Gerald Fenech

Crypto market daily report – May 31, 2019

The cryptocurrency market experienced one of its steepest drops over the past 24 hours, with all coins descending by double-digit figures after having reached considerable highs on Thursday afternoon. In fact, Bitcoin Core (BTC) had been over the $9,000 mark when a sudden rejection sent the price careening down to the $8,100 level over a few hours with almost all major coins following suit. At press time on Friday, BTC had recovered slightly and was trading at just under the $8,300 mark.

After the recent days meteoric rise, Bitcoin SV (BSV) also gave up some of these gains and was down by 12% to the $185 level, although it’s still substantially up over the week. Ethereum (ETH) was down by 10% to the $255 level, whilst Litecoin (LTC) also gave up most of its recent gains and was down by 9% to the $107 mark.

Ripple (XRP) plunged by around 10% to the $0.42 level, whilst EOS was down by around 8% to the $7.40 mark. BCHABC also suffered a considerable drop and was down by 10% to the $422 level after having traded as high as $485 on Thursday.

Other larger market cap coins which saw considerable drops included NEO which was down by 10% to the $12.55 level, Cardano (ADA) which slid by 11% to the $0.083 mark, and Stellar Lumens which also dropped by around 10% to the $0.127 mark. IOTA also dropped fiercely with an 11% decline and traded at the $0.46 mark on Friday after having reached a high of $0.55 on Thursday.

Smaller market cap coins also showed considerable declines with Ethereum Classic (ETC) down by 7% to the $8.05 level, whilst VET, ICX and LINK also demonstrated steep drops of between 6 and 15%. ZEC lost all of its previous gains and was down by 3% to the $84 level, whilst BAT and IOST experienced similar heavy drops of 9% each.

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.