Business 25 May 2018Gerald Fenech
Cryptocurrency markets show positive gains
The cryptocurrency market is on recovery mode on Thursday and Friday morning as all major currencies were finally in the green after having sustained heavy losses in the first half of the week. BTC had dropped to $7,200 on Thursday morning but recovered somewhat and was trading at around $7,600 at press time, with analysts speaking of a push towards the $8,000 mark although there was still some resistance to overcome in this sector.
Bitcoin Cash also showed positive gains and easily sailed past the $1,000 mark to trade at around $1,100 at press time. It appears that there are further drives for adoption of this currency in Africa, which is fast embracing the cryptocurrency world, so this may show a further positive for this currency in the short term.
Ethereum also finally recovered from its slumber and easily sailed past the $600 mark to trade at around $620 at press time with a further push towards the $650 mark expected in the next few hours. There have been solid fundamentals for this currency for some time, so it was no surprise that it performed strongly to rebound after the previous days’ losses.
Ripple also broke out from its descending triangle and once again regained the $0.60 mark where it was trading at around $0.63 at press time. After weeks of staid performance, this innovative cryptocurrency looks to be making a push towards the $1 mark where it will be expected to grow exponentially. Litecoin also performed well in the wake of the crash and retouched the psychologically significant $120 mark to trade at around $124 at press time.
Currencies with smaller market caps also showed a positive performance, with most of them recovering significantly from their intra week lows. The best performer by far was EOS, which saw its stock rise considerably by about 15% overall to trade at around $12.50 at press time. Stellar followed suit with a 10% gain to trade at almost $0.30, whilst NEO also performed considerably well to top the $55 mark after it had fallen very close to the $50 level. Dash regained the $340 mark after some good news of adoption on several levels, whilst Ethereum Classic recovered the $15 level and was trading at around $15.50 at press time with signs that it could continue pushing up.
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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