The cryptocurrency market experienced a minor-to-moderate recovery on Wednesday, but that doesn’t mean the mood has turned bullish. The Bitcoin price’s technical factors still favor selling, even as the asset pushes back toward $3,500. In the altcoin markets, Bitcoin SV has continued its long-running slide from glory over the past few days of trading. At present, a single BSV coin is worth less than 1 Dash.
Bitcoin earned a sell rating across markets. On itBit, its rating was “strong sell.”
The Bitcoin price was different everywhere, making for arbitrage opportunities as large as the day is long. Someone with enough capital could easily arbitrage between, for example, Coinbase and Bitfinex, where the price was almost $100 different at press time.
At Coinbase, the most bearish of the reputable exchanges studied, the price had aggressively recovered from a 12-hour low of $3,372. Momentum across markets seemed to agreeably push back toward $3,500.
Also at Coinbase, Ethereum grew some legs and walked away from a strong selling sentiment. Buyers picked the price back up by over $5 in midday trading.
It is questionable as to whether yesterday’s assertion that sub-$100 Ethereum might be a reality is actually wrong at $107. This reporter would certainly feel more comfortable at $120 or $150. If a change of $5 upwards can happen in a few hours, a change downwards of $30 can happen in the same amount of time. Ethereum discount buyers are likely hoping it stays in this range for a while yet.
Bitcoin SV is now below $70. Founder Craig Wright continues to characterize other blockchains as anything but legitimate. The continued social media toxicity of the alleged Satoshi Nakamoto does not appear to build demand for Bitcoin SV.
On the other hand, developers like _unwriter continue to aggressively build infrastructure on the Bitcoin fork, making future surprise partnerships and/or corporate announcements a total possibility.
BSV is worth less than Dash, which seems to be maintaining some degree of pacing with Bitcoin SV.
While Bitcoin SV saw a consistent slide over the 5-day, including today, Dash recaptured $2 in midday trading, landing on $67. The market movement effectively makes one Dash worth more than one Bitcoin SV. Will it be a very long time before a Litecoin is also worth more? Time will tell.
If you’d asked this reporter what the TRX price would be today last week, he might have told you somewhere between 3 and 5 cents, expecting a massive momentum on the news from the BitTorrent ICO.
However, in the past 24-hours and before, the Tron price has yet to cross over the $0.03 mark. Likely to blame is the gargantuan supply of TRX: 66,664,206,012 at press time. A large supply makes it hard to garner massive upward swings. This is a problem also faced by Ripple and Stellar. Many people can hold numerically large bags, and when prices jump, opportunists can throw water on the fire by dumping.
Despite the aspersions of Stellar and Bitcoin SV’s creators, Tron’s future as a smart contract platform only looks bright from an objective standpoint, current market conditions notwithstanding.
Featured Image from Shutterstock. Price Charts from TradingView.
Last modified: May 20, 2020 12:51 PM UTC