Business 10 July 2018Gerald Fenech
Crypto market daily report – July 10, 2018
The cryptocurrency markets experienced a rapid downturn on Monday evening and Tuesday morning, where practically all the gains made over the past few days were erased in a matter of hours. Although SegWit BTC dropped to the $6,550 level, its decline was not as large as EOS which showed a huge drop of around 12% to settle at the $7.50 level—this is close to a two-month low and demonstrates the innate fragility of the cryptocurrency markets as a whole.
Ethereum also ceded most of its gains and dropped to around the $458 level, although here the decrease was only of about 5%. Bitcoin Cash also experienced a considerable drop to settle at around the $720 level, a 4% decrease. Ripple also dropped by a similar level of around 4% to settle at around the $0.46 level,with strong support at the $0.45 level. Litecoin ceded the $80 level and fell by around 7% to trade at around $78 at press time. Although the cryptocurrency has been in the press with positive news of late, very little effect is being had on the price which continued its slow decline.
Currencies with smaller market caps also saw a considerable drop in their values overnight. NEO was down by well over 10% to the $34.50 level, whilst Stellar ceded the $0.20 mark to drop below and was trading at $19 yet again after a few days beyond that figure. Cardano experienced a 7% drop to trade at the $0.13 level—this currency is now down by around 15% from its monthly high achieved last week. Dash also declined to well below the $230 level and was trading at around $223 at press time.
Other currencies such as IOTA, QTUM and VECHAIN also experienced steep losses. The former was hit by bad news regarding its security levels and promptly dropped to the $1 level in a decline of over 8%, whilst QTUM experienced a similar 8% drop to touch the $8 level again. Ethereum Classic lost some of the gains it experienced in the past few days when it went against the tide and fell below the $17 level yet again, an 8% drop.
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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