Bitcoin Cash, Electroneum and Litecoin continue gains
The main cryptocurrency movers today remain Bitcoin Cash, up +22% and Litecoin, up +7.5%, both outpacing Bitcoin by a huge margin, up just 0.03% at 3.30pm London time today.
BCH’s biggest jump came yesterday when it soared to $545 from $445 inside an hour. Much of the price spike is premised on excitement about Bitmain’s application for an IPO on the Hong Kong Stock Exchange.
Bitmain quarterly losses sting
Meanwhile the bitcoin mining giant may have posted a $400m net loss in the last quarter, new documents reveal, given its extraordinary 2017 turnover ($1.2bn).
While much of the most interesting numbers are redacted, BitMEX Research have mopped up some of the leading indicators.
“In early 2018,” says Bitmain,” CCN reported, “we anticipated strong market growth for cryptocurrency mining hardware in 2018 due to the upward trend of cryptocurrencies price since the fourth quarter of 2017, and we placed a large amount of orders with our production partners in response to the anticipated significant sales growth.
They go on: “However, there had been significant market volatility in the market price of cryptocurrencies in the first half of 2018.”
Peering further down the list of today’s performers Electroneum is up strongly, 21.7%, plus Eternal, up 15.6%. Metaverse ETP is down more than -10%.