Business 14 August 2018

Gerald Fenech

Crypto market daily report – August 14, 2018

The cryptocurrency market has taken an alarming push downward in the past few hours, demonstrating total weakness in support levels with almost every coin falling by double-digit levels. These are prices that have not been seen since a year ago and bode ill for the long-term survival of the market.

BTC dropped below the $6,000 level for the first time in two months, and was trading at the $5,950 level at press time on Tuesday. However, the real casualties were other main currencies which experienced drops of between 15 and 20% in almost all cases. Ethereum continued sinking to a precipitous level with a drop of 16% to the $260 level—a price not seen since September 2017. Bitcoin Cash also tanked similarly and was trading at below the $500 level for the first time since November 2017, a worrying development although here the drop was not as pronounced as in other currencies with a drop of around 13%.

Ripple also continued its spectacular decline and was down by a further 9% to the $0.24 level, a price not seen since October 2017. This means that all the gains that XRP made since that date have now vanished and the currency is actually in negative territory year-on-year. Litecoin also began to revisit 2017 levels as it sank to the $51 mark, a price not seen since August 2017, and another 24-hour decline of 13%.

Other currencies with smaller market caps experienced even steeper declines that are all pointing to a complete collapse of the market. NEO was down by 22% to revisit the sub $15 levels, a price not seen since September 2017, whilst EOS tanked further to the $4.30 level—a 2018 low. Cardano was down by 20% to single digits, it was trading at $0.09 at press time; whilst Stellar also experienced a 9% drop to the $0.21 level after losing the gains it made on Monday. However, amongst the biggest fallers were Binance Coin and TRON which sank by 22 and 21% respectively to new 2018 lows. The steepest drops were experienced by IOTA and ICX which were down by a staggering 23 and 27% respectively to price levels of $0.41 and $0.49.

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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