Bitcoin Cash on the Slide
Yet another bad day for the cryptocurrencies, influenced by Bitcoin’s fall from grace. This time around, the decline in Bitcoin has left investors back peddling over fears of more significant declines that has left appetite for Bitcoin Cash on softer side through the early part of the day.
Bitcoin Cash is down another 5.24% this morning. Sitting at $1,249, support has failed to kick in on its decent from $1,700 levels hit at the start of the week.
We will expect the declines to continue through the early part of the day, with the debate likely to go on long into the night on whether the rally has come to an end. The latest price correction is certainly not of the magnitude of a bursting bubble and, as we have seen on previous occasions, a bounce back in Bitcoin will likely return favour to the cryptocurrencies.
Litecoin the Best of the Worst
Records tend to spook investors and Litecoin’s record run this week was no different, with the pullback in Bitcoin taking Litecoin down with it. Perhaps of greater interest is the support Litecoin is getting at its current levels, with this morning’s decline of just 1.9% at the time of writing. Litecoin looks better placed to recover from the recent correction than the rest of the pack.
There are many comparisons made between Litecoin and Bitcoin and if today’s moves are anything to go by, the future of Litecoin is perhaps more promising than many of the other major cryptocurrencies.
For the day ahead, it’s going to be a choppy one however and sentiment towards Bitcoin is going to need to improve for a broad based recovery across the cryptocurrencies.
Ripple Struggles on
It’s been a bad week for Ripple and the latest cryptocurrency price correction has certainly not helped its cause.
The blockchain technology may be grabbing the headlines, but the coins have achieved little and the continued failure to break through to $0.30 levels remains the key negative for what should be an enticing investment.
Bitcoin’s influence on the markets was evident and continues to be through the early part of this morning, but doubts will now linger on whether Ripple will be able retrace to $0.28 levels with similar speed as its peers, which could leave Ripple languishing well behind the pack over the near-term.
At the time of writing, Ripple was down 3.34% to $0.2264. Ripple may struggle to make a strong move in the early part of the day, but we will expect there to be strong support at current levels.
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This article was originally posted on FX Empire
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