Crypto market daily report – August 21, 2018
The cryptocurrency market appeared to be in a state of flux with most coins experiencing sharp downturns. BTC remained in the $6,350-$6,450 level, playing around these price levels at one point even dropping below the $6,300 mark as turnover continued to decrease. News that Coinbase had suffered a massive drop of over 80% in turnover since January undoubtedly showed that the crypto market was suffering from continually declining interest.
Bitcoin Cash was also down to the $520 level—another 2018 low. It had climbed to almost $550 on Monday but once again lost heavily as a 10% drop took effect in the late evening. Ripple was perhaps the best performer of the top currencies as it went down by only 5% to settle at around $0.33 at press time. Ethereum also experienced a walloping decline and fell by about 10% to the $276 level at press time on Tuesday with turnover also declining dramatically.
Other currencies in the Top 10 also suffered considerable losses. EOS crashed to below the $5 level and once again began testing 2018 lows by trading at around $4.70 at press time. Litecoin was down by around 5% to the $53 level, whilst Ethereum Classic continued losing momentum to around the $12.40 level—a drop of 6%. NEO erased almost all the gains of the past few days when it dropped to around the $17.50 level, whilst Cardano kept declining to trade at around the $0.09 mark. Stellar Lumens also suffered a 6% drop to trade at just above the $0.21 level, whilst IOTA suffered a similar decline to settle at around the $0.50 level at press time on Tuesday.
Other smaller market cap coins also continued declining, with VET and TRON suffering 5 and 7% losses respectively to settle at $0.013 and $0.02 respectively. ICX was down 7% to $0.62, whilst QTUM and NULS experienced sharp drops of 8 and 7%.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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