Business 14 March 2018

Gerald Fenech

Stuck in a rut: Cryptocurrencies hover around $350M market cap mark

It seems that the cryptocurrency market has become stuck in a rut with very little movement either way as legacy Bitcoin (BTC) continues to hover around the $9,000-$9,300 mark with occasional drops below the $9,000 level. Although it appears that the Mt. Gox selloff has been halted, the damage has been done and there is very little support above that level to continue pushing the price up with interest waning on several fronts.

Bitcoin Cash is holding above the $1,000 mark having dropped below that psychologically significant level several times although there does appear to be some support at that level. Of the coins with larger market caps, Ethereum is also very much stuck in a range of just under $700 although this has also been breached several times and the currency invented by Vitalik Buterin has also traded several times around the $630 mark whilst occasionally dropping perilously close to the psychologically significant $600 mark. Its sister currency, Ethereum Classic, is also having a disappointing run having dropped below the $20 mark and it appears to be careening below that level if buy volumes do not hold up.

The third top cryptocurrency by market cap, Ripple, is also disappointingly stuck with levels of around $0.77 to $0.80—all this demonstrates that no amount of good news is having any serious effect on the currency that continues to languish at November 2017 levels. In fact with the Money 20/20 conference going on, one would have expected a lift in the price but the market appears to be considerably affected by the BTC situation so all other currencies are perhaps linked to it.

The other larger cryptocurrency by market cap—Litecoin—has not moved much either and was trading at around $172 at press time with the psychologically sensitive mark of $200 very far off. Ever since the botched launch of Litepay, this currency has struggled to take off and there does not appear to be any significant movement in this respect.

Of the currencies with smaller market cap but still in the Top 10, Stellar continued hovering around the $0.28 to $0.29 mark with slight pushes close to $0.30 but there also appears to be very little upward trajectory here. The same could be said for NEO which is hovering around the $0.82-$0.85 mark—this currency lost more than half its value since late February—a mere two weeks ago. Dash is also trading at well below the $500 mark—the heady days of $1,500 seem almost years away.

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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