Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/12/17

Bitcoin Cash Sinks Again

Things couldn’t be choppier for the cryptomarket at present, with investor sentiment certainly mixed. We’ve seen Bitcoin Cash swing from last week’s sell-off to sub-$2,000 levels to hit a midweek $4,000 plus before diving back down to 2,739.4 at the time of writing.

Much of the angst across the cryptocurrencies comes off the back of negative news over Bitcoin and the suspension of Bitcoin Cash trading on Coinbase following claims of insider trading ahead of the official announcement.

Things are unlikely to change anytime soon and the volatility is likely to persist as investors jump in and out over fears of a more significant correction or worse yet, some post holidays blues.

For now, we’ve seen support kick in and if there are to be greater declines through the day, there will be investors lined up looking to get in at more favourable valuations on the hope that 2018 delivers similar gains.

The futures market will need to behave itself however, with January’s CME Bitcoin futures contract having already placed Bitcoin and its peers under significant pressure, with the smarter money less convinced about the recent highs.

With trading volumes on the lighter side today, we won’t expect any major moves through the day, as investors take a pause ahead of the final few days of the year, which could see more news hitting the markets and possibly the cryptocurrencies.

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Litecoin Holding Steady

Things have not been much better for Litecoin in the last week, though the ship seems to have steadied through the weekend, following a brief collapse to $144.

Litecoin has also been moving in the shadows of Bitcoin, with market sentiment towards Bitcoin influencing appetite for Litecoin. The good news is that the dips have been relatively short lived for Litecoin, though we are going to need to see Litecoin break back through to $300 levels if a fall back to sub-$300 level ranges is to be avoided.

Investors will need to consider the current relationship between Bitcoin and Litecoin, with news of 40% of Bitcoin sitting with just 1,000 investors certainly a good reason for the correlation to soften.

At the time of writing, Litecoin is up 0.79% to $281, with trading volumes on the lighter side.

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Ripple Recovers

Ripple may have been the crypto of choice in recent weeks, following moves to $1.2 levels going into the weekend, but likely the other major cryptocurrencies, its come off recent highs to fall back to sub-$1.00 levels

At the time of writing Ripple was up 0.19% to $0.987 and its going to need to bounce back through to $1.05 to avoid another tumble in the week ahead, once trading volumes pick up.

There’s unlikely to be any major moves today however, with cryptomarket chatter on the lighter side. After hitting a Friday low of $0.68, investors will be looking for another chance to get in on the dip, with Ripple likely to remain one of the more favoured cryptocurrencies going into 2018.

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