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.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark 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.