Business 12 April 2018Gerald 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.
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