Business 5 March 2018

Gerald 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.

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.

COMMENT

latest news

New York takes down dark web ring linked to crypto-related laundering

Business 38 minutes ago

New York takes down dark web ring linked to crypto-related laundering

The Manhattan District Attorney has indicted three individuals who were found to have been selling counterfeit drugs on the dark web and using Bitcoin Core (BTC) to launder over $2.3 million.

Read More
Russia’s secret service tried to bribe Bitcoin Core out of media mogul

Business 50 minutes ago

Russia’s secret service tried to bribe Bitcoin Core out of media mogul

While Russia’s elite is apparently busy buying billions of dollars in cryptocurrency, some other Russians decided to try and get theirs the old-fashioned way – stealing it.

Read More
Coinnest exchange shuts down after a series of embarrassing incidents

Business 1 hour ago

Coinnest exchange shuts down after a series of embarrassing incidents

This will come as an absolute shock to about zero people. The Coinnest cryptocurrency exchange, the fifth-largest in South Korea, has closed its doors.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]