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.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
