Business 12 July 2018

Gerald Fenech

Crypto market daily report – July 12, 2018

The cryptocurrency markets could be in for another slide on Thursday as most of the major currencies continued registering declines. SegWit BTC hovered around the $6,300-$6,350 mark on Wednesday but then took a tumble on Thursday morning and was trading at around $6,200, with a slide to below the $6,000 level not unexpected if turnover pressure continues.

Ethereum registered a small increase of around 2% to buck the trend although even here, the currency was suffering from low turnover and selling pressure. Bitcoin Cash was stable in a tight trading range of between $680 and $690 although even here, the turnover was very low indeed. News regarding the adding of a Bitcoin Cash wallet on the WeChat platform did not boost the price much either.

Ripple continued its slow decline and slipped to below the $0.45 level trading at $0.445 at press time, when it appeared to be under further selling pressure. After a mini revival, Litecoin was also down to the $75 levels and a further decline looks on the cards in the next few days. EOS also continued its decline and was down to well below the $7 level trading at $6.68 with further drops expected.

Currencies with smaller market caps also continued declining, with NEO dropping a further 5% to trade at the $32 level. Stellar also continued dropping and was trading at $0.18 at press time whilst Dash continued declining to the $210 level with the $200 mark not far off. It is hard to believe that this currency was once trading at the $1,500 level a few months ago. Ethereum Classic also continued losing the gains it made over the past week and fell below the $16 level to trade at $15.90 for the first time in several days.

Other currencies such as Cardano and IOTA also remained in negative territory with the former declining to around $0.125, whilst the latter was trading at $0.95 at press time. Coins such as Ontology and QTUM also suffered drops of between 3%-5% and appeared to be poised for further drops in the short term.

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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