap currencies, Litecoin had a mixed weekend although its increases were minimal. However, it did manage to stay within touching distance of the $210 mark with investors hoping that the currency would push towards the $250 mark sometime soon following momentum gained by other currencies. The botched launch of LitePay does not appear to have unduly damaged the currency although it did lose its momentum in the past week. Dash remained just above the $600 mark but again, increases were minimal and did not appear to carry enough weight to propel this crypto to beyond the $1,000 mark anytime soon.
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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