Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/02/18
Bitcoin Cash in the Red Again
It was another disappointing day for the cryptocurrencies on Wednesday, with Bitcoin Cash failing to make a move through to $1,550 levels, hitting an intraday high $1,525 through the early part of Wednesday before pulling back to $1,400 levels and a relatively tight rate through the second half of the day.
The sideways moves should have provided some degree of comfort to investors that the worst may be over, but when looking at the market caps, it’s walking out the door, with the total cryptomarket cap down to $516.1bn and Bitcoin Cash’s market cap down from January’s $51.21bn high to $24.919bn at the time of writing.
At the time of writing, Bitcoin Cash was down 2.17% to $1,465.9, easing back from an intraday high $1,511, as the sideways moves continued through the early part of the day in what can be described as a relatively tight range for a cryptocurrency.
For Bitcoin Cash to shake off the melancholy, a move through to today’s intraday high would support a stronger rally towards $1,600, though investors may need to wait for the start of the weekend for a material move and even that may be short lived if it happens at all.
A lack of news following the busy news wires in the early part of the week provided little support, as investors now look ahead to 6th February, when the Senate Committee on banking, housing and urban affairs is scheduled to hear testimony from SEC Chairman Jay Clayton and CFTC Chairman Giancarlo on virtual currencies and all of the bells and whistles that come with the cryptomarket.
There will likely be some angst ahead of the testimony, with both likely to support the creation of an oversight committee assigned to come up with appropriate regulations to manage the cryptomarket in the U.S.
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Litecoin Holds its Ground
Litecoin had a mixed day on Wednesday, rising to an intraday high $166.5 before easing to $162.7 by the close, a 1.42% fall for the day, the only major cryptocurrency to end the day in the red.
The negative sentiment towards Litecoin continues to leave the virtual currency behind the pack, with a continued lag in performance being seen.
This was also reflected through the early part of today, with Litcoin down just 0.11% to $161.73, faring better than the majority, with Ethereum the only major to be in positive territory at the time of writing.
For the day ahead, a move through today’s intraday high $164.9 will be needed to avoid testing $160 support levels, as the investors continue to sit on the side lines.
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Ripple’s Going Nowhere
This is certainly a week that the Ripple team and investors will want to forget, with Ripple down 18.32% from Monday’s open to current price, which is in stark contrast to Ethereum’s moves through the week, with Ethereum cementing its 2nd position by market cap, as it continues to recover from the start of the week’s market sell-off.
Sentiment has certainly shifted away from Ripple and the team and investors seem to be uninterested in Ripple’s continued success in the real world, which doesn’t bode well for Ripple over the near-term.
At the time of writing, Ripple was down 1.99% to $1.11727, falling back from an intraday high $1.14916.
While we expect there to be strong support at $1.00 levels, any major run through to $1.15 levels will likely face some strong resistance, as the markets continue to assess what’s on the horizon for Ripple and the market in general.
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This article was originally posted on FX Empire
