Crypto market daily report – September 12, 2018

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The cryptocurrency markets continued to lose momentum on Wednesday as most of the major currencies experienced a considerable downtrend with the drops being from 5 to 7% in most cases. BTC was the most stable in this sea of red with a very tight trading range. The largest cryptocurrency by market cap traded between $6,250 and $6,300 but appeared to be poised for a downward shift on very low turnover. Bitcoin Cash continued to lose ground, reaching yet another low time of just over the $430 level with the possibility of it going under the $400 level now appearing quite real.

Ethereum continued to tank with another worrying drop to below the $180 level with the currency trading at around $177 on Binance at press time. Ripple was also down by around 3% to the $0.25 level and is now back to its October 2017 levels just before it started its short-lived upward push. Litecoin was also down to the $50 level, and now at prices which it has not seen since early 2017.

EOS also continued dropping and was trading at around $4.90 at press time, whilst Cardano was perhaps the biggest loser in all of this market carnage with a drop of well over 10% to reach the $0.065 level—yet another all-time low. Neo was also down by well over 8% to the $17 level, whilst Stellar had an unexplained 10% boost on Tuesday evening before losing all the gains during Asian trading and once again sinking to the $0.19 mark.

Currencies with smaller market caps also saw considerable declines with IOTA down by 7% to the $0.54 level, whilst ICX and ONT fell even further with drops of 8 and 11% respectively. VET was down by a staggering 12% to the $0.0124 mark, whilst Ethereum Classic also sunk by 8% to the $10.40 mark and was now close to being in the single figures for the first time since August 2017.