Business

Gerald Fenech

Crypto market daily report – November 16, 2018

The cryptocurrency markets continued on their inexorable freefall over the past 24 hours with almost all major currencies showing a considerable decline across the board. BTC settled at around $5,600, a new yearly low with turnover almost tripling to $265 million on Binance. Ethereum was also down considerably and after dipping to the $170 mark, rose slightly to the $180 level. The second largest cryptocurrency by market cap has been rapidly losing volume and price and is now more than 90% off its all time high.

Ripple was also down to the $0.45 level but eventually recovered slightly to the $0.47 mark, whilst Bitcoin Cash has now forked with the price of BCHSV at $123 or a 38% jump and the price of BCH ABC at $300 – remaining relatively unchanged after the fork. It still remains to be seen what is going to happen to these prices in the immediate future. It seems that customers are also being short-changed on the Bitcoin.com wallet with the levels of the price fluctuating wildly but mostly down to well below the current total price of both forks.

Litecoin was down by around 1% to the $43.41 level, whilst NEO was also down to the 12.80 level—a decrease of 2.85%. Stellar was the only currency which was in positive territory where it rose by 2% to the $0.24 level. Ethereum Classic was also down by a similar 2% to the $7.60 level, whilst TRX remained relatively stable at the $0.019 level. Other smaller market caps retreated slightly with ADA dropping by 2% to the $0.0674 mark and IOTA down to the $0.41 mark. Binance Coin also suffered a considerable decrease to the $0.41 mark or around 4%, whilst ICX and NULS were down by 3 and 5% respectively. ONT also suffered a 3% decline to the $1.39 level, whilst VET was down to the 0.0078 mark or a 3% decline.

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