Business 18 May 2018Gerald Fenech
Crypto market small gains reversed; BTC dips below $8,000
The cryptocurrency markets reversed the small gains made on Thursday and continued descending with all major coins showing declines over the past 24 hours. BTC continued dropping and was below the $8,000 mark at press time—a psychologically significant development that could see a precipitous drop across all digital currencies. The much-vaunted Consensus Conference appeared to be nothing less than a damp squib and was actually detrimental to the market with steep falls seen across the values of all currencies.
Bitcoin Cash also saw a rather precipitous decline, falling below the $1200 mark to trade at around $1,195 although there were signs that it could bounce back from this monthly low. The recently announced BCH fork is definitely leading the way with a quadrupling of block size that also indicates huge possibilities for this currency and this can only make its value grow long term. Bitcoin Cash is trading at $1,200 at press time.
Ethereum also ceded the $700 mark with a rather rapid descent, and was trading at around $670 at press time. Although there has been substantial good news this week for Ethereum with several partnerships being announced, this has not had any discernible push on the currency which continued to languish. ETH has dropped almost 15% over the past three weeks from a high of $830.
Ripple was also down to the mid $0.60s after having briefly flirted with the $0.70 mark on Thursday, although there were signs of strong support at that level. Again, there have been positive developments regarding this cryptocurrency with the announcement of upgrades and initiatives but this has failed to have any positive effect on the price. The same goes for Litecoin, which was also down perilously close to the $130 mark and there were signs that it could drop further on low turnover.
The smaller cryptocurrencies by market cap also saw their values decline considerably. Stellar is down to the $0.30 mark, practically erasing all the gains made over the past week, while Dash once again fell heavily below the $400 level to the $370 mark—a price not seen since mid-April. After dropping heavily over the past 24 hours and trading at $0.57, NEO was perhaps recovering slightly at press time to rise by a mere 1%. Ethereum Classic continued languishing and actually fell below the $17 mark, whilst EOS ceded all its gains to trade in the $12.50 region.
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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