Business 17 July 2018Gerald Fenech
Crypto market daily report – July 17, 2018
The cryptocurrency markets continued their mini rally in the past 24 hours, marking two straight days of gains—an occurrence that has not been seen since early May. SegWit BTC was up by around 5% on Tuesday morning at press time to approach the $6,700 mark with the $6,800 level seen as an important resistance by traders and analysts. Recent announcements that institutional money was making its way towards the crypto space have no doubt bolstered the buzz behind the ecosystem with the major coins showing strong gains.
Bitcoin Cash also showed extremely strong momentum in the past 24 hours and was up by over 9% to trade at just below the $800 level. News that Google had added information about BCH on its site was another positive aspect that caused the price to experience a mini boom. Ethereum also saw a positive move upwards and was trading at around $470 at press time with further potential to push towards the $500 level. Ripple also showed positive movement, although the increase here was not as much as with other cryptocurrencies and was only around 6% to the $0.47 level. EOS continued its impressive recovery and was trading at just under $8 on Tuesday morning at press time—an increase of 8% over a 24-hour period, but well over 20% over 48 hours.
Litecoin was also up by around 7% to trade at around $83 at press time on Tuesday. Other currencies with smaller market caps also saw considerable increases over the past 24 hours. NEO was up by 8% to trade at just over the $36 level, whilst Stellar had a more modest 5% increase to trade at the $0.23 level. Ethereum Classic surged to well above the $17 level before dropping back to around $16.90 at press time, although this was still a 5% increase overall. IOTA surged above the $1.06 level, an increase of 6%, whilst Ontology gained around 5% to trade at the $3.26 mark. QTUM and VEChain also recovered with increases of 4% and 7%, respectively; whilst Tron regained the $0.04 level on low turnover.
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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