Business 14 May 2018

Gerald Fenech

Crypto markets begin week on a downtrend after weekend resurgence

After a slight resurgence over the weekend when most cryptocurrencies advanced by considerable margins to pare off last week’s heavy losses, the cryptocurrency market is back on the slump on Monday. BTC, once again, tested the $8,300 mark after having gone up to around $8,700 on Sunday.

Bitcoin Cash also had a good weekend recovering to almost $1,500 on Sunday, but suffered a considerable decline dropping below the $1,400 mark before recovering slightly to retest that level again. BCH is still up from its lows of $600 in April and although it has fallen from the monthly high of around $1800, a concerted push is expected to happen during and after the Consensus Conference this week.

Ethereum was perhaps the currency that held its own best and although it reached that $730 level on Sunday, it dropped slightly below the psychologically significant $700 level on Monday morning. However, it was recovering at press time and had once again breached the $700 barrier to trade at around $705. Ethereum Classic suffered heavy losses yet again and was trading at $17 around press time, a considerable decline from its highs last week when it had even traded close to the $24 mark.

Litecoin also had a disappointing weekend and was down further on Monday when it traded at around $137, a drop of well over 8% over the past few days. It seems that none of the good news that is coming out regarding currency adoption in the mainstream payments sector is having any positive affect on the currency’s performance although that could change in the medium term. Ripple continued to disappoint over the weekend when it dropped to as low as $0.67 at one point, but then recovered to trade in the low $0.70’s on Monday and there is confident expectation regarding a post Consensus conference bounce.

Stellar Lumens performed quite well over the weekend, reversing almost all of its losses to rise by 20% over a 48-hour period. Dash performed quite badly, dropping below the $400 mark whilst EOS swung from positive to negative in a matter of a few hours when it rose by 8% but then was down by the same margin on Monday morning. NEO also swung with a positive move on Sunday only to lose that again on Monday when it traded at around $63.

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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