Business 5 November 2018Gerald Fenech
Crypto market daily report – November 5, 2018
After a long hiatus where most of the major coins were sleepily lying in wait at record low levels, it seems that the bull has finally awakened and there is no better proof of this than Bitcoin Cash. The popular cryptocurrency roared ahead by no less than 25% over the weekend to settle at around the $560 mark on Binance at press time on Monday. This seems to be in anticipation of the protocol upgrade that should go ahead by November 15 with major cryptocurrency exchange Binance already declaring its support.
BTC increased by around 4% to settle at around $6,450 after it had been trading in the $6200-$6300 range for most of the past week. Ripple was also slightly up to the $0.47 point on some exchanges, although it seems to have settled at relatively that level for the past few weeks. EOS was also slightly up by around 1% to the $5.50 although some recent bad press could have a negative effect on the price in the short term.
Litecoin remained staid in the $53-54 position, whilst Dash saw a considerable increase of around 10% to the $165 level on the back of news that it was going to be involved with the Venezuelan government as a solution for the country’s terrifying recession. Ethereum slid back down to just over the $200 mark after having risen by 4% to around $215 on Sunday. Stellar remained relatively stable at the $0.24 level, whilst NEO posted a slight increase of around 5% on Sunday to just over the $17 mark before losing half of that on Monday to settle at around the $16.50 level.
Other coins with smaller market caps had mixed performances with most remaining static. MIOTA was down by around 2% to the $0.50 level, whilst BNB saw a small 1% decline to the $9.74 level on eToro, which recently listed the coin. ZCash was also down by around 2% to the $118 level, whilst Ethereum Classic posted a similar decline to the $9.30 level. Cardano gained 5% on Sunday but lost 2% on Monday to trade at the $0.077 level at press time.
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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