Business 19 February 2018

Gerald Fenech

Slow recovery in crypto markets continues

As was to be expected, the weekend brought mixed results for the cryptocurrency markets with many trading sideways although there was a general improvement all around barring one or two exceptions.

Legacy Bitcoin (BTC) exceeded the $11,000 mark on Saturday but then fell back to the mid $10,500’s during Sunday and continued flirting with that level with very minor movements all round. However, it appears that a push towards the $11,000 mark is again on in the next few hours and according to analysts, this could mean that the $12,000 mark is definitely not far off.

Another huge gainer over the past few hours was Ethereum Classic which continued rising exponentially and was trading at well over $36 on Monday morning. Although Ethereum was also rising after having dipped slightly over the weekend, it seems to be struggling to reach the $1,000 mark and has been mired between $900 and $950 for several days with no real sign of a breakout appearing anytime soon.

Bitcoin Cash has also been showing signs of life recently and once again traded at above the $1,500 mark for a long period over Saturday but then retraced slightly to the $1,450 mark over the course of Sunday. In fact, Sunday was quite a stagnant day for most cryptocurrencies as most continued to languish below their Saturday highs. One of the casualties in this respect was Ripple, which continues to mystify the market as it is still trading in a very small range which is basically between the $1.07 and $1.10 mark demonstrating that it has little appetite to rise beyond the $1.22 mark—last  reached two weeks ago.

Other cryptocurrencies’ performances were also rather mixed with Litecoin hanging around the $220 mark although it is seemingly ready for another push beyond the $250 mark soon. Dash is continually moving around the $670-730 direction—a very far cry from its all-time high of $1,500 which it does not look like it will be able to achieve anytime soon. Other alt coins such as Stellar and NEO seem stuck in their respective price ranges, with the former now close to the $0.50 mark and the latter moving around the $130 mark. Cryptocurrency exchange Etoro is about to add NEO in the next few hours so that could see a corresponding rise in price.

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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