Business

Gerald Fenech

Crypto market daily report – November 6, 2018

The cryptocurrency markets held on to Monday’s strong gains with the top performers, Bitcoin Cash (BCH) and Ripple (XRP) maintaining their momentum.

Bitcoin BCH remained around the $560 level after having gained an astonishing 20% over the past two days and was well supported with strong turnover. Ripple, meanwhile, also shot up by 17% to touch the $0.55 mark. This was probably due to the news on the XRapid system which continues to be accepted by several major banks.

BTC held on to the $6,500 mark after having dropped briefly below the $6,400 mark on Monday, although turnover remained weak with XRP actually leapfrogging it on Binance. ETH posted a steady increase of around 4% to the $215 level and appeared poised to continue consolidating at this level, although again turnover remained a worrying factor. ETH’s poor performance of late means that XRP has now overtaken as the second largest coin by market cap.

Other coins from the Top 10 registered significant increases. Stellar and Cardano were both up by about 6% to $0.26 and $0.08 respectively, whilst NEO registered a more modest 3% increase to the $17 mark. LTC regained the $55 level on the back of a 4% increase whilst ETC was up by around 3% to the $9.70 mark. EOS was also up by around 4% to the $5.70 level. BNB registered a relatively insignificant 1% increase to trade at the $9.82 level at press time.

Smaller market cap coins had a more modest performance with IOTA and ONT registering relatively minor 2% increases. VET had a similar 2% increase to the $0.010 level, whilst ICX was the only coin that registered a decrease although this was less than 1%. QTUM was up by 2%, whilst PAX remained static.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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