Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/11/17

Bitcoin Cash – On the back foot

Bitcoin Cash continues to stand its ground in spite of Bitcoin’s move to $8,100 levels, with the debate now being on whether the pair can co-exist.

Bitcoin Cash will have been considered an upgrade to Bitcoin, which remains hindered by its blocksize that impacts transaction speeds. The issue Bitcoin Cash continues to face however is the divided camp, with many viewing Bitcoin as the original creation, despite the mining monopoly that goes against the ethos of decentralization.

Looking at the valuations of the pair at present, one would suggest that Bitcoin Cash is able to co-exist with Bitcoin for now. The issue Bitcoin Cash will ultimately face will be the impact of a fork. Bitcoin’s core developers and mining cartel remain divided, but should this change and Bitcoin receive its needed upgrades, Bitcoin Cash may well end up being the victim.

At the time of writing, Bitcoin Cash was down 5.22% at $1183.6, easing back from a $1,262.18 high from earlier in the day.

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Litecoin Continues to hold above $70

Despite a blip to sub-$70 levels earlier in the day, Litecoin has managed to hold on to its new range, with sub-$50 levels seemingly a distant memory.

The upward momentum supports the view that Litecoin is not there to compete against Bitcoin, which suggests that direction for the pair may be more correlated than Bitcoin and its offshoots.
Positive news on Litecoin’s swap capabilities remains the supporting factor and as the cryptoworld evolves, expectations are for Litecoin to grow with it.
At the time of writing, Litecoin was down 2.05% at $71.13.

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Ripple – Can it break into unchartered territory

Ripple and Bitcoin have seen the lightest losses through the early part of the day today, with Ripple down 1.52% at $0.2381 at the time of the report.

When considering the recent press on the major cryptocurrencies and continued positive sentiment towards blockchain technology, the outlook certainly looks bright. There is always risk associated with any investment however and Ripple is no different. Any fraudulent activity or evidence that the technology is not as secure as once thought would certainly bring an end to a concept that has been embraced by the financial sector.

 

For now, the security element continues to be deemed sound and we will expect Ripple to make further gains as more financial institutions incorporate Ripple’s blockchain tech into their payment systems.

All the major cryptocurrencies are in the red at the time of writing, but for Ripple, we will expect the upward momentum to continue, with there being sound justification for a run at its record high in the coming weeks.

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