Business 16 July 2018Gerald Fenech
Crypto market daily report – July 16, 2018
The cryptocurrency markets demonstrated considerable staying power over the weekend and maintained those gains on Monday as most of the Top 10 cryptocurrencies showed good increases after last week’s slump. Bitcoin Cash recovered very well from its sub $700 levels and was trading at $721 at press time on Monday after having reached the $730 level on Sunday. Ethereum was also in recovery mode and reached the $450 level after having dropped to well below the $420 level last week. There is a strong revival in this currency and if the momentum is maintained, there could be a push for the $500 level in the near future.
SegWit BTC also recovered, although at a slower momentum than other currencies. The price was at around $6350 on Binance at press time on Monday—a 3% increase after it had dropped to below the $6100 level on Friday. EOS had an excellent 48 hours with the price rising by at least 15% over that period and traded at $7.30 at press time. Ripple also showed positive movements and after dipping dangerously close to the $40 level, it charged forward with a 5% increase to almost touch the $0.45 mark.
Litecoin also seemed to be in recovery mode and was trading at well over the $78 mark having dropped to well below the $75 level as recently as Friday. The 2% move forward also came on the back of further announcements that the currency was being adopted upon an array of payment systems. NEO also showed a positive movement forward rising by about 5% and trading at around $33.50 at press time. Cardano also charged forward and traded at $0.145 at press time on Monday with founder Charles Hoskinson very bullish about the potential of the coin’s scalability.
Cryptocurrencies with smaller market cap also showed positive momentum. Stellar was up by around 8% to trade at the $0.22 level, whilst Ethereum Classic also rose by around 5% to trade at the $16.60 level. Dash continued its slow recovery where it traded close to the $230 level on Monday at press time, whilst IOTA once again traded at above the $1 level. The only outlier in this sea of green was VEChain, which saw a decline of around 10% to the $1.70 level. Other coins such as QTUM, ICX and ONT saw more modest increases of around 3%.
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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