Muted recovery for crypto currency markets

Follow by Email

After weeks of daily lows and crashes in tandem, Thursday was a welcome return to different resuts in the crypto currency market. In the past weeks, we had seen the prices of all currencies such as Bitcoin, Ripple, Ethereum, Litecoin and Dash tumble in tandem but today there seems to have been a departure from that damaging scenario.

In fact, Bitcoin Cash, the sister currency of Bitcoin leaped by over 30% at one point to trade at well over $1200 and at one point also approached the $1300 mark. While this is still a very long way away from its all-time high of $3,300, it is nevertheless encouraging and shows that this currency has considerable resilience and could once again hit these highs in the not too distant future.

Bitcoin had a very dull day on the whole although it clung to its $8,100-8,500 level although it continued losing ground with minuscule increases over the day. After a positive day on Wednesday where the price approached and exceeded $850, the second largest crypto currency by market cap, Ethereum saw its price drop to below $800 and was trading at around $780-790 at press time. Litecoin was also down to around $140 but seems to be well supported at this level whilst Ethereum Classic on the other hand showed good increases and was trading at above the $20 mark – a position that had not been seen for a number of days.