Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/12/17
Bitcoin Cash Holding on
The holidays have not been particularly friendly to the Bitcoin family, with the South Korean government’s new found concern over, what it describes as an overheated asset class, continuing to peg back a more traditional Bitcoin Cash dip and pop recovery.
Despite the negative news, Bitcoin, together with Bitcoin Cash and Bitcoin Gold have managed to steady the ship in the early part of the day. At the time of writing, Bitcoin Cash is up 2.09% to $2,529.5, with Bitcoin and Bitcoin Gold up 2.67% and 2.97% respectively.
The Bitcoin futures market continues to impact, with the gains today coming off the back of the Cboe’s January contract rising $1,105 to $14,855.46 at the time of writing. With Bitcoin sitting at $14,885.2, there’s not more room for Bitcoin to move, barring further gains in the futures market through the early part of the day.
While focus this week has been on the regulatory risk side of things, there is also SegWit2X fork for the cryptomarkets to consider. SegWit2X reduces the transaction sizes, leading to lower transaction fees and increased speeds that should ease the number of pending transactions. This is the 2nd version of the SegWit2X, the first having been cancelled in November.
Adoption rates are low at present and there are plenty of concerns over the team behind the fork, which is completely different to the original SegWit2X team. One of the main concerns is the fact that they have proposed to receive 6 million pre-mined coins, quite high when considering a total of 21 million coins on offer.
Bitcoin Cash Chart by Trading View
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Litecoin Lacklustre early on
Litecoin’s recovery has been less impressive than those of the Bitcoin clan this morning, with Litecoin up 1.49% at the time of writing, after slumping to $223.59 on Thursday.
In spite of the negative news traffic that continues to hit the cryptomarkets, Bitcoin’s hashrates have held up pretty well through the week, with the steady rates suggesting that miners are comfortable with Bitcoin and the SegWit2X fork that is now out there for the markets to also consider.
The possibility of free coins for Bitcoin coin holders could lure investors away from Litecoin over the near-term, which would support a lagging recovery in Litecoin’s price.
With Litecoin sitting at $254.93 at the time of writing, a move through to $265 is going to be needed to hold off a possible fall to sub-$220 levels through today, with yesterday’s low a warning of what may lie ahead.
Litecoin Chart by Trading View
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Ripple Makes Waves and Continues to be a HODL
Ripple continues to impress and lead the way in the cryptomarkets, with Ripple up 10.79% to $1.417 at the time of writing.
While the holiday season has been a bad one for Bitcoin and Litecoin, it’s been a particularly good one for Ripple, which has now risen by a whopping 490% in the current month and by 43% this week.
Clearly the volatility seen in Bitcoin and Bitcoin futures has had little on sentiment towards Ripple and if there’s a crypto to look out for in the coming year, Ripple is likely to be one of them, with the team’s blockchain technology continuing to garner significant attention.
Having touched $1.46947 this morning, Ripple will need to make a move through to $1.455 levels to avoid a fall back down to sub-$1.4 levels today, with investors likely to be cognizant of today’s early gains, with some degree of profit taking likely to take place.
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This article was originally posted on FX Empire
