Business 5 June 2018Gerald Fenech
Crypto market daily report – June 5, 2018
After a somewhat positive Monday, the cryptocurrency markets again experienced a decline with all major currencies losing in value. Legacy Bitcoin dropped slightly below the $7500 mark and it dragged down down other coins too with the result that the total market cap of the coins dropped by another $10-15 billion.
This situation has been consistent over the past month with a longish bear market and Bitcoin consistently stuck in the mid to low $7000 levels.
Bitcoin Cash experienced as traders took profits after the prise rose quite considerably over the past few days where it had traded at almost $1150. At press time, BCH was at around $1065 and holding well at that level.
Ethereum dipped to drop below $600 mark and trade at around $585 at press time. Consistent positive news has surrounded both currencies of late and it is only a matter of time before their adoption will continue to improve their prospects.
Ripple is holding quite well at the $0.67 and there was talk of a move towards the $0.70 mark however selling pressure put the price back to the $0.64 level.
Litecoin was also disappointing and fell below the $120 level to trade at $117 at press time. Again, although both currencies appear to be signing new agreements and contracts almost every day, this has not had a positive effect on the price, at least in the short term.
As the main net is now past, EOS continued to drop from the levels it reached post June 2 and was trading at around $13 at press time, a full 20% down from its intra month high of $15.50. Other currencies from the smaller market cap scene also suffered slightly although the drops were not too marked. Stellar was the biggest loser as it was down 6% whist NEO also lost ground by about 4% to trade at $53 at press time. Dash remained more or less in the same levels with a 2% decline whilst Ethereum Classic dipped below the $15 mark to trade at the $14.80 level at press time whilst Cardano and IOTA continued shedding the gains made over the past week to drop to $0.20 and $1.69 respectively
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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