Cryptocurrencies went through a gigantic sell-off in the month of January in the current year 2018. Hence, the time has come when almost all of the cryptocurrencies seems to be in search of pulling back to their values, which were there in December of 2017! In the meanwhile, Litecoin is one such cryptocurrency which has attracted the majority of traction in this quest. Also, Ripple has started gaining more prominence in the ‘real’ world as Western Union – the money transfer service has come up with the testing system based on the underlying blockchain settlement system. Let’s go through the market analysis of the three cryptocurrencies in this piece:
Bitcoin is involved in the making of major momentum building in the previous day as it went up the mark of $ 11,000. As compared to this rising in Bitcoin, other cryptocurrencies have not gained anything substantial and have performed dismally. Therefore, the Bitcoin has come up with the strongest rally in the recent times. This rally assumes special significance as the passing one month has not been a good period for Bitcoin enthusiasts. After the passing of 17 of February, Bitcoin is slowly and steadily performing better and has incremented by 8 percentage points against its race with respect to United States’ Dollar; thus sitting comfortably at $ 11,200! Rest of the less significant cryptocurrencies such as Aion; Bitcoin has steadily maintained a terrific performance. It is due to this, that Bitcoin is said to have registered a growth when pegged against top-20 cryptocurrencies in the previous one day.
On the Valentine’s Day, Ethereum went by the triggering levels to buy! But, the pullback did not get expanded. However, on the 16th of February, the Ethereum went for an expansion by a minute range. Still, the anticipated level of $ 1,000 per coin of Ethereum was not reached; however the struggle to reach till this point is still going on. The aim of $ 1,000 was set based upon the SMA of 50-days and lately the target was set to levels of $ 1,050. People are still in the expectation that the price shall cross the level of $ 1,000; flowing with the current tide in the world of cryptocurrencies, while consecutively fixing the stop loss @ $ 775.
Bitcoin Cash (BCH)/USD:
On the 16th of February, the Bitcoin Cash has broken the zone of resistance which culminated in the buying of this forked version of Bitcoin at the levels of $ 1,400 on 17th of February. Till this point, investors are waiting for the price of Bitcoin Cash to reach the level of $ 1,800 initially and finally to touch $ 2,000. The current trading price is at $ 1,530 and there is an expectation in future that it shall reach $1,800 levels with the time to come. But here too, there is stricture that the price shall get affected with a direct proportion in prices of Bitcoin – the original and most premium cryptocurrency! The stop-loss has been fixated at $ 1,100.