Business 28 June 2018Gerald Fenech
Crypto market daily report – June 28, 2018
The cryptocurrency markets continued to trade sideways over the past 24 hours with most of the major coins showing very little movement either way. BTC was stuck at around the $6,100 level with slight momentum, although there appears to be good support at this level.
Max Kortrakul, CEO of cryptocurrency trading platform Carboneum, has high hopes that with BTC regaining the $6,000 level, “there is still optimism within the market.”
“Over the last few days the price of [BTC] has fluctuated hitting a low of $5,825 for 2018. Many would presume that the death of [BTC] is upon us due to its steady decline in value since the beginning of the year but in my opinion this is certainly not the case,” Kortrakul said. “Volatility and the cryptocurrency market go hand in hand and [BTC] price has always been exposed to external factors that have affected its market value such as large sell offs or security breaches.”
Meanwhile, Bitcoin Cash dropped slightly to around the $700 level and settled at around that level with very little movement. Ethereum also moved slightly to around the $435 level but as with other currencies the momentum was minimal. Low turnover seems to have been affecting the markets for some time now and this is having an effect on price movements in general.
Ripple was slightly up to the $0.46 level although even here, turnover was very low at just over the $13 million mark. Litecoin also remained below the $80 mark, whilst EOS had a good run on Wednesday afternoon when it superseded the $8 level on news that one of its co-founders proposed scrapping the constitution. However, the price fell back to around the $7.85 level on Thursday at press time.
Ethereum Classic was the only outlier once again in a slightly negative day when it increased by around 5% to top the $15.20 level, although it moved slightly back on Thursday morning at press time.
Currencies with smaller market cap did not show much movement either. Stellar regained the $0.19 level, whilst NEO remained stuck in the $29 levels, which is a considerable descent from its 2018 high of $190. Cardano moved slightly above the $0.12 level, whilst IOTA appeared rather stable at the $0.99 level. TRON declined slightly to the $0.038 level, whilst VEChaion advanced slightly forward by around 2% to the $2.60 level. QTUM was down by around 5% after giving up some of the excellent gains it made on Wednesday to trade at around the $8.50 mark at press time. Ontology was also minimally up by around 1% to the $5.26 mark, although again turnover was rather low here.
To decrease the external factors affecting the price of cryptocurrencies, particularly BTC, Kortrakul said exchanges and trading platforms need to focus on tightening their security measures. Carboneum, in particular, promises “a democratized infrastructure of social trading platform with a proprietary application.”
“This will put investors’ minds at ease by decreasing the risk of hacking and therefore, the trader will invest more in Bitcoin and cryptocurrencies as a whole,” Kortrakul said.
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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