Business 29 June 2018Gerald Fenech
Crypto market daily report – June 29, 2018
The slow but constant decline in the cryptocurrency markets continued on Thursday evening and Friday morning as BTC dipped below the $6,000 mark for the second time in a week. In fact, at press time, the largest crypto currency by market cap was trading at around the $5,900 mark with further falls expected as turnover and selling pressure continued to weaken.
Bitcoin Cash (BCH) also continued its decline to well below the $650 mark, close to its 2018 low. BCH has plummeted from its 2018 high of $1,900 in April, although the fundamentals remain good with adoption all over the crypto space.
Ethereum also continued careening downwards and is now trading perilously close to the $400 level, with the price reaching $414 at press time. ETH is also down considerably by about 100% from its two-monthly high of $800 registered in April. Ripple was also down by around 4% to the $0.44 level with the market cap now just over the $17 billion level—a considerable decline from the highs of January.
EOS continued declining with no end to the drop in sight, and the price reached the $7.20 level on Friday morning. The proposal to ditch the constitution has not really had any positive effect on the market as the news was brushed off quite quickly. Litecoin was also down by around 5% and settled at the $0.75 mark—this is almost the level it was way back in October 2017 just before the crypto bull-run had begun.
Currencies by smaller market cap also suffered a considerable downturn, with Stellar down below the $0.18 mark and trading at $0.178 at press time on Friday. Cardano also fell heavily by around 6% to dip below the $0.12 mark, whilst NEO fell by a similar amount to trade at $27 at press time. Dash was down by 2% to $220 whilst other Top 10 currencies such as TRON and Monero also saw precipitous declines of between 6% and 9%.
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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