Cryptocurrency Markets Maintain Momentum Despite Slight Retracement

The cryptocurrency markets continued their positive momentum on Wednesday evening as most of the coins held on to the double-digit gains achieved over the past 24 hours. Most importantly, altcoins acted independently of the bitcoin price, with several performing significantly better than the largest cryptocurrency by market cap.

As of press time on Wednesday, BTC was trading at around $6,350, having briefly even crossed $6,600 during the day before falling back. Ethereum roared back to the $300 mark, as noted earlier, although it had gone down slightly to the $286 level at press time -- still a rise of 10 percent overall.

Perhaps the most sluggish of performers was bitcoin cash, which only rose by five percent to settle at the lower $510’s after having even touched the $530 level during the day. Ripple (XRP) also managed to claw back some of the massive losses experienced over the past days with a solid 12 percent gain and was trading at $0.288 on Bitfinex, although it had reached the $0.30 mark earlier in the day.

XRP/USD | Bitfinex

EOS was also up by around eight percent over the past 24 hours, settling at around $4.70, whilst stellar was trading at around $0.22, a sluggish four percent increase which was below the rest of the market’s performance. Litecoin was also up by around eight percent to retake the $56 level but was still way back from recovering the massive losses made over the past days.

NEO and ethereum classic posted impressive increases of over 15 percent each, although the former dropped back to below the $17 level after some heavy selling in the evening on Wednesday. ETC managed to maintain the $12 level after posting an impressive 20 percent increase over the past few hours, although this subsided to trade at around $12.20 at press time.

ADA/USDT | Bittrex

Cardano was quite sluggish when compared with other currencies as it only increased by about five percent to trade at $0.095 at press time.

Other smaller currencies by market cap, such as VET and IOT,  also began a good recovery from the slaughter of the past days when they traded at around $0.008 and $0.46 respectively, representing increases of 13 and eight percent.

Featured Image from Shutterstock

Last modified (UTC): August 15, 2018 11:43 PM

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Gerald Fenech

Gerald Fenech is an established journalist with more than 15 years experience in the financial, economic and business fields. Since August 2017 he has been heavily involved in cryptocurrency and blockchain journalism writing for several news sites and avidly following the crypto space.

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