Business 5 June 2018

Gerald 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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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