Business

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.

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