Cryptocurrency Markets Continue Strong

Analysis

Cryptocurrency Markets - Bull and BearThe cryptocurrency markets are appearing to show some strength at current levels, and it may only be a matter of time before a major breakout occurs after a rather staid few weeks. Bitcoin broke through the $7600 barrier – an increase of 2.4.

Bitcoin Cash continued consolidating its previous gains and was up by 6% over the past 24 hours, trading at $1164 at press time. BCH has been quite consistent in its recovery period and is almost always the coin that bounces back with the most vigor suffering losses.

Ethereum ebbed back over the $600 mark having traded at around $580 throughout Tuesday – an increase of approximately 4%. This coin seems to be quite stable between the $570-$630 levels, although a breakout could be possible if market sentiment continues to improve.

Of the other coins with larger market caps, Ripple remained quite stable at the $0.67 level. CEO, Brad Garlinghouse was again in the news on Tuesday declaring that there would be many more banks that would be using Ripple’s services in 2019. There seems to be good support at this level and a push towards the $0.70 level would not be unheard of. Litecoin made a recovery from the $117 level and was trading at around $121 at press time on Wednesday – a 3% increase.

EOS continued recovering after its post main net rise and fall and gained a further 7% on Wednesday morning to trade at around $14 at press time. The currency is now up by around 20% from its main net figure of around $11.50 and looks poised to make further gains in the coming days.

Currencies with smaller market caps also showed increases of varying degrees. Stellar Lumens was up by around 3% over a 24-hour period and was trading at around $0.29 at press time, whilst NEO achieved a similar increase of 3% to trade at the $54 level. Cardano and IOTA appear to be out of their recent slump with both currencies posting a 5% and 3% increase respectively over a 24-hour period. Ethereum Classic remained basically stuck at the $15 mark with Dash similarly static at the $315 level.

Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.

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