Business 9 August 2018Gerald Fenech
Crypto market daily report – August 9, 2018
The cryptocurrency market appeared to be stabilizing on Thursday after a vicious selloff that saw the vast majority of the top coins sink with double-digit losses. BTC continued descending, even touching the $6,100 level before it recovered slightly to hover just above the $6,300 level, although there could be another downward spiral if turnover does not hold.
Bitcoin Cash also began a muted recovery, and after dropping to a yearly low in the mid $500s, it moved up by around 10% to the $600 level and also looked poised to make further gains. Ethereum managed to stop the bloody loss where its price descended to the mid $350 levels although it did not increase by much—trading at around $360 at press time. Ripple was the only coin in proper positive territory on Thursday morning as it traded at around $0.35, an 8% increase after it had touched the $0.33 mark on Wednesday, which is a new 2018 low and a level not seen since September 2017.
EOS appeared weak in holding its value and was down to the $5.75 level, although there could be a push for the $6 level if turnover picks up. Ethereum Classic practically lost all the gains it made in the past days where it was down to just over the $15 level—a decrease of 25% overall over 48 hours. Cardano appeared stable at the $0.12 level, although even here, turnover was rather low. Stellar regained the $0.20 level, whilst NEO continued sinking and was trading at just over $22 at press time.
Currencies with smaller market caps continued taking a beating, with IOTA losing almost half its value over the past 48 hours. The coin was down 15% at $0.64 with the price hovering close to $1 only a few days ago. NT was similarly down by around 11% to the $1.91 level; whilst ICX suffered a more modest 2% decline to the $0.78 level. VET continued declining spectacularly and lost another 5% on Thursday morning to trade at the $0.011 level.
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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