Business 12 June 2018

Gerald Fenech

Crypto market daily report – June 12, 2018

After a torrid 48 hours where the cryptocurrency markets lost around $50 billion in total market cap value, Tuesday morning saw a slight uptick in the prices of several coins. BTC was up to around $6822 at press time having descended to the low $6600 mark on Monday—a good 5% recovery. However, turnover appeared to be on the low side with still a lot of factors affecting the general decline in price overall.

Bitcoin Cash was on the road to the recovery to the $1,000 level, trading at $940 at press time on Tuesday. The currency had experienced a considerable decline from the $1,100 mark it had been trading at only a couple of days ago but now experiencing an uptick to the $950 level after which it’s expected to increase exponentially.

After dropping quite close to the psychologically significant $500 level, Ethereum saw recovery and was trading at the $530 level at press time on Tuesday. As a number of ICOs come on stream this month, it should only be a matter of time before the price of the coin recovered. Ethereum Classic stemmed the tide somewhat and was actually up by a considerable 8% in contrast to the other cryptocurrencies which were still showing significant losses, trading at $15.50.

Ripple also saw some recovery from the $0.55 mark it had reached on Monday and was up by around 4% to the $0.58 level. Litecoin also began a slight recovery and was trading at around $107 on Tuesday morning—up from the $104 it had descended to on Monday. EOS was also up by about 5% over Monday’s level of $10.50 and was trading at well over $11.30 at press time on Tuesday.

Currencies with smaller market cap had mixed fortunes, with Stellar still mired in the $0.24 level, a drop of around 15% over the past 48 hours. IOTA and Cardano were stable at the $1.40 and the $0.17 level respectively, whilst NEO posted a slight recovery and was up by around 2% to the $44 mark at press time. Dash remained mired in the $269-275 level with no real momentum to move forward, although that could change if there was an uptick in the markets.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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