Bitcoin Cash Struggles against Big Brother
Bitcoin cash is coming in second through the early part of the day, with Bitcoin’s record breaking run over the weekend taking all the limelight.
Talk of Bitcoin hitting $10,000 before the end of the year had certainly done its rounds, but to be sitting at $9,531.97 before the end of November, $10,000 is going to be a foregone conclusion, assuming the bubble doesn’t burst.
We saw Bitcoin Cash make a run towards $2,000 at the end of last week and ahead of this morning’s open, but both attempts faced strong resistance at $1,700 levels and suggests that the outlook for Bitcoin remains more favourable at this point, the cryptoworld having been convinced that $10,000 is the right number.
The good news for Bitcoin Cash holders is that it’s managed to hold on to above $1,600 levels in spite of two failed attempts at breaking beyond the ranges hit over the weekend.
Bitcoin and Litecoin are the headlines for now, but the fickle world of crypto, things can change quite quickly. At the time of writing, Bitcoin Cash was down 2.64% at $1,670, with direction through the day likely to be titled towards the downside.
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Litecoin Trail blazes
Litecoin managed to break free from its shackles and surge to beyond $90 this morning, in what has been quite a spectacular weekend for the cryptoworld.
Litecoin has certainly stood out of the crowd when it comes to Bitcoin’s competitors and suggests that the markets may beginning to decide its preferred cryptocurrencies over the near-term.
At the time of writing, Litecoin is up a whopping 7.86% to $93.43, with very little red on the hourly chart this morning.
Whether Litecoin can hold on to $90 levels through the day remains to be seen, with there likely to be some profit taking through the day.
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Ripple Wants to Join the Crypto Rally
Ripple looks as though it’s ready to make a move, with attempts to break out beyond $0.26 having faced strong resistance through the weekend.
The cryptocurrencies standing has certainly been on the rise, with financial institutions taking its blockchain technology to facilitate more efficient cross-border payments, but the currency itself seems to continue to sit back. The failure of Ripple to have garnered enough support through the weekend rally to make a run through to $0.30 will be a concern for Ripple holders holding out for a breakout.
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We’re going to need to see a run soon, particularly with the likes of Bitcoin and Litecoin leaving the others behind in recent days. At the time of writing, Ripple was up 2.17% at $0.2499, with Ripple patience likely to be tested today.