Business 12 April 2018

Gerald Fenech

Cryptocurrency markets on the up as Bitcoin Cash moves forward

The cryptocurrency market experienced a slight uptick on Wednesday with most of the major coins well into the green. Segwit-Coin BTC (otherwise known as Bitcoin Legacy or Core) remained stuck in a tight trading range, where it was playing around between $6,850 and $6,950 although there are signs that it is well supported at this level and could begin a major move forward in the coming days if the momentum holds.

Bitcoin Cash also experienced considerable upward momentum and was trading at around $675 at press time on the Binance exchange. It is looking to tackle the psychologically significant $700 level from which a major bull run can be expected all the way up to $1,000.

The chief mover was NEO, which appreciated by around 12% at one point to reach $58 before backing slightly down to around $57 on Thursday. NEO is up by almost 30% since the beginning of the week, and is the only cryptocurrency to show significant gains this week.

Ethereum has now breached the psychologically significant $400 mark and is moving ahead to challenge the $450 level having settled at around $430 on Thursday morning at press time. The news of a possible hard fork in the coming months could have an impact on the moves behind the price. Its sister currency, Ethereum Classic, was also on the up, albeit at a slower pace but managed to breach the psychologically significant $14 level which was its previous low in February having fallen further behind recently. The third largest currency by market cap, Ripple, also had a positive day when it sailed past the $0.50 level and settled at around $0.52—nicely positioned for a possible bull run although volumes are still rather low to sustain further upward momentum.

Other currencies in the Top 10 by market cap also experienced a relatively positive Wednesday although the gains were quite small. Dash once again sailed past the $300 mark, but it is still far away from making a run towards the psychologically significant $400 level where one could expect a bull run forward. Litecoin was stuck between the $113 and $115 range, but there appeared to be good support at that level. Of the currencies with smaller market cap, Stellar Lumens experienced a positive Wednesday where it went well over the $20 mark and also appeared in a position to consolidate its slight gains and move ahead.

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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