Crypto market daily report – August 15, 2018

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The cryptocurrency market registered a muted recovery on Wednesday morning at press time as most major currencies posted slight gains after the steep losses registered over the past days, which saw several coins drop to early 2017 prices. BTC was up by around 5% to the $6,300 level after having flirted several times with the $6,000 point.

Bitcoin Cash also recovered well and was trading at around the $510 level, which means an increase of around 6% over a 24-hour period. Perhaps the largest increase was registered by Ripple, which was up by around 11% to regain the $0.28 level and this was achieved on the back of some pretty strong turnover. Another coin that saw its stock increase considerably was Ethereum which managed to recoup some of its huge losses over the past few days, when it sank by no less than 40% to trade at around $285 at press time or an increase of 7%.

Currencies with smaller market caps that had taken a beating of late also demonstrated a slight recovery. NEO was perhaps one of the best performers and it needed to be considering that it has lost around 40% of its value in the past few days alone. The Chinese-backed project was up by 12% to $16.33 at press time. Litecoin was also up by around 8% to the $55 level, but this is still around the price level of October 2017.

Stellar recovered well from its Tuesday slump and was trading at well over the $0.22 level on Wednesday at press time. Ethereum Classic also bounced back from its steep decline and was up by around 13% to the $12 level. Cardano was also up by around 9% to the $0.09 level, whilst other currencies such as IOTA and ONT were up by around 11% to recover slightly from their huge slumps in the past days, when they both lost around 40% of their value. ICX was up by 8% whilst VET and QTUM posted the biggest increases of all with 17% jumps each.