Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/02/18

Litecoin 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.
Bob Mason
ETH/USD weekly chart, January 15, 2018
Pixel Litecoin Concept

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 Impresses

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.

Buy & Sell Cryptocurrency Instantly

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.