Business 18 July 2018Gerald Fenech
Crypto market daily report – July 18, 2018
The cryptocurrency market was in recovery mode as of Wednesday morning, with all the major coins posting considerable increases mostly in the double digits.
Bitcoin Cash shot up by around 10% to reach the $870 level, confirming that the latest news of payment gateways and applications which are adopting the coin are having a hugely positive effect on the price. Turnover has increased exponentially, too.
BTC also shot upwards in a considerable trajectory gaining the $7,400 mark in just under an hour. At around 6pm CET on Tuesday, the currency was over the $7,000 level having traded in the $6,650-$6,750 mark for most of the day. Then, a huge push came with the price spiking by 5% in a few minutes to gain the $7,100 level following another similar gain to the $7,400 level on Wednesday morning.
Ripple finally broke through the $0.50 barrier after having been well below that mark for several weeks, with the price at around $0.51 at press time on Wednesday. EOS was up by over 10% and was trading at around $8.75 at press time on Tuesday evening—a significant rise of 30% over 48 hours. NEO was up by 9% and was trading at $39.50 at press time. Stellar was also up by around 8% to breach the $0.25 level, and there appeared to be further momentum for a push upwards. In fact, at press time on Wednesday morning, the currency was up by a further 8% to trade at $0.275.
Ethereum also saw a considerable rise although the increase was a more modest 5%, still enough to breach the $500 level. ETH is now up by around 15% over 48 hours, as it was testing the $400 level only a couple of days ago.
Smaller market cap currencies also had an impressive boost, with Cardano leading the way and jumping 10% to well over the $0.168 level. Ethereum Classic posted slightly more moderate gains, but still was trading at very close to the $18 level, whilst Dash jumped 8% to the $260 level. Litecoin was up 6% to the $92 level, whilst coins such as Ontology and IOTA posted more moderate gains of 3% and 5% to prices of $3.85 and $1.14, respectively.
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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