The cryptocurrency market experienced a slight correction on Wednesday morning from the dizzying highs experienced earlier in the week. BTC traded around $9,800 on Tuesday night, but eventually dropped to the $9,200 mark before recovering slightly to around $9,400 with selling pressure at that level.
Bitcoin Cash saw a slight retracement from Tuesday, dropping by around 8% to trade at $1,350 at press time but still held on to most of its gains over the past few days. The drop was probably due to investors cashing in on some short-term profits after the dizzying rise of 160% since April 1—a record in cryptocurrency price movements. With a lot of good news coming from the mining front and a hard fork expected in mid-May, Bitcoin Cash is expected to rise much further over the coming days.
Ripple also saw a retracement of around 10% to the $0.87 mark at press time having reached the $0.96 mark on Tuesday, which, again, could be attributable to selling pressure. After a meteoric rise over the past 48 hours where it even touched the $700 mark, Ethereum also retraced by around 10% to touch the $650 mark, although it was in recovery mode at press time trading at around $670 and well on its way to regain the $700 level. Litecoin was also down by around 5% to trade in the mid $150’s although the drop was not as steep in this coin. Ethereum Classic had advanced considerably on Tuesday to trade at the $22 mark but retraced again to the $20 level with major support at that level.
Of the currencies with smaller market caps, an almost identical pattern was to be seen. Stellar dropped by around 11% to trade at $0.37 after having been well over the $0.40 mark on Tuesday. NEO also saw a considerable retracement of around 8% to trade in the mid $70’s again after having reached the $83 mark on Tuesday. Dash also dropped by 8% after having been well over the $500 mark on Tuesday to just under that level although it could easily bounce back in this bull market. EOS retraced slightly from its dizzying 35% rise on Tuesday but was only down by around 5% and was consolidating at the $14.50-$15 level.
