Cryptocurrency market takes another hit

Cryptocurrency market takes another hit, goes into reverse

After a promising start to Monday morning when most cryptocurrencies were on the increase and with legacy Bitcoin (BTC) close to touching the $10,000 mark, the afternoon saw another crash in values once again and everything slumped by around 5-8%.

It appears that the Mt. Gox selloff is affecting the market extremely negatively and further drops over the week could be possible. In fact, BTC declined to just above the $8,700 mark before rebounding slightly to around $9,300 at the time of writing. The biggest loser in this environment was Dash which saw its value decline considerably by about 9% to well below the $500 mark—this indicator of support seems to be quite strong in this area although a further downward push could also be expected.

Bitcoin Cash also suffered a decline of around 6% and was trading at around $1,050, although it recovered slightly later on Monday to approach the $1100 levels again but once again lost slightly on Tuesday morning.

Ethereum was also considerably down from its confidence level of $700 and it dropped to around $650 at one point before recovering to the $680 mark. There appears to be considerable volatility in the price of this token although most of the momentum appears to be going downwards. Ether’s sister currency Ethereum Classic also suffered another day of declines when it touched the $19 mark falling below the confidence level of $20 yet again, although there was a slight recovery later on in the day.

Of the other currencies by larger market cap, Litecoin and Ripple remained in the same levels with minor corrections on the downward side. The former is trading at around $175 at press time whilst the other settled at the $0.77 level with further corrections also possible. Recent announcements by Twitter on the possibilities of further collaborations with banks and other financial institutions offer good opportunities for the price to rise, although there’s also the possibility that the current levels will be difficult to break out from.

Of the currencies with smaller market caps but still in the top 10, Stellar and NEO had another torrid day losing around 5% with values declining even further. Stellar saw a considerable drop and is now firmly embedded in the sub $0.30 mark with chances of it dropping even further as confidence levels are eroded. The same goes for NEO which is at around the $0.85 and is showing no particular signs of moving.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Gemini adds Bitcoin Cash (BCH)

Gemini adds Bitcoin BCH, LTC pairs—futures trading coming soon?

The Winklevoss twins are going all in despite dropping trade values and looming regulation—which they actually applaud.

Bitcoin billionaires Tyler and Cameron Winklevoss, also known as the “Winklevoss twins” who sued Mark Zuckerberg over allegations of stealing their idea for Facebook, have announced that they are prioritizing the addition of more cryptocurrencies to Gemini exchange this year, with Bitcoin Cash (BCH) and Litecoin (LTC) on the top of the list being “from the Satoshi Nakamoto family tree,” according to Tyler Winklevoss.

This aligns with Cboe Global Markets’ earlier plan to add more cryptocurrencies to their futures trading platform—which exclusively receives trading data feed from Gemini, founded by the Winklevoss twins in 2015. Gemini’s move to add Bitcoin Cash and Litecoin could be a pre-cursor to this plan, which means BCH and LTC may be available in their futures contracts soon. Last year, Cboe launched futures trading for BTC—a move that was largely seen as one of the main reasons behind BTC’s huge leap in value.

Despite cryptocurrencies suffering a low and very red first quarter for 2018, the twins remain unfazed by the blanket of fear currently looming over the cryptotrading industry. “In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different,” Tyler Winklevoss said.  Despite regulatory pressure, they remain positive about the future of cryptocurrencies and they in fact, even applauded the SEC’s statement that cryptocurrency exchanges should register either as regulated national securities exchanges, or an alternate trading system (ATS).

“We applaud the SEC’s statement,” Gemini President Cameron Winklevoss said in a statement. “The trading of ICO tokens that are unregistered securities on unlicensed exchanges has gone on for far too long. This is dangerous for consumers and bad for the cryptocurrency ecosystem as whole.”

They are not alone in welcoming regulation with open arms. Throughout the years, the cryptocurrency trading industry has suffered some of its biggest drops due to crime and scams—whether instigated by ill-intentioned groups posing as legitimate projects, or by cybercriminals taking advantage of the internet’s veil of anonymity. While heavy-handed regulation is largely frowned upon, it’s not unreasonable for investors and consumers to look for a certain level of protection before buying in. Some argue that the lack of protection through regulation is, in fact, what’s keeping cryptocurrencies from going full-on mainstream.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
btc-drops-10000-cryptocurrency-markets-continue-slide

BTC drops below $10,000 again as cryptocurrency markets continue slide

The cryptocurrency market endured another torrid day on Wednesday, when all major coins had quite steep corrections with some dropping as much as 20%. Yet again it was Ethereum Classic which led the decline when it dropped by well over 15% to trade briefly close to the $20 mark. However, this was by no means the only fall in currencies since others such as Stellar Lumens and Neo saw their values sink by well over 10%, with the latter dropping below the psychologically sensitive $100 point.

Legacy Bitcoin (BTC) endured a steep 10% drop over the day and was down to around $9,500 at one point. This was apparently caused by a phishing scam on the Binance network which caused panic selling as some users were complaining that their alt coins were sold without their authorisation. This had a correspondingly negative effect on other currencies which also saw steep drops. Ethereum had a particularly bad few hours too where it dropped very close to the $700 mark, but eventually it recovered slightly and was trading at around the $760 mark and appeared to be making a push for $800 again.

Bitcoin Cash also endured a torrid day of declines and was considerably down to around $1,050 at one point, although it recovered during the day and was trading at around $1,070 at press time, possibly close to making a push above the $1,100 mark. However signals on Thursday morning are indicating that there could be a further retracement.

Ripple was again one of the biggest losers over the past 24 hours when the price continued to tank, and at one point it was trading perilously close to the $0.80 mark—a full 30% drop from the highs of Sunday. The Coinbase delay continued to weigh heavily on XRP and there did not seem to be any sign of a recovery in the short term although long term prospects remain bullish.

Of the other coins within the top 10 for market caps, heavy declines were also experienced. Litecoin dropped to well below the $190 mark and was trading at just over $180 at press time, with the recent highs of $240 appearing very far away now. Dash also dropped heavily and was trading at just above the $500 mark—another 20% drop from its recent price levels.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Cryptocurrency markets on the slide

Cryptocurrency markets on the slide, major correction in the offing

After a relatively positive three days from Saturday to Monday when cryptocurrency markets had seen a major recovery and legacy Bitcoin (BTC) was toying with the $12,000 mark, Tuesday proved to be another disaster for almost all coins with prices sliding by well over 10% in some cases.

The biggest loser was undoubtedly Ethereum Classic (ETC), which has now dropped by almost 50% over the past weeks and is trading at $23 with fall of below $20 expected. There does not seem to be any particular reason for this steep drop, although the Callisto fork is probably one of the reasons why the price has tanked.

The drop, however, is not limited to ETC as the usual suspects have also seen a massive crash in their prices. Stellar Lumens was down by around 10% on Tuesday and fell by a further 5% early Wednesday with the $0.32 level being tested, and there is also a distinct possibility that the psychologically sensitive $0.30 level would also be tested. Litecoin crashed to well below the $200 barrier and is trading at below $190 with the $180 level being the next level of resistance. Dash also fell substantially—from a healthy turnover at around $620, it has now fallen below the $550 mark and appears to be dropping further.

BTC also suffered a steep drop of around 12% and has fallen below the $10,500 mark with the next level of resistance being the psychologically sensitive $10,000 position which could fall anytime soon. Bitcoin Cash also suffered a 10% drop and is now trading in the low $1,100s, with a possibility to test the $1,000 barrier quite soon. Smaller cryptocurrency NEO also dropped quite drastically and is trading at around $105 with the possibility of testing the $100 mark very soon.

After having spiked to the $1.07-$1.10 level on Sunday and Monday, Ripple lost all its gains and has once again fallen below the $0.90 mark with further retracement probable. The Coinbase non-news was quite disastrous for the cryptocurrency, which seems to be retracing back to its earlier price levels before its massive surge in December. The same could be said for Ethereum, which has now fallen to well below the $800 mark and appears to be falling further with no end in sight to the correction.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Bitcoin Cash catches up to Litecoin in transaction turnover

Bitcoin Cash catches up to Litecoin in transaction turnover

Bitcoin Cash (BCH) and Litecoin (LTC) have spent the past couple of months playing a little game of tag. BCH has been trying to leap over LTC in terms of blockchain transactions, and the cryptocurrency finally got a little boost of energy. On Tuesday, BCH happily fist-pumped the victory of having caught up with its rival in the latest leg of the crypto race.

LTC has been in a little bit of a slump lately, downtrending since the kickoff of the new year. The digital currency saw its last spike on January 4, when it reached 225,000 transactions as the price looked to be poised to break $300. BCH was able to gain the lead only once since the new year, reaching 110,000 transactions on January 14 (LTC only had just over 88,000 that day).

BCH has almost consistently been trailing LTC by 50% this year, but the popular coin has slowly been closing the gap. It took the lead on Tuesday with 38,000 transactions to LTC’s 37,000. With a shared history of quick boosts and spikes, it’s too early to tell if this is a sign of long-term greater growth for BCH, or just another example of the friendly feud.

When Litecoin launched its LitePay service, it was thought that LTC would see a significant boost. Unfortunately, only LitePay’s merchant service was distributed, resulting in LTC failing to maintain an upward trend, and the coin began to slip to $200, now falling to $194.

BCH hasn’t fared too well, either. After reaching a high of $4,000 in December, it has lost almost 70% of its value. In comparison to LTC’s noticeable peaks and valleys on the charts, BCH trading has remained more linear. Charlie Lee, the founder of Litecoin, has repeatedly spoken out about LTC’s market capacity outperforming that of BCH.

Despite Lee’s repeated assertions that LTC will have greater market capacity than BCH, the recent surge by BCH indicates otherwise. BCH remains the fourth most popular cryptocurrency with $21 billion, while LTC is behind in fifth place with only $11 billion. If LTC wants to overtake BCH, it has a very large mountain to climb. One thing is for sure—the race is far from over.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Cryptocurrency market on the road to recovery

Cryptocurrency market on the road to recovery

After several days of sideways trading and small declines, the cryptocurrency market appears to be on the rise and the road to recovery as several of the main coins showed considerable advances against the dollar on Sunday.

The main mover was Ripple which saw its value rise by over 20% in a matter of hours and, at press time, it was trading at $1.04 and pushing hard to overcome the $1.05 mark. Legacy Bitcoin (BTC) also posted a good increase over the weekend and was trading at around the $11,500 mark but there seems to be resistance at the $11,800 level which if broken could mean the currency shooting up and making a push for the $13,000 mark—a level not seen since early January.

Stellar Lumens was another currency which saw considerable gains after having been down in the doldrums for the past 10 days where it lost almost 30% from its high of $0.49 and was trading at around $0.39—a rise of 20% although there was a slight retracement early on Monday. Bitcoin Cash saw an almost negligible increase to around the $1,250 mark but appears rather stuck in this range with the $1,300 mark seemingly rather far off.

Of the other important currencies by market cap, Ethereum was perhaps the most disappointing since it is also mired in the mid $850’s with no sign of attacking the $900 mark anytime soon. Its sister currency, Ethereum Classic, had a very disappointing week after having traded in the mid $30’s, it dropped to below the $30 mark—a drop of well over 30% with the Callisto air drop having pumped the price artificially and profit taking also a factor.

Of the other top 10 market cap currencies, Litecoin had a mixed weekend although its increases were minimal. However, it did manage to stay within touching distance of the $210 mark with investors hoping that the currency would push towards the $250 mark sometime soon following momentum gained by other currencies. The botched launch of LitePay does not appear to have unduly damaged the currency although it did lose its momentum in the past week. Dash remained just above the $600 mark but again, increases were minimal and did not appear to carry enough weight to propel this crypto to beyond the $1,000 mark anytime soon.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Cryptocurrency market trades sideways

Cryptocurrency market trades sideways, BTC maintains $10,500 level

The cryptocurrency market continued trading sideways on Tuesday with most of the currencies registering minimal decreases and any gains made were swiftly eroded throughout the day. Legacy Bitcoin (BTC) continued building on the levels it had reached on Monday however with a push for $11,000 also occurring throughout the day, but eventually settled at the $10,600-$10,700 mark. Bitcoin Cash registered a tepid day with minimal movement and was trading between the $1,200-$1,250 mark before settling at around $1,230.

Ethereum saw a relatively quiet trading day with levels of around $880 reached although the currency fell back to the $860 mark and remained there throughout the day. It’s sister currency, Ethereum Classic, also registered a slight decrease and was trading at the $35 mark before dropping back by 5% to trade at $33. It seems that the anticipated Callisto fork, which is due in early March, has had a positive effect on the currency which is the only one to have risen to pre-crash levels.

Ripple and Dash had another disappointing day with both trading sideways and any increase registered was wiped out due to low turnover and poor volumes. XRP is still struggling at the $0.93-$0.95 mark and does not seem to have the strength to go beyond the $1 mark. The latter dropped below the $600 mark and did not appear to be well supported at that level either so further declines could be expected in the not too distant future.

After the botched launch of Litepay on Monday, Litecoin had another rather uneventful day but still lost in value when it traded at around $214, a decrease of around 2%.

Of the currencies with smaller market caps, little could be said apart from Neo which continued registering a good increase to trade at just above $140. However during the day and on Wednesday morning, the Chinese-backed cryptocurrency dropped slightly seeing a decrease of around 5% to trade at around $136. Stellar had another disappointing day when it traded at just over the $0.36 mark.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Recovery in cryptocurrencies: BTC value back over $10

Recovery in cryptocurrencies: BTC value back over $10,000

Cryptocurrencies staged a remarkable recovery on Monday with many of coins making considerable advances although some were still posting quite modest increases. Legacy Bitcoin (BTC) was perhaps the best performer where it gained over 10% to trade at around $10,500 at press time on Tuesday morning. BTC value appears to be well established at this level and a push towards the $11,000 mark is not being seen as untoward in the current scenario.

Bitcoin Cash also saw a considerable uptrend rising by as much as 8% to trade at the $1,250 mark and a push towards the $1,300-$1,400 mark is not excluded. The currency, which has been active since August 2017, has demonstrated remarkable staying power although it is still considerably far away from its record highs of $4,000 registered in December. Analysts, however, forecast a considerable jump in the not too distant future as we move out of the bear market which also appears to be nearing its end.

Of the main currencies by market cap, Ethereum also moved ahead albeit at a slower pace and was trading at around $880 on Tuesday morning with a push towards the $900 mark not being excluded. The currency co-founded by Russian entrepreneur Vitalik Buterin seems to be growing exponentially of late after having declined considerably to well below the $600 mark at one point—a full 100% below its all-time high of $1,300 registered in December 2017. Its sister currency, Ethereum Classic, was also up by around 5% overall with the price now pushing upward of $36, and a push towards the $40 mark is expected by analysts.

Yet again the currency which disappointed most in the surge ahead has been Ripple (XRP), which registered almost negligible gains of around 2% which saw the coin touch the $0.95 mark—still a far cry from the $1 mark where the price would be expected to begin climbing upward. Litecoin also registered a small increase and finally broke the $220 mark, although even here growth was quite sluggish and there does not appear to be much momentum to push further forward at least in the short term.

Of the currencies with smaller market cap, it appears that Neo has made the biggest advances and it is now trading at well over the $140 mark—an increase of well over 20%. It appears that Neo has broken resistance at $130 and this can only mean an upswing in the price in the short to medium term. XLM had a rather tepid increase but was still around 10% up when compared to Sunday. Dash also powered ahead and was once again trading at well above the $600 mark indicating that it might make a push for $700 soon.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
BTC back below $9

BTC back below $9,500 as cryptocurrency market continues slow decline

The cryptocurrency market endured another relatively negative weekend with a slow decline across all major coins with some notable exceptions. Legacy Bitcoin (BTC) continued the slow decline that began on Wednesday and was trading at around $9400 at press time—around 20% down from its interim high of almost $12,000 and there appears to be selling pressure at the $9,000 mark. Although the expiration of the futures contract on Friday appeared to have contributed to the decline in price, other factors seem to be affecting BTC’s ability to recover to its previous highs which now seem to be a long way off.

Bitcoin Cash also suffered a precipitous decline and was trading at around $1,120 at press time, almost 30% down from its interim high of $1,500 also achieved last week. Although the currency seemed to be moving in inverse position to BTC in its initial stages with huge highs being achieved when BTC was down, this has not continued, and with every BTC decline, BCH declines too.

One of the few bright spots in all this carnage was Litecoin which saw a 9% rise over the weekend having dropped to a low of around $193 on Friday. It was trading at $210-220 at press time and looks poised to achieve a boost along this week if there is further good news especially with the Litepay announcement that took place recently.

Another positive mover was Ethereum Classic which also saw a price rise of around 10% over the weekend after having dropped considerably on Thursday and Friday. In fact, the ETC token was trading at around $35-36 on Sunday before dropping back to the $33 levels early Monday, indicating that it was struggling to hold on to its recent price levels. Ethereum had a relatively quiet weekend overall and settled at the $810-830 mark with no indication that it was going to break these price levels any time soon.

Of the other major cryptocurrencies, Ripple continued to disappoint and is now well below the $1 mark trading between $0.86 and $0.93 and it is seemingly stuck there for the foreseeable future. There does not seem to be the volume or the momentum for this currency to even approach its all-time highs reached last December and its market cap has continued shrinking to around $37 billion now, almost 150% down from its highest levels.

The other top 10 currencies with smaller market caps also saw some declines, with Stellar Lumens particularly disappointing. After reaching around $0.49 just a week ago, this currency has slumped almost 30% to the $0.33 level and appears to be falling further. Neo has also dropped to the low $110s after having traded at around $130 last week whilst Dash has once again dropped to below $600 and was trading at around $570 at press time. The latest correction has shaved another 30% off prices and the short term future appears rather bleak although an upside could also be in the offing.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Cryptocurrency market endures another correction

Cryptocurrency market endures another correction

The whole cryptocurrency market endured another heavy correction on Thursday with legacy Bitcoin’s (BTC) price dipping to well below the $10,000 mark. Although there was no indicator to this heavy drop, it seems that the expiry of BTC futures at the end of the week might have triggered a sell off thus pushing the price down. This decline also affected the other major cryptocurrencies, which saw heavy drops although in some cases they were not so marked.

Bitcoin Cash suffered a considerable 8% drop after having climbed consistently in recent days and was back at the $1,100-1,200 mark, fluctuating consistently between those two figures. At press time however, the cryptocurrency—which offers far lower fees than BTC—was trading at almost $1,200 with signs of another bull run on the cards.

Ethereum had another disappointing day when it fell perilously close to the psychologically sensitive $800 level, but eventually it recovered to the $840 mark and seems to be climbing at press time as a small recovery gathers pace. Ripple also saw a steep descent in the past 24 hours when the price dropped to well below the $0.90 mark but was recovering at press time to reach the $0.92 mark. This currency has been by far the worst performer of late with steep declines and very little rises when compared to other cryptocurrencies which have made considerable gains.

Litecoin was another disappointment since it sank to well below the $200 mark having reached an impressive $240 figure earlier in the week. That recovery seemed to have been based on the launch of LitePay on Feb 26, but the currency was dragged down by negative sentiment. After a huge bull run which saw its price rocket to around $41, Ethereum Classic also suffered a considerable pullback to around $32—an almost 25% decline from its high reached only a few days ago. It had recovered to around $35 at press time and was seemingly on another bullish run in anticipation of the fork which is expected to take place on March 1.

Other smaller cryptocurrencies by market cap also suffered heavy losses, with Stellar Lumens being the main sufferer dropping by almost 12% at one point. Dash also suffered a reduction in its value which saw the price drop below $600 but it recovered to around $620. Neo also saw a decline in value of around 7%, but it recovered to around $115 after having dropped as low as $111 at one point.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Crypto market endures another heavy correction

Crypto market endures another heavy correction

After a few days of positive movement on the crypto markets, Wednesday was another dismal day for investors as all major currencies slumped erasing most of the gains made during the past week. The chief loser was Ethereum Classic which had been on an incredible bull run, gaining over 30% in the past week but lost 15% in just a few hours. This was followed by Litecoin which also lost well over 10% having reached highs of around $240 but was back to flirting with the $200 mark on Wednesday.

Bitcoin Cash also lost around 10% of its value after having exceeded the $1,500 mark but was back to trading around the $1,350 level. The currency struggled to move upwards in the past few days after being one of the first to spike considerably after the early February crash. The same could be said for Ripple which also lost in its value and dipped below the psychologically sensitive $1 mark to trade at around $0.97, although it dropped to as low as $0.95 in one of the dips.

Legacy Bitcoin (BTC) also dropped by around 10% as it was flirting with the $12,000 mark early on Wednesday but eventually fell to just above the psychologically significant $10,000 level after which it stabilized at about $10,500. It appears that there are strong pressures which are not allowing the currency to progress significantly beyond the $12,000 mark with selling pressure at this level very evident here.

Ethereum once again disappointed and fell to well below the $900 level to trade at around $830 although it did recover slightly in the past few hours. Analysts are predicting a bullish future for this coin but it does seem to be taking its time to reach the levels expected of it. The same goes for Dash which also dropped albeit not as strongly as the other currencies but was trading at below the $700 mark yet again this being a psychologically significant level.

Other cryptocurrencies which are smaller by market cap also posted steep declines. The main loser was Stellar Lumens which saw its value plummet by over 11% and was trading at around $0.39 to practically erase all the gains made in the past week, whilst NEO lost a similar amount to trade at around $115 before recovering slightly to the $120 mark.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Crypto markets suffer correction; ETC

Crypto markets suffer correction; ETC, LTC among biggest losers

The cryptocurrency markets had a slightly torrid day on Tuesday which got worse in the evening as almost every major cryptocurrency dropped in value by around 8%.

After days of a bull run which propelled the price to around $41, Ethereum Classic lost considerably when its price dipped by about 11% on Tuesday evening to around $36. Legacy Bitcoin (BTC) punched above the $11,500 mark but fell back throughout the evening and was toying with the $11,000 mark, although it seems to be well supported at this level.

Another currency which appeared to be doing well on Tuesday was Litecoin, reaching the $240 mark but then fell back by about 8% during Asian market time indicating a selloff although the loss was only around 8%.

Bitcoin Cash also posted a decline after having a relatively stable day—its price when down to around $1,350, also a drop of 8% overall. It seems that this currency is struggling to break through the psychologically sensitive $1,500 mark which should see it eventually reach for the record highs that it achieved in December.

Other smaller currencies by market cap also saw steep declines with Stellar Lumens dropping by over 10% at one point and Neo seeing a relatively smaller 6% drop. Ethereum, which, for the most part had been rather lagging behind while all other currencies recorded substantial gains, had again fallen back to below $900 and was trading at around $880 at press time. Dash was flirting with the $750 mark but in the Tuesday evening retraction, it fell back to around $670 again thus falling behind the psychologically significant $700 barrier.

Ripple had a mixed day but also suffered with the correction since it briefly dipped below the $1 mark yet again and its average trading price was around $1.02. Although there has been a substantial amount of good press surrounding the currency, especially with agreements with banks, the price has remained extremely stagnant, varying from $1 to $1.15 over the past week. It remains to be seen whether the cryptocurrency will test the highs that were seen last December and early January in the not too distant future but for now the die seems pretty much cast.

On the long term front, some recent developments have shown that cryptocurrencies are here to stay—at least for now. South Korea appear to be taking a much more positive stance towards the crypto market with encouraging signs that this will continue to grow exponentially after words of a ban only a few weeks ago.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.