Business 22 May 2018

Gerald Fenech

Cryptocurrency markets resume decline

The cryptocurrency markets failed to hold on to the small gains that were established over late Sunday and early Monday and fell further over Tuesday morning with all main coins registering substantial decreases. Leading the pack was BTC, which, after reaching the $8,500 mark, dropped suddenly to $8,200 and lay mired at those levels with strong support.

Bitcoin Cash took a substantial hit after having traded close to the $1,300 mark for most of Monday but went down when Asian markets opened, falling below the psychological level of $1,200 briefly, although there was strong support at that level, too. It has been generally acknowledged that the Consensus conference was quite a disappointment and did absolutely nothing to boost the major coins in their performance.

Ethereum was perhaps the currency that suffered the least losses, although movements in this currency are always rather less pronounced. ETH was trading at around $695 at press time, a slight 2% drop although it had been trading at almost $720 on Monday. Its sister currency, Ethereum Classic, saw further steep drops however and was trading at just over the $17 mark—very close to its recent lows.

Ripple also had a disappointing performance, continuing to drop well below the $0.70 mark to trade at around $0.66 at press time. Ripple is down around 25% from its monthly high of just over $0.90 and a recovery certainly seems quite far away. Litecoin also suffered a slight drop, although this was not as pronounced as other coins, and it held the $132 support level quite comfortably.

Smaller currencies by market cap also had a torrid time of things. Dash was down to the $378 level, while NEO suffered a reversal of fortunes after having climbed considerably on Monday. The coin was trading at just above the $60 mark, although there seemed to be substantial support at that level. Stellar registered a minor decline and was trading at around $0.31 at press time, while EOS continued losing ground and dipped below the $13 mark to trade at around $12.90 at press time. Other smaller currencies such as Ontology and TRON bucked the trend somewhat, with the latter holding on to its gains albeit ceding slightly to trade at $0.08 at press time. The market remains torrid for altcoins as only a few were showing modest gains while most were registering substantial losses.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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