Crypto markets in slight retreat
The cryptocurrency markets demonstrated a slight retreat on Thursday morning. Legacy Bitcoin remained static at the $10,500-$10,600 mark on higher turnover. It seems that this is the resistance level for the world’s largest cryptocurrency by market cap. Most of the other currencies were in retreat however with the main loser being Ethereum which was down by around 2.5% to the $174 mark.
BCH and Ripple move back
After charging up to the $300 level, BCH was once again down by around 2% to the $292 level as bears once again entered the market. Ripple also continued suffering on low turnover with the price dipping by 1% to around $0.257. Litecoin was also in the red with a 1% drop to the $67 level.
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ETC continues rising
An interesting outlier in this general market of negativity was Ethereum Classic. This was up by around 4% to just over the $7 mark – a level not seen since early August. Other coins which had a positive past 24 hours included MATIC, PERL and FET which saw rises of between 4 and 8% respectively.
Bears in control
The bearish mood was also apparent however with coins such as EOS (down by 1%), Binance Coin (down by 0.8%) and Cardano which was down by 1.5%. Privacy coins had mixed fortunes with Monero experiencing a 2% increase to the $75.50 level. DASH consolidated its price above the $80 mark on the back of a 0.5% increase whilst ZEC went the other way dropping by 1%.
Alt season on the way or not?
Although the market generally appears to have recovered slightly from last week’s declines, several alt coins are still not keeping up pace with Bitcoin. Osprey FX customers would do well in observing most of the BTC trading pairs and spot the opportunities that may come with shorting some of these coins. Whilst there is debate that an ‘alt season’ is on the horizon, there is still no real evidence of this with the vast majority of coins at three-month lows.
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