Bitcoin Cash Price Rallies by 10% As The Crypto Market Experiences Muted Recovery
The Rally Was Experienced On Tuesday
On Tuesday, the cryptocurrency market started having a slightly muted recovery with BTC price improving from $7,300 to $7,500. This was a very tight trading range, and this saw Bitcoin which is the biggest cryptocurrency in terms of market cap have a hard time maintaining the $7,500 level. Other market cryptocurrencies, on the other hand, experienced an increase in values. For instance, Litecoin rallied in price to the highest level of $130, and this was a representation of around 15%. However, its price dropped below the point on Wednesday morning.
Additionally, the other cryptocurrencies which have a larger market cap experienced the same. Ethereum improved just above the psychologically significant price level of $400. Therefore, the cryptocurrency also failed in sustaining the highest level, and once it reached the $410 level, it was involved in a slight drop to the $405 level. Additionally, Ethereum classic which is Ethereum’s sister currency was involved in a 9% rally in prices and hit the $15 price level. However, it also dropped to the $14.60 level according to Wednesday morning statistics due to the fact that selling pressure was taking effect.
On Tuesday, Bitcoin cash was also performing in an excellent manner because it improved with around 10% at a point before it was subjected to a fall in the price where it attained the $680 level. This was a fall from above the $700 price level. Therefore, even with BCH, recovery might not be possible as this might be subject to dropping continuously due to the rise in selling pressure. It, therefore, appears that the bear market is not currently with the strongly positioned cryptocurrencies in the market cap.
Ripple was not also left behind in the recovery as it rose by around 10% to attain the highest level of $0.53. However, the cryptocurrency needs to incur a substantial recovery if it needs to reach the December level. Dash was also involved in recovery by 10% and attained $330 where there was strong pressure for positive momentum. Out of all the cryptocurrencies with small market cap, Stellar was the least improved with only 3% increase and all was lost on Wednesday morning. By contrast, however, NEO was placed in a good place on Tuesday as it rallied by 11% to the $53 level. However, from mid-march, the cryptocurrency has lost more than 60% of its value and is very far from recovering to December high of $190.