Business 10 August 2018Gerald Fenech
Crypto market daily report – August 10, 2018
The cryptocurrency markets continued to retain a tepid stance over the past 24 hours with most currencies registering slight increases, although some continued to decline marginally. BTC was up by around 3% over a 24-hour period to trade at close to the $6,500 mark but at press time on Friday, it dropped slightly to below the $6,400 level on low turnover.
After dropping to $570 on Thursday, Bitcoin Cash plotted a good and was up to around the $610 level on Friday morning on Binance. With the cryptocurrency continuously getting accepted across a wide range of merchants, this may prove to start a bull run in the not too distant future. Ripple also staged a sort of mini recovery on Thursday with the price rising by 5% to $0.35, but it soon fell back at just over the $0.33 mark on Friday at press time.
Ethereum continued its rather pedantic performance with a price level of around $360 with very little movement either way. The cryptocurrency, which is largely used for token sales, has had huge amounts dumped on exchanges and this could have contributed to its steady decline in price. EOS recovered some of its recent losses to trade at around $5.70 at press time, and the news that it was being used in conjunction with the launch of a new stable coin could give a boost to its short-term potential.
Stellar and Dash posted good recoveries on Thursday evening, with both rising by about 11% with the former regaining the $0.22 mark after having dropped below the $0.20 level only a day earlier. The latter saw an 11% rise to retain the $200 level for a brief period before dropping slightly. Neo and Litecoin continued declining with both reaching 2018 lows, the former dropping below $22 whilst LTC was down to the $61 level. Ethereum Classic continued losing its previous gains and dropped below the $15 level to around $14.80 at press time on Friday. ONT, ICX and IOTA also registered slight drops of around 3-5%.
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.
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