Business 6 June 2018

Gerald Fenech

Crypto market daily report – June 6, 2018

The cryptocurrency markets appeared to show some resilience in the past 24 hours with almost all the top currencies showing considerable increases or else holding on to the gains established over the past days. BTC broke through the $7,600 barrier, an increase of 2.4% to trade at around $7,630 at press time.

Bitcoin Cash continued consolidating its previous gains and was up by 6% over the past 24 hours, trading at $1,164 at press time. BCH has been quite consistent in its recovery period and is almost always the coin which bounces back with the most vigour after suffering losses.

Ethereum ebbed back over the $600 mark having traded at around $580 throughout Tuesday—an increase of around 4%. This coin seems to be quite stable between the $570-630 levels, although a breakout could be possible if market sentiment continues to improve.

Of the other coins with larger market caps, Ripple remained quite stable at the $0.67 level. The coin’s CEO, Brad Garlinghouse, was again in the news on Tuesday declaring that there would be many more banks that would be using Ripple’s services in 2019. There seems to be good support at this level and a push towards the $0.70 level would not be unheard of. Litecoin made a recovery from the $117 level and was trading at around $121 at press time on Wednesday—a 3% increase.

EOS continued recovering after its post main net rise and fall and gained a further 7% on Wednesday morning to trade at around $14 at press time. The currency is now up by around 20% from its main net figure of around $11.50 and looks poised to make further gains in the coming days.

Currencies with smaller market caps also showed increases of a varying degree. Stellar Lumens was up by around 3% over a 24-hour period and was trading at around $0.29 at press time, whilst NEO achieved a similar increase of 3% to trade at the $54 level. Cardano and IOTA appear to be out of their recent slump with both currencies posting a 5 and 3% increase respectively over a 24 hour period. Ethereum Classic remained basically stuck at the $15 mark, with Dash similarly static at the $315 level.

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.

COMMENT

latest news

Blockchain, Brexit, and Ireland: What will happen?

Business 7 hours ago

Blockchain, Brexit, and Ireland: What will happen?

The economic uncertainty has led many to believe that cryptocurrency might be able to play a role, since traditional currencies might not be able to stabilize through the crisis.

Read More
Cryptopia outlines eventual return as exchange resumes trading

Business 7 hours ago

Cryptopia outlines eventual return as exchange resumes trading

Co-founder Rob Dawson categorically denies that an exit scam took place, and points out that Cryptopia actually plans on reopening. For now, the crypto exchange has resumed trading on 40 various crypto trading pairs.

Read More
Galaxy Digital invests $5.25 million in Bison Trails

Business 8 hours ago

Galaxy Digital invests $5.25 million in Bison Trails

After investing his clients money at the worst possible time, Stefanos Papanastasiou is being sued for losing most of the money.

Read More