Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/02/18Litecoin is on the move as the market prepares for the roll out of LitePay, while the boarder market gives up some of Saturday’s gains ahead of what is likely to be another choppy week for investors.
Bitcoin Cash Settles
The cryptomarkets found some support through the second half of Saturday, as investors moved on from a series of new reports that could almost be classified as fake news.
A lack of regulatory oversight has enabled the crypto media to report unverified news that saw the cryptomarket cap fall to just $348bn on Friday, with Bitcoin Cash’s market cap rising from Friday’s $16.91bn low to $21.5bn at the time of writing, as investor money returned to the table.
While the majors are enjoying more positive weekend, there remains plenty of speculation on what lies ahead for the market, with governments and regulators continuing to pressure prices. Oversight and regulations are on the way, it’s just a matter of time, but what regulations are imminent will likely dictate how much of a price recovery the broader market will enjoy in the weeks and months ahead.
At the time of writing, Bitcoin Cash was down 1.59% to $1,253.80, with cryptocurrencies having a tendency to retreat during the latter part of the weekend. The cryptocurrency weekend rally materialized, but the gains were less substantial and Bitcoin Cash’s 4.8% gain from Saturday looks at risk of unravelling.
A new week is around the corner and investors will likely begin getting a little edgy ahead of Tuesday’s testimony to Congress.
Litecoin rallied 22.29% to end Saturday at $159.75 in the cryptomarket relief rally.
As has been the case throughout the year, the weekend provided much needed support for the cryptomarket, with the news feeds silent on government and regulator commentary.
The weekend rally pulled Litecoin out of a slide that had seen its ranking fall to 8th by market cap, with Litecoin rising to 6th at the time of writing, the market cap sitting at $8.96bn, moving ahead of NEO, while holding off Stellar Lumen in the process.
News of an expected release of LitePay has provided strong support for Litecoin through the weekend and expectations are for Litecoin to benefit from a more significant rally once LitePay has actually been released in the coming week.
LitePay will be the Litecoin team’s first product that facilitates Litecoin payment for goods and services in the real world, with the LitePay card due for release this month allowing users to load Dollars using any Litecoin wallet with 0% transaction fees. The LitePay card will allows holders to use its card at ATMs, merchants and anywhere that accepts VISA.
With no transaction fees and significantly faster transaction times than Bitcoin, this will be the first major challenge that Litecoin will be making on Bitcoin and its offshoots. LitePay will first be launching in the UK and the U.S.
At the time of writing, Litecoin is up 2.99% to $165.78, moving against the grain, with all of the other major cryptos in the red, with things looking quite bullish and for good reason, Litecoin hitting an intraday high $175 this morning.
Ripple’s Under Threat
Ripple gained just 3.7% on Saturday to end the day at $0.9337, with the only good news for Ripple investors being Ripple’s intraday high $1.021 hit midway through the day.
The cryptomarkets were in a positive mood, but Litecoin grabbed the headlines with news of the imminent launch of LitePay drawing investor attention.
It’s still positive for Ripple and we will expect Ripple to have a positive outlook, with Ripple’s blockchain technology already in place and getting more attention in the real world, but perhaps less so than Litecoin, whose product will be targeting both consumers and businesses and not just institutions.
At the time of writing, Ripple was down 1.36% to $0.94013, with the day ahead likely to be a testy one ahead of Monday’s open.