Business 8 June 2018Gerald Fenech
Crypto market daily report – June 8, 2018
The cryptocurrency markets achieved some level of stability on Friday before the weekend, with most coins showing little or no movement although there was a slight downward trend in general. BTC was trading at around $7650 at press time, a minuscule drop of around 2% from its levels on Thursday and looked to stay in those levels unless some dramatic turnaround was achieved.
Bitcoin Cash also retreated slightly but was still healthy at the $1,100 mark showing remarkable strength at that level. Again, it only seems a matter of time before some sort of breakout is achieved by this currency as it continues to post strong performances in the agreements field. Analysts have commented that the consolidation of support at the $1,100 level could mean a breakout to the $1,800 level, which was tested last month. Ripple remained basically in the same price level as Thursday with little or no movement and was trading at around $0.67 at press time.
Ethereum maintained its price level at just over the $600 mark with little movement either way. Litecoin ceded slightly and was down by about 2% to trade at just over the $120 mark at press time. The coin has remained mired in these levels for some time with declining turnover also having an effect, although there appears to be support at that level.
EOS also remained quite stable over the past 24 hours with a boost towards the $14 level initially, but the past few hours saw it drop back to the $13.90 level, a slight drop of less than 1%. Other currencies with smaller market caps also showed similar movements. Cardano and Stellar were perhaps the only outliers from a negative point of view since both coins dropped by about 4% to settle at $0.29 and $0.21 at press time on Friday.
Ethereum Classic continued trading at the $15 level and even here there was very little movement, whilst Dash was also stable at $309 with very little trajectory on either side. The vast majority of these coins have been stuck at these levels for weeks now with a tight trading range and low turnover determining their price levels.
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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