Gerald Fenech

Cryptocurrency markets continue muted recovery

The cryptocurrency markets continued their relatively low-key recovery on Tuesday with almost all major currencies posting considerable gains over the weekend slump. BTC broke out of the low $8,300 mark to reach the $8,700 point at press time, appearing to be well supported at that level. The beginning of the Consensus Conference appears to have had a positive effect on currency prices as coverage was generally good.

Bitcoin Cash also performed well after having dropped considerably on Monday and was trading at around $1,450 at press time. The third largest cryptocurrency by market cap appears well poised to continue making gains over the next 24 hours as partnerships and innovations continue to be announced bringing additional exposure to its capabilities.

Ethereum also performed strongly and held on well to the $730 level as it pushed forward after having briefly dropped to below the $700 mark on Monday. Litecoin also charged forward and was the top 10 best performer with a rise of around 8%, demonstrating a gain of around $11 to trade at around $147 at press time. Ripple also seemed to be plugging itself out of the doldrums and also posted considerable gains of around 6% in the past 24 hours to settle at around $0.75 with more partnerships being announced. Ethereum Classic also posted a strong recovery after a serious dip and was attacking the $20 mark yet again.

Cryptocurrencies with smaller market caps also had a positive day as all of them rose considerably paring off previous losses. Stellar Lumens was perhaps the best performer since it held almost all the gains registered over the past few days and continued rising on Tuesday morning to trade at around $0.37. Dash was also a strong performer—after having dipped below the $400 mark for a brief period on Monday, it roared ahead in an afternoon bounce where it touched the $450 mark before falling back slightly to the $430 level. NEO posted a strong recovery and was up by over 8% to trade at around $68 at press time, whilst EOS recovered from its slump over the past few days to register a 6% increase and trade at around $14.50 at press time. With the MainNet approaching, it seems that EOS will surely be one of those currencies that should start making appreciable games over the next few days and weeks.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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