Business 27 June 2018Gerald Fenech
Crypto market daily report – June 27, 2018
The cryptocurrency markets continued to experience negative sentiment over the past 24 hours, with all of the top 10 coins registering a decrease. BTC was down to around $6,100 at press time and looked ready to test the $6,000 level and below that yet again—a decrease of 3% overall. Ethereum also registered a 5% decrease, sliding to the $435 level on low turnover and looks like being about to drop further to the $400 level if negative sentiment persists.
Bitcoin Cash continued its slide to below the $700 level and was just behind EOS for the highest drop overall of around 7%. The cryptocurrency is now down by over 60% from its April 2018 highs of $1,900 and is basically back at the levels that it was at when it reached its 2018 lows. Ripple was also slightly down although the decline was not so pronounced here with a drop of around 4% to $0.46.
EOS continued declining by substantial levels and was down to $7.40 at press time on Wednesday—a clear indication that further lows could be tested very soon. Litecoin also suffered a 6% decline and was trading at around $77, a level not seen since November 2017 more than six months ago.
Currencies with smaller market caps also saw declines overall. Stellar tested its 2018 low of $0.19 and even dropped below that level at one point, whilst NEO continued sliding and went below the psychologically significant $30 level to trade at $29 around press time. Cardano was also not immune to the slide and continued dropping to test new 2018 lows when it fell below the $0.13 level to the high $0.12s. IOTA slid below the $1 level and was trading at around $0.98 at press time.
Although it launched its main net with a lot of fanfare, TRON still continued falling to below the $0.04 level and was trading at $0.037 at press time, another 5% drop over the day. Ethereum Classic reversed almost all the gains it made in the past days with another 6% drop. The only outlier was Monero which increased by a paltry 1%.
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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