Business 18 June 2018Gerald Fenech
Crypto market daily report – June 18, 2018
The cryptocurrency markets remained in the negative over the weekend with all major virtual currencies showing slight downward movements, although there was an upward movement for Ethereum Classic, which traded at $15 at one point before it fell slightly to $14.50 at press time. BTC was down to $6,450 level from the $6,600 highs reached on Friday, but the trading range is very tight and it could mean a further downward spiral in the coming days.
Bitcoin Cash settled at around the $850 mark—a 2% decrease but with good support at that level. Although there is adoption of the currency across several platforms, the price remains mired in the mid $800 levels with very little momentum for a forward push. EOS was also down to the $10.30 mark after having reached close to the $11 level on Friday. This was probably due to the main net stalling a few times but eventually the process did get over the mark although the price was still slightly stuck.
Ethereum was also quite static over the weekend with a level of around $500, keeping its increases from last Friday. There appears to be good support at this level and there have also been some media comments that the slide for this currency has stopped and an increase could be on the way. Ripple also saw a slight slide in its price and was trading at around $0.52 at press time on Monday, with the currency almost unable to stem the downward spiral towards the psychologically significant $0.50 mark. Litecoin also continued to decline to the low $90s with the $100 mark now quite far away.
Currencies with smaller market caps also saw a considerable decrease in their values as many of them struggled to shrug off the general decline. Stellar was down to the $0.23 mark with further falls expected, whilst NEO continued losing ground and was trading at $0.37—an all-time low for 2018. Cardano and IOTA were also slightly down at $0.16 and $1.16 respectively, whilst Dash continued losing ground trading at around $254, again an all time low for this year.
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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