The crypto currency market continued its slow recovery on Tuesday with several coins moving ahead while on Wednesday morning, Litecoin continued to rise touching the $180 mark after weeks of being in the doldrums. Bitcoin was also flirting with the $9,000 mark at press time although it does not seem to have the momentum required to sustain its rally.
The main mover behind the rally of the currencies was Ethereum Classic which saw an inexorable rise of around 30% over two days with result that it is now trading at around $35 – almost the figures it was trading at before the January crash. This steep rise in price is probably linked to the announcement that there will be a fork on March 1 where bonus coins are to be given for each ETC coin owned. There has been considerable controversy over this announcement with owners being kept in the dark on what this entails but the news has had an effect on the price with the consequence that it has shot up.
One currency that has lagged behind this recent recovery is Ripple which is still flirting with the $1 mark although in the past hours, it has seen a rise of around 5% and is now trading at around the $1.03-1.05 mark at press time. There were several recent positive announcements over the past days concerning Ripple as more and more banks and companies adopt the currency for their payment methods however this has failed to move the price upwards – at least for now.
Other currencies appear to be stable in their values and these include Dash and Bitcoin Cash which have stabilized around the $600 and $1200 level although the last few hours have seen slight rises in their prices with hopes of a rally coming shortly. There are still several investors who have bought at the top of the market when prices were at crazy highs and these are still holding on to these positions in the hope that they will eventually increase exponentially.
Another currency which is now roaring ahead after a considerable drop during the crash is Stellar Lumens or XLM which has seen its price rise by around 15% over the past few hours as it enters what seems to be a considerable bull run. XLM had reached a high of around $0.96 but fell back to $0.20 during the crash. It has now recovered to around $0.45 – a rise of at least 15% from its price on Tuesday. The crypto currency was also launched on the popular Etoro exchange that could have also seen a corresponding rise in its price.
Late last night, the Bitcoin price made another push at $9,000, but — demonstrating the significance of that mark — the rally stalled at $8,999 on Bitfinex, after which BTC began to tumble. The Bitcoin price decline continued throughout Tuesday’s early morning hours, and BTC eventually hit a low of $8,313 before experiencing a minor bump. At present, Bitcoin is priced at $8,500, which translates into a $144.5 billion market cap provides the coin with a 34.9 percent market share.
The Ripple price posted an eight percent pullback, perhaps indicating that investors are becoming more adept at separating information that is positive for Ripple (the company) from news that is bullish for the firm’s XRP token. However the currency did post a 5% recovery paring back most of its losses later. Bitcoin Cash, meanwhile, is currently trading at $1,211 following this morning’s six percent decline.
Cardano, ranked fifth, endured a seven percent retreat and is now valued at $0.34. Cardano’s ADA token now faces a serious challenge from EOS, whose three percent decline allowed it to gain some ground on Cardano in the battle for the fifth-largest market cap. At present, the circulating ADA tokens are valued at $9 billion, leaving Cardano with just a $250 million edge on EOS. The Litecoin price posted a four percent decline to $154, while eighth-ranked NEO made a five percent pullback to $107. The former was again on the recovery.
Stellar and IOTA rounded out the top 10 with respective declines of six percent and eight percent, reducing their prices to $0.36 and $1.76. However both currencies were on the rebound Wednesday morning and there seems to be positive developments for the rest of the week as prices continue to increase slowly but surely.