Business

Gerald Fenech

Crypto market daily report – June 7, 2019

The cryptocurrency markets experienced a slight recovery on Thursday evening and Friday morning, after a fairly negative 48-hour period. SegWitCoin (BTC) climbed up to the $7900 mark after having dropped to the $7500 level on Thursday.

The general consensus is that this is a dead cat bounce, and a further drop is expected over the next few hours if turnover levels are not sustained. Bitcoin SV (BSV) continued outperforming expectations, settling at around the $197 level after having ceded its earlier gains, when it reached a high of $229 at one point during the week.

Other cryptocurrencies with larger market caps also began a slight recovery with Ethereum up by around 1% to the $248 mark having dropped to as low as $237 on Thursday. The real star performer was Litecoin, which was up by no less than 8% to the $113 level on Friday morning at press time. Ripple was also on the recovery trail and traded at around the $0.425 level or a 5% increase. EOS performed a relatively minor recovery and was up by around 1% to the $6.40 mark after having dropped dangerously close to the $6 level on Thursday.

NEO and Stellar were relatively static at the $11.40 and $0.125 mark respectively, whilst IOTA regained some of its previous losses and was trading at the $0.425 level at press time. Cardano also regained some of its previous losses with an increase of around 2% to the $0.083 level.

Digital currencies with smaller market caps also experienced a slight revival with ZIL and LINK continuing their positive trend, the former with a 12% increase whilst the latter was up by 5% to the $1.18 mark.

BCHABC remained relatively stable at just under the $400 mark, after having lost considerably over the past 48 hours when it was down to the low $370’s. ONE gave up some of its recent gains and was down by around 4% to the $0.028 level whilst TRON also lost slightly on the back of a 2% decrease to the $0.0336 level. Binance Coin was down by around 1% to the $31.40 level after having even dipped below the $30 mark on Thursday.

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