Business 28 May 2018

Gerald Fenech

BTC down by 5% as crypto markets continue slow decline

After a partial recovery on Friday, the cryptocurrency markets continued their slow decline over the weekend with all major currencies showing steep drops. BTC led the pack with a 5% decline and was trading at around $7,100 at press time, appearing dangerously close to the psychologically significant $7,000 level. The digital currency has seen a decline of almost 20% from its May 8 high of $9,900, where a push towards the $10,000 mark and beyond had been expected at that point.

Ethereum experienced the worst decline of all by far and was down by almost 10% to the $520, which represents a 9% drop. This also represents a decline of around 25% from the currency’s May high of around $810. Ethereum appears to be suffering due to the problems being touted around ICOs since it is the currency of choice with regard to these offerings.

Bitcoin Cash also continued a slow decline and traded at below the psychologically significant $1,000 mark after having made spectacular gains in late April and early May. In fact, BCH had reached the $1,800 mark in early May but suffered alongside the whole crypto market as every currency seems to be caught in a downward spiral. Ripple also traded well below the $0.60 level and continued losing value across the weekend with trading volumes appearing very low. As with other currencies, although adoption of Ripple has been quite widespread, there appeared to be problems for its success to be transmitted to the price, which has declined by around 30% in the past few weeks.

Litecoin also declined to the $113 level on low volume, as the cryptocurrency also shed around 30% from its monthly high. As is the norm with such declines, currencies with smaller market caps also suffered considerable declines, with NEO leading the way as it dropped below the $50 level for the first time since mid-April. Stellar Lumens also saw a considerable decline and was down to the $0.25 mark, whilst Dash was trading quite close the $300 mark although here, the decline was not as bad as in others. EOS gave up some of its gains in the past days but was the top 10’s best performer with only a minor 2% loss registered. Other currencies such as TRON and NANO lost considerably against BTC with declines of around 8% across the board.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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