Business 28 February 2018Gerald Fenech
Cryptocurrency market trades sideways, BTC maintains $10,500 level
The cryptocurrency market continued trading sideways on Tuesday with most of the currencies registering minimal decreases and any gains made were swiftly eroded throughout the day. Legacy Bitcoin (BTC) continued building on the levels it had reached on Monday however with a push for $11,000 also occurring throughout the day, but eventually settled at the $10,600-$10,700 mark. Bitcoin Cash registered a tepid day with minimal movement and was trading between the $1,200-$1,250 mark before settling at around $1,230.
Ethereum saw a relatively quiet trading day with levels of around $880 reached although the currency fell back to the $860 mark and remained there throughout the day. It’s sister currency, Ethereum Classic, also registered a slight decrease and was trading at the $35 mark before dropping back by 5% to trade at $33. It seems that the anticipated Callisto fork, which is due in early March, has had a positive effect on the currency which is the only one to have risen to pre-crash levels.
Ripple and Dash had another disappointing day with both trading sideways and any increase registered was wiped out due to low turnover and poor volumes. XRP is still struggling at the $0.93-$0.95 mark and does not seem to have the strength to go beyond the $1 mark. The latter dropped below the $600 mark and did not appear to be well supported at that level either so further declines could be expected in the not too distant future.
After the botched launch of Litepay on Monday, Litecoin had another rather uneventful day but still lost in value when it traded at around $214, a decrease of around 2%.
Of the currencies with smaller market caps, little could be said apart from Neo which continued registering a good increase to trade at just above $140. However during the day and on Wednesday morning, the Chinese-backed cryptocurrency dropped slightly seeing a decrease of around 5% to trade at around $136. Stellar had another disappointing day when it traded at just over the $0.36 mark.
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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