Business

Gerald Fenech

Crypto market daily report – May 17, 2019

The cryptocurrency markets experienced a considerable correction on Thursday night and following on to Friday morning as almost all currencies suffered double digit drops.

Leading the pack was Bitcoin Core (BTC) with a drop of around 10% to trade at the $7,250 level at press time, whilst Ethereum (ETH) was also down by a similar percentage to the $241 level after having even gone over the $270 mark in early trading on Thursday. Bitcoin SV (BSV) was also down by a considerable 18% to the $58 mark, practically erasing all the gains of the past 48 hours.

Other currencies also suffered considerable drops including BCHABC, which was down by a considerable 14% to the $362 level after having traded at well over the $400 mark on Thursday. Ripple (XRP) suffered a 15% drop to the $0.38 mark, whilst Litecoin (LTC) continued dropping to just over the $87 level on the back of a 14% decline. EOS was also down by around 12% to the $5.90 level, but it was Cardano (ADA) that suffered perhaps the biggest drop in the Top 10 with a decline of around 18% to the $0.078 level.

Stellar (XLM) dropped 19% to the $0.12 level, whilst NEO suffered a 10% drop to the $10.76 level as selling pressure hit the markets. IOTA was down by 15% to the $0.37 mark.

Cryptocurrencies with smaller market caps also experienced considerable declines with Ethereum Classic (ETC) falling by 12% to just over the $7 mark, whilst BTT and TRON experienced drops of 14 and 18% respectively. Other coin drops were not so brutal with ATOM falling by around 5% to the $4.24 level. BAT, ICX, IOST, and ZIL, however, were less fortunate and experienced drops of between 13% and 19% respectively. Binance Coin (BNB) was also down considerably to the $24.20 level or a decline of 11%. ONT dropped by around 18% to the $1.31 level, whilst VET was also down by around 12%. The only outlier in this sea of red was LINK, which was strangely up by around 2% to the $0.86 level.

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