Business 12 November 2018Gerald Fenech
Crypto market daily report – November 12, 2018
The cryptocurrency markets continued to look rather subdued on Monday morning with most of the major currencies experiencing a downward trend. However, coins such as Stellar, Cardano and ZCash were in positive territory, undoubtedly due to the fact that they would soon be listed on Coinbase.
BTC recovered from its recent slump to trade at around the $6,450 level at press time on Monday, whilst Bitcoin Cash traded at around the $510 level on Monday at press time. This represents a 20% decline over the price last week, although things could change very soon after the protocol upgrade on November 15.
Ethereum also lost some ground from last week, although the changes were minimal as the second largest cryptocurrency by market cap traded at around $212 at press time on Monday. Ripple regained the $0.50 mark with a slight uptick over Sunday, after it had dropped to the $0.47 level over the weekend on considerably low turnover. Litecoin was also down to around $50, a 5% drop from last week, whilst EOS continued losing ground to the $5.40 level although it appeared to be stemming its losses to around that level.
Currencies with smaller market caps also saw some decreases although as already stated above, there were some exceptions. Stellar was up 6% to the $0.28 level, whilst Cardano went up to the $0.077 level before dropping back to the $0.075 mark on low turnover. Other currencies lost ground including NEO which was down to the $15.90 mark—a decrease of 1%—whilst Tron experienced a 3% drop to the $0.022 mark. Ethereum Classic was also down to the $9.25 level, whilst IOTA was up by 2% to the $0.50 mark. ZCash was up to the $122 level whilst BNB traded down by a similar amount to the $9.47 mark.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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