Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/02/18

Bitcoin Cash Slides Again

Bitcoin Cash slid 33.15% to end the week at $1,179.9, as investor sentiment towards the cryptocurrencies continued to shift towards the negative.

Concerns over an increased degree of regulatory oversight has seen the cryptomarket cap fall to $403.18bn, with Bitcoin Cash’s market cap sliding to just $18.71bn at the time of writing.

Tuesday is the next main event for the cryptomarkets, with the Chairmen of the SEC and CFTC scheduled to give testimony to Congress on the cryptomarkets, with the CFTC investigation into Tether and Bitfinex ongoing.

Hopes of another weekend rally diminished through the early part of this morning, with Bitcoin Cash falling 7.49% to $1,107.4, following Friday’s 7.84% slide, with investors no longer needing the threat of the news wires to turn bearish.

While many will be taking the recent sell-off as a negative, raising questions over whether the cryptomarket is dead and buried, the prospect of regulatory oversight is an important one and will be certainly bring new investors to the table, who have been sitting on the side lines concerned with illegal activity and lack of oversight.

For the day ahead, Bitcoin Cash will need to avoid falling below the psychological $1,000 to avoid more material declines ahead of Tuesday’s testimony, with some intraday gains to be expected as investors look to trade through the weekend.

Get Into Bitcoin Cash Trading Today

 

Litecoin Steady

Litecoin fared better than most through the week, though it was certainly not spared from significant losses, with Litecoin falling 31.65% to $130.63 by Friday’s close.

Founder Charlie Lee, speaking in the week, was also quick to point out that cryptocurrency investors need to be able to handle significant market moves, saying that it’s impossible to predict the near-term outlook for Litecoin, while he remains bullish over the longer-term.

While there will be some investors looking for longer-term gains, much of the moves in recent weeks can be attributed to the more speculative short-term investor. Litecoin’s market cap has fallen to $6.94bn, sitting just above Stellar Lumen.

Following Friday’s 7.09% slide, Litecoin is down just 3% to $126.77 at the time of writing, recovering from an intraday low $120.12, with Litecoin needing to make a move through to $130 levels to avoid a larger weekend sell-off ahead of Tuesday’s testimony.

Buy & Sell Cryptocurrency Instantly

Ripple’s Looking for $1.00

Ripple slid 34.15% to end the week at $0.9005, though things could have been much worse for Ripple, having fallen to an intraday low $0.6703 midway through Friday.

News of Santander rolling out Ripple tech was a positive for Ripple and would have contributed to the recovery from Friday’s low, as the markets begin to filter through the more than 1,500 cryptocurrencies in search of more viable investment opportunities over the longer term.

Taking blockchain tech success alone, the outlook for Ripple is a positive one in spite of the January slide, with current levels likely to draw in more sticky investors, though the cryptomarkets will need to get through Tuesday and have greater clarity on regulator and government intentions for the cryptomarket.

Following Friday’s 5.89% decline, Ripple is down just 0.33% to $0.8976 at the time of writing, with Ripple looking more and more ready to pop.

 

 

Buy & Sell Cryptocurrency Instantly