Business 27 February 2018

Gerald Fenech

Recovery in cryptocurrencies: BTC value back over $10,000

Cryptocurrencies staged a remarkable recovery on Monday with many of coins making considerable advances although some were still posting quite modest increases. Legacy Bitcoin (BTC) was perhaps the best performer where it gained over 10% to trade at around $10,500 at press time on Tuesday morning. BTC value appears to be well established at this level and a push towards the $11,000 mark is not being seen as untoward in the current scenario.

Bitcoin Cash also saw a considerable uptrend rising by as much as 8% to trade at the $1,250 mark and a push towards the $1,300-$1,400 mark is not excluded. The currency, which has been active since August 2017, has demonstrated remarkable staying power although it is still considerably far away from its record highs of $4,000 registered in December. Analysts, however, forecast a considerable jump in the not too distant future as we move out of the bear market which also appears to be nearing its end.

Of the main currencies by market cap, Ethereum also moved ahead albeit at a slower pace and was trading at around $880 on Tuesday morning with a push towards the $900 mark not being excluded. The currency co-founded by Russian entrepreneur Vitalik Buterin seems to be growing exponentially of late after having declined considerably to well below the $600 mark at one point—a full 100% below its all-time high of $1,300 registered in December 2017. Its sister currency, Ethereum Classic, was also up by around 5% overall with the price now pushing upward of $36, and a push towards the $40 mark is expected by analysts.

Yet again the currency which disappointed most in the surge ahead has been Ripple (XRP), which registered almost negligible gains of around 2% which saw the coin touch the $0.95 mark—still a far cry from the $1 mark where the price would be expected to begin climbing upward. Litecoin also registered a small increase and finally broke the $220 mark, although even here growth was quite sluggish and there does not appear to be much momentum to push further forward at least in the short term.

Of the currencies with smaller market cap, it appears that Neo has made the biggest advances and it is now trading at well over the $140 mark—an increase of well over 20%. It appears that Neo has broken resistance at $130 and this can only mean an upswing in the price in the short to medium term. XLM had a rather tepid increase but was still around 10% up when compared to Sunday. Dash also powered ahead and was once again trading at well above the $600 mark indicating that it might make a push for $700 soon.

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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