Business 11 June 2018Gerald Fenech
Crypto market daily report – June 11, 2018
Sunday has been a terrible day for the cryptocurrency markets and Monday does not look to be much better as every currency in the Top 10 by market cap (as well as the top 100) suffered double digits declines, plunging the total market cap to well below the $300 billion mark. BTC set off the downward spiral when it careened down from $7,200 to around $6,600 in a matter of a few hours before recovering slightly to the $6,700 mark on Monday at press time.
Bitcoin Cash was not immune to the bleed and was down by around 20% from its Saturday price of $1,100 to trade at $936 at press time. News that BCH has become an official cryptocurrency in Thailand has not really had any effect on the price, but the slide was a general one. Ripple also lost a considerable amount and was down by about 15% from its $0.67 value on Saturday to around $0.57 on Monday at press time with no amount of partnership news stopping the slide.
Ethereum dropped from the $600 mark to settle at around $530 at press time—a fall of well over 10%. Litecoin began recovering after having dropped dangerously close to the $100 mark at one point but after sliding from $120 to $102, it was back up to $107 at press time on Monday.
The largest drop was experienced by EOS, which lost all its gains post main net and smashed down by almost 30% to trade at $11.30 at press time. Only two days ago, EOS was up to the $14.50 level but the Sunday crash appeared to have affected it worst of all.
Other currencies with smaller market caps continued to decline considerably in value. Stellar was down to the $0.25 level—a drop of 11%, whilst NEO crashed badly and was trading at $44 at press time, a full 20% from its Saturday price of $53. IOTA and Cardano also experienced steep drops, the former down to $1.39 from $1.70 just two days ago or a decline of 20%, whilst the latter lost a similar amount to trade at $0.17 at press time. Dash dropped by 15% to trade at $274, it is now down almost 400% from its all time high of $1500 achieved in December. Ethereum Classic also continued loosing value and was trading at around $12.70 at press time on Monday.
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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