From CCN.com: Tuesday afternoon saw Bitcoin, Ethereum and Bitcoin Cash post minor against the background of a tepid recovery of the cryptographic market. Bitcoin SV continues to stagger on the edge of being the only major variant of Bitcoin not to rank among the top 10 cryptocurrencies by market capitalization, closing the period with a gain of less than 0.5%.
Bitcoin Recovers of Morning Dip
Bitcoin 24-hour trading saw a gain of 1% after a significant drop during the day to less than $ 3,500. At the time of printing the price of Bitcoin was $ 3.60. Stagnation seems to be the order of the day in this bear market, with some analysts predicting a fall below $ 3000 or even further south.
The bear market may continue for several months or even years, as industry participants define the best use cases for cryptocurrencies. Strict payment methods such as Bitcoin, which at this point has no prospect of application of decentralization, may have long-term depressions on the cards. The same goes for bears and hodlers who are having a good time with discounted prices that should continue for some time.
Ethereum Eyes $ 120
In early January, Ethereum earned over $ 140 per token in anticipation of the tough fork of Constantinople that was supposed to introduce several improvements to the world computer. The hard fork has not been launched due to security problems, and the price has plummeted for an immediate 5%.
Ethereum continued to lose momentum on interim days, but today it has recovered over 1%. At press time, it stood at $ 118 on most markets. Binance and Bitfinex simultaneously had more than $ 120. The pressure seemed to be on the rise with almost twice the Bitcoin percentage gains.
Bitcoin cash drives the index
Bitcoin Cash was the winner of the focus group today, recording gains of over 5% over the 24-hour period. Just before lunch, it fell to a low of $ 116, but less than three hours later it had recovered $ 15.
At the time of writing, BCH was almost $ 130 per coin. The market continues to reconcile the months split with Bitcoin SV. As a group, the two currencies do not have the market capitalization or the combined price for-token they enjoyed before the fork, leading some to speculate on the fact that the fork is a general failure in a non-partisan vision. Even adjusted for the global cryptocurrency decline during this bear market, the pair is not even remotely close to the pre-fork price.
Bitcoin SV can be output
The development of Bitcoin SV goes as planned, but the third rail Bitcoin still seems to be in price discovery mode. The volume of transactions on the network has recently been stimulated by the development of various APIs, including this immutable chat client.
Daily trading saw the chip go up to $ 77 and go down to $ 72.
Currently the BSV is threatening to exit the top 10 cryptocurrencies by market capitalization, a slippery slope that could lead to further downward pressure. Its market capitalization is just 200 million dollars higher than # 11 Cardano. Either a further loss by BSV or a quick gain from ADA could overturn the tables and create a trade spiral for the Bitcoin chosen by Craig Wright.
Close-up image of Shutterstock. Price charts from TradingView.