Business 13 August 2018Gerald Fenech
Crypto market daily report – August 13, 2018
The cryptocurrency market demonstrated a muted recovery over the weekend after having fallen to the lowest levels since September 2017 in some cases. BTC flirted with the $6,000 level on Saturday before rising to $6,400 mark, appearing to stabilize at that level or just below it. Monday morning saw BTC regain that level at press time after having traded in the mid $6,300s for most of Sunday.
Bitcoin Cash also recovered from its hammering where the price sank to the low $500s at one point. It was trading at around the $570 level on Monday at press time, and appeared to be poised for further gains on higher turnover. After a terrible week where it declined by more than 25% in value, Ripple managed to regain the $0.30 level although this was still considerably down from its 2018 high of $3.30. Constant bad press and a series of lawsuits have dogged this cryptocurrency, which continued to decline in value.
Ethereum also showed a worrying drop of around 10% to settle at just above the $300 level—a mark not seen since September 2017. It appears that a huge volume of ether has been dumped on the market resulting in an oversupply that has pushed down the price considerably of late. EOS also had another terrible weekend, with the price sinking by no less than 20% and actually dipping below the $5 mark for a 2018 low before recovering to around $5.10 on Monday at press time.
Stellar was perhaps the only bright spark across the past few days, managing a 5% increase to retake the $0.23 level and is now not so far off from its cousin, XRP. NEO continued to decline sharply and is now just over the $18 level—a decrease of around 50% from its levels just a couple of weeks ago. Ethereum Classic also declined spectacularly after reaching a high of almost $20 at the beginning of the week—it was trading at around $13.20 at press time on Monday. ADA, IOTA and ICX saw slight decreases, whilst NULS was the only outlier with a 15% increase.
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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