Crypto market daily report – May 8, 2019

After a relatively positive Tuesday, the cryptocurrency markets lost ground on Wednesday morning with Bitcoin Core (BTC) seemingly rejected at the $6,000 mark. In fact, the coin was down by around half a percentage point and was trading at the $5,920 mark at press time, although turnover appeared to be quite high. Ethereum (ETH) retreated considerably from its spike on Tuesday and was trading at around the $171 mark on Wednesday—down from the $180 mark which it reached on Tuesday. Bitcoin SV (BSV) also lost ground albeit at a rather marginal 1% decline to just below the $53 mark.

All major coins also saw considerable retreats with BCHABC down by around 3% to the $287 level after having flirted with the $300 mark on Tuesday, whilst Litecoin (LTC) was also down by a similar margin to the $74.50 level. Ripple (XRP) continued its flat performance with a 1% decline to the $0.30 level, whilst Cardano (ADA) experienced a considerable drop of around 4% to trade at the $0.065 mark at press time. NEO once again fell below the $9 mark to the $8.93 level or a drop of 4%, whilst Stellar Lumens (XLM) was down by 5% to the $0.093 level. IOTA was down by 2% to the $0.273 mark. EOS was perhaps the best performing among the larger market cap coins as it was only down by 1% to the $4.92 level.

Currencies with smaller market caps also experienced a decline with NANO losing all the gains of the past 24 hours on the back of a 7.5% drop. Ethereum Classic (ETC) was down by 2.5% to the $5.70 mark, whilst BAT lost a similar amount to trade at the $0.33 mark. ATOM continued declining rather spectacularly after all the previous hype surrounding it and was down by almost 10% to the $4.48 mark. WAVES, FET and ONT were down from between 8% and 2%, whilst DASH and MATIC were down by 4% and 10% respectively.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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