Business

Gerald Fenech

Crypto market daily report – June 25, 2018

The crypto currency markets began a slight recovery on Monday morning after a disastrous weekend, when BTC dropped below the $6,000 mark for the second time this year and even reached the $5,700 level at one point. However, a rebound began late on Sunday with the price eventually settling around the $6,150 mark on weak turnover.

Bitcoin Cash was not immune to the precipitous drop and even traded as low as $730, but it recovered to the $760 level on Monday with a push towards the $800 level a distinct possibility. Ripple also declined considerably over the past 48 hours, dropping to as low as $0.44 at one point on Sunday before registering a slight recovery to the 0.48 level on Monday.

Ethereum was also considerably down to the $450 level, which is a 2018 low and appeared mired at this level with very little movement. Ethereum Classic showed a considerable increase to the $15 level over the past 24 hours after having dropped to the 13 levels on Sunday. Litecoin returned to sub $80 prices not seen since November and traded as low as $77 before regaining the $82 mark on Monday.

EOS had dropped alarmingly to three-month lows of just above $7 before regaining the $8 mark, although the slew of bad news regarding freezing of users accounts and bugs in the blockchain have taken their toll on investor confidence.

Currencies with smaller market caps also took a considerable beating, with Stellar and NEO testing 2018 lows down to $0.19 and $31 respectively. Dash continued descending down to the mid-230s, whilst Cardano and Iota were also down to the $0.12 and $0.98 levels before recovering to $0.13 and $1 respectively.

Other currencies such as Ontology and VEchain also saw a considerable decline on Sunday dropping by as much as 15% in both cases. However, there was a recovery on Monday with jumps of 23 and 7 percent respectively. Tron remained at the 0.04 mark after having dropped to the 0.035 level on Sunday.

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