Business 29 May 2018

Gerald Fenech

ETH drops by another 10% as crypto market endures decline

Although BTC remained relatively stable over the past 24 hours, all major cryptocurrencies continued to decline with Ethereum leading the way, dropping by another 10% overall. BTC fluctuated between the $7,300 and $7,100 level in a tight trading range, demonstrating its weakness to break out of the mould at this point.

Bitcoin Cash also suffered another drop, dipping below the $900 mark to trade in the $890s although there appears to be good support at the $850 level. There has been consistent good news on the adoption of the currency across several platforms so it can only be a matter of time before some sort of recovery starts. As already indicated, Ethereum continued falling sharply and even dropped below the psychologically significant $500 mark before regaining traction at around $520.

Ripple also dropped considerably, declining by about 5% overall and was trading at around $0.57 at press time with further falls expected. Litecoin was also in a sort of freefall and was trading at around $110 at press time with the psychological level of $100 not that far off. Again, although Litecoin has been in the news for positive reasons, this has not had any real effect on the price which remains mired in these levels. The currency has lost almost 40% in value over the past two weeks and has been declining steadily since mid-May.

Smaller currencies by market cap have also had a very bad time of things with EOS again the main loser, dropping by another 10% to trade at below the $11 mark before recovering slightly at one point although with main net approaching, further falls are expected. NEO also had a torrid time with the price dropping further to the mid $40s and there does not appear to be any support to speak of. NEO is now dangerously close to its all time yearly low.

Dash dipped below the $300 level and was trading at around $290 at press time, whilst Stellar Lumens settled at the $0.25 mark which was still around 20% down from its monthly high. Ethereum Classic continued losing in value and traded at the lower $14 levels, although there appeared to be some support at those prices. The only positive performer in the Top 10 was Cardano which rose by about 5% to the $0.19 level whilst TRON continued losing strength and was trading at around $0.06, a decline of well over 8%.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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