Bitcoin Cash Breaks the $2,000 Barrier
Bitcoin Cash jumped from $1,840 to $2,318.7 in a matter of hours on Monday to hit a new record high, with the gains coming off the back of Bitcoin’s sideways moves through the day.
A number of factors are likely to have contributed to Bitcoin Cash’s new found lease of life including the fall in CME Bitcoin January Futures, which appears to have stifled Bitcoin’s 2017 record breaking runs.
Another driving force could also be increased speculation that Bitcoin could be getting ready for a tumble. Concerns over Bitcoin network stability have raised doubts over whether investors will stick with Bitcoin or begin switching out into Bitcoin Cash and Litecoin, which are considered to be Bitcoin’s main competitors.
We had seen the effects of transaction backlogs on Bitcoin’s valuations last week and another similar outage could see Bitcoin futures and Bitcoin fall back to sub-$17,000 levels. If the institutional money begins to show doubts over the future prospects of Bitcoin through the futures markets, things could get worse, which would be a positive for Bitcoin Cash.
At the time of writing, Bitcoin Cash is down 0.70% at $2,134, with Bitcoin also in the red, down 0.3% to $18,884.06.
Rising support for Bitcoin Cash should support $2,100 levels, with the next target for Bitcoin Cash being $2,500, which could be hit in the coming days should more prominent members of the cryptoworld step out in support of Bitcoin Cash.
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Litecoin on the Move
Litecoin is on the move this morning, up 3.64% to $372.49 at the time of writing. Interestingly, the negative sentiment towards Bitcoin that seems to be doing its rounds this week has provided greater support for Litecoin over Bitcoin Cash, with investors holding on to Monday’s gains through the early part of today.
We could begin to see Litecoin benefitting from any downward pressure on the CME and Cboe Bitcoin futures prices, with today’s fall in Bitcoin providing strong support for Litecoin.
How the futures markets perform through the day will be of importance, as will be any further negative chatter on Bitcoin through the day. Breaking through $375 levels could give Litecoin a run at $400, which hasn’t been breached since 12th December.
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Ripple makes another splash
The cryptophoria has certainly gripped the major cryptocurrencies in recent weeks and Ripple is amongst them. We saw Ripple pull back from $0.88 record high going into the weekend, hitting the low $0.70s
The latest bounce in Bitcoin Cash and Litecoin has seen Ripple move back to $0.80 levels to lead the pack through the early part of the day, gaining 8.95% to $0.8226.