Bitcoin Cash up 20% as cryptocurrency market makes steady recovery
The cryptocurrency market continued a steady and quite impressive recovery on Tuesday, adding a further $40 billion to its market cap as all currencies in the Top 10 recorded strong gains. This time, however, it was the smaller currencies by market cap that showed the strongest gains as the recovery took steam. Both Stellar Lumens and NEO were up by almost 20% at the end of Tuesday’s trade although they were trading slightly less on Wednesday morning.
Legacy Bitcoin (BTC) made an expected push beyond the $9,000 mark and was trading at that level on Wednesday morning. Whilst there might be a slight retracement in the offing, it seems that the largest cryptocurrency by market cap is well supported at this level and a push towards the $9,500 could also be on the cards. Analysts are also predicting that it could drop to $8,500 before resuming an upward trajectory.
Bitcoin Cash also recorded impressive gains throughout the past 24 hours, trading at around $1,070 at press time with a push towards the $1,100 level not unexpected. This would represent a 20% increase over last Sunday’s price indicating the recovery spread across almost all currencies. Of the currencies with larger market cap, Ethereum was also up substantially over the past 24 hours having endured a slightly torrid day and had once again crossed the psychologically significant $550 threshold. In fact, the second largest cryptocurrency by market cap was trading at $585 on Wednesday morning, so a push towards the $600 mark was on the cards with analysts predicting that that could make the currency shoot up substantially.
Litecoin also had an excellent day and was up by 10% overall on Tuesday whilst it was trading at around $172 at press time. Ethereum Classic also registered strong gains on Tuesday and was up by around 15% with the rally continuing at press time—the Ethereum offshoot is trading at $21 at press time with a recovery well under way. Ripple was the only real disappointment, although it gained 6% to $0.71 but was down slightly at press time on Wednesday morning. However, with consistent good news coming from the G20 summit regarding possible regulation of crypto currencies, tokens such as XLM and XRP can only see increases in the short to medium term.
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