Business 6 June 2018Gerald 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.
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