Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/11/17
Bitcoin Cash – Avoids a sell-off
Bitcoin Cash managed to recover from a more significant sell-off on Friday, having dipped to sub-$900 levels.
The battle between Bitcoin Cash and Bitcoin is far from over and things could become even more complicated should news of hard forks hit the wires again. The move by Bitcoin to $8,000 levels was attributed to there still being a chance of a SegWit2x hard fork.
Bitcoin Cash could see a slide in repeat of the moves last Friday, should the probability of a Bitcoin hard fork rise in the coming days. With Bitcoin Cash at $1,200 levels, holders would most likely move into Bitcoin in search of the free coins earned in the event of a fork. The uncertainty however, will likely continue to make it somewhat volatile for now.
At the time of writing, Bitcoin Cash was up 2.8% at $1207.5, with things looking fairly positive since Bitcoin Cash’s ability to bounce back from Friday’s lows.
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An inverse correlation between Bitcoin and Bitcoin Cash is evident and will likely to continue to evolve as investors and miners flip flop between the two in search of better earnings.
Litecoin holds above $70
It’s been a good run for Litecoin, moving from its sub-$60 ranges to make a run at $80 and possibly move towards record levels in the coming days.
The positive for Litecoin is the fact that Litecoin is readily exchangeable with other currencies. News of a Bitcoin – Litecoin atomic swap had hit the wires over the weekend, supporting the upbeat sentiment towards Litecoin.
While momentum appears to be in its favour, any talk of Bitcoin hard forks could see investors move away from Litecoin in favour of Bitcoin. Recent news of possibly more forks will need to be monitored closely. Demand for Bitcoin will likely rise should the possibility of a fork materialise, as Bitcoin holders would be the beneficiary of free coins in such an event.
At the time of writing, Litecoin was up 0.35% at $71.95.
Ripple – Support comes from its blockchain technology
Ripple has managed to continue to stay free of its recent ranges, staying above $0.22 levels, as market sentiment towards Ripple’s payment system takes centre stage.
News of an Amex – Santander cross border payment system using Ripple’s blockchain technology has been key to the recent moves and as we covered on Friday, attention towards Ripple’s blockchain technology is likely to be a positive for the cryptocurrency in the months ahead.
Volatility is likely to persist over the near-term however, as the cryptoworld sees the number of cryptocurrencies enter the market increase, though we do see direction titled to the upside, as central banks also look to explore the use of blockchain technology for fund transfers.
At the time of writing, Ripple was up 1.85% at $0.2375 with any break through to $0.24 levels likely to support another move towards $0.27.
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