Business

Gerald Fenech

Crypto market daily report – June 28, 2019

The cryptocurrency market experienced what can be considered one of the worst-ever crashes in recent years, as practically all the gains made in a month were wiped out in just a few hours.

SegWitCoin (BTC) was the chief mover with a humongous drop of around 25% over a 24-hour period, falling like a stone from the $13,900 mark on Wednesday to around $10,500 on Thursday. It recovered slightly on Friday at press time where it was trading at around $11,400, although this was still considerably down from its Wednesday high. Ethereum (ETH) also suffered a savage drop of around 20% from a high of around 360 to well below the $300 mark before recovering slightly to trade at around the $302 mark at press time.

Another considerable sufferer was Bitcoin SV (BSV), which dropped by no less than 20% to under the $200 level although it recovered slightly at press time to trade at just over the $202 level.

Litecoin (LTC) sank to below the $115 mark at one point—a 25% drop although it was trading at around $117 at press time on Friday. BCHABC suffered a calamitous drop to even below the $400 level on Thursday, or a 25% crash before recovering slightly to the $414 level on Friday.

Other currencies which suffered considerable drops included Ripple (XRP) which was down 18% to just over the $41 level, and EOS, which was perhaps the greatest loser amongst the Top 10 coins, as it was down by almost 30% to the $5.86 level after having even dropped as low as $5.40 at one point. ADA, XLM, NEO and IOTA also saw double digit drops, which ranged from between 10% and 20% as the selling frenzy continued across all currencies with around $58 billion wiped off the market cap of all cryptocurrencies.

Smaller market cap currencies also saw considerable declines with Ethereum Classic (ETC) down by 7% to the $7.80 level. VET, QTUM, ONT and ATOM also saw considerable declines although these were mostly in the high single digits, whilst ZEC was the only positive mover overall where it was up by around 3% to the $112.50 level.

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