Bitcoin Cash Stabilizes
The market panic looks to have passed for now, with the cryptocurrencies showing once more that unlike bubbles, the cryptomarket is not yet ready to burst.
Thursday marked the day when the cryptomarkets made a return to normality, though some performed better than others.
For Bitcoin Cash, Thursday was largely a lateral move, gaining just 1.38% to end the day at $1,759.4, far less impressive than the relief rallies that crypto investors had enjoyed before the governments decided to flex their muscles and scare off the more novice investor.
At the time of writing, it’s a positive start to the day however, with Bitcoin Cash up 5.34% to 1,775.5 from today’s $1,685.1 open.
Shaken investors will be looking for a move back through to $2,000 levels before looking to make a return, though with uncertainty continuing to plague the markets, such a move will likely face stern resistance.
A lack of government and regulator chatter will ease some of the anxiety going into the weekend, which could be a positive for the Bitcoin Clan.
Litecoin Finds its Feet
Litecoin managed to close out the day in positive territory on Thursday, ending the day up at $199.05, just below an intraday high $200, which would have certainly eased some of the market angst ahead of the weekend.
Bitcoin’s competition has lagged behind its peers through the recovery and, while making a slow and steady move northwards, is certainly not trailblazing.
It’s particularly interesting to see Litecoin’s performance since founder Charlie Lee sold his holdings in the interest of transparency, which came back to haunt him as accusations of insider trading began to hit the wires.
Unlike Ripple’s rally in response to the team placing their Ripple coins in escrow, Litecoin has seen heavy declines, with any hopes of a move to $400 levels certainly dashed for now.
For the day ahead, Litecoin will need to break through to $200 levels to avoid falling back towards sub-$180 levels, though we will expect support to kick in at today’s low of $188.
Ripple Impresses in its Recover
While many of the cryptocurrencies have made modest gains in the 2nd half of the week recovery, Ripple’s recovery has certainly more spectacular, rallying 82% from this week’s $0.898 low to Thursday’s $1.637 close.
The gains through the second half of the week will have certainly caught the attention of investors looking and willing to get back on the crypto bandwagon.
At the time of writing, Ripple was up 4% to $1.0606, recovering from an intraday low $1.4693.
For the day ahead, Ripple will need to make a move sooner rather than later and a move through to $1.07 levels would certainly draw in the bulls going into the weekend.
There’s a long way to go for Ripple to move back to the $3.5 level highs enjoyed at the start of the year, but as the markets and investors get used to the idea of greater cryptocurrency oversight, the likes of Ripple are likely to benefit the most and with it would come a wave of investor money that will likely be stickier than the money that just walked out the door.