Bitcoin Cash in Reverse
Things were looking upbeat for Bitcoin Cash through the early part of the day on Wednesday, only for things to go into reverse by the middle of the day, with investors quick to lock in profits as it hit a New Year high of $2,775.
Bitcoin futures continue to do the damage to the Bitcoin clan and things are no better in the early part of today, with the Bitcoin Cash slide in full swing since yesterday’s high.
At the time of writing, Bitcoin Cash was down 6.33% to $2,396.9 and, while Bitcoin Cash futures are sitting above Bitcoin’s current value, there are just some better choices in the cryptomarkets, with Ripple and Stella’s Lumens tearing the field apart.
With an intraday low of $2,284.0, Bitcoin Cash will need to make a move through to $2,450 levels to make a run at yesterday’s high, with any moves down below $2,350 likely to test $2,300 support levels. It’s looking a bit bearish this morning…
Litecoin Follows Bitcoin into the Red
Things have not been going Litecoin’s way and Thursday’s declines could be the start of something more sinister for Litecoin and its investors.
At the time of writing, Litecoin was down 4.6% to 233.72, sitting just above an intraday low of $233.
Since the founder’s announcement to sell-off his Litecoins, there has been little to news to provide support to Litecoin, with a failure to break back to $300 since 23rd December leaving investors to consider alternative investment opportunities within the cryptomarkets.
Without any catalysts, we will expect Litecoin to continue to struggle and feel increasing peer group pressure from the likes of Lumens (XLM) and Ripple (XRP).
While there’s likely to be strong support at $230, any fall to sub-$230 levels could see Litecoin fall back to $220 levels, with Litecoin needing to make a move towards $250 for a run at this year’s high of $261.99.
Ripple is on a Mission
Ripple has taken the cryptoworld by storm since its mid-December move out of the $0.22 – $0.25 ranges, with gains of 58.8% in the first few days of the year alone. It’s been record highs on each day of trading this year and the daily gains have just been getting stronger for Ripple.
Following Wednesday’s 29.3% rally, Ripple is up 12.75% to $3.14 at the time of writing, with a new high of $3.25 this in the early part of the day.
For now it just looks as though Ripple can do no wrong and, with the momentum on its side, is hot on the heels of Bitcoin for the #1 spot in the cryptoworld.
It’s going to be tough to bet against Ripple if the gains in the last few weeks are anything to go by and with its blockchain technology the most likely to succeed in the adoption of blockchain technology, it’s going to be a HODL for Ripple investors who are no doubt enjoying the ride.
This article was curated from Google News. You can read the original article here.