Business 10 April 2018Gerald Fenech
Markets face short-lived revival as crypto prices drop again
The so called revival in April has certainly not taken off yet.
After a relatively positive Monday morning where all major cryptocurrencies were on the rise including SegWit-Coin BTC, the rest of the day was negative with steep losses covering a wide swath of cryptocurrencies.
The chief drop was experienced by SegWit-Coin BTC (also known as Bitcoin Legacy or Core) itself, which was down by around 5% to $6,600 having traded at $7100 only a few hours earlier. In fact, the drop by about $500 in price was experienced over a few minutes as a large sale order was dumped across exchanges, having a detrimental effect on the price of other cryptocurrencies, too.
Ethereum, which was charging forward and was trading close to $430 suffered a steep 8% drop to around $380 also in a matter of minutes before recovering slightly to close to the $400 mark again. However, one has to note that Ethereum is almost 200% down from its all-time high of $1,400 achieved in January, and is showing absolutely no signs of getting anywhere near that price anytime soon. The same went for Ethereum’s sister currency Ethereum Classic, which seemed to have recovered to over $14 but fell back to well below the $13 mark testing new lows for 2018.
Bitcoin Cash (BCH) had also been plotting a revival and was already close to the $700 mark having traded at $680 for a few hours. However, the crash in SegWit-Coin BTC also affected BCH severely and it was down to around $630 in a matter of minutes, although there appears to be some support at that level. The same could be said for other larger cryptocurrencies by market cap such as Ripple, which had easily cleared the psychologically significant $0.50 mark but dropped back to $0.47 just after the crash. Litecoin, which had been flirting with the $120 mark also fell back to around $113, whilst Dash had another bad time falling back to below the $300 level. These currencies are all trading at their November prices when prices were relatively low at the time.
After having an impressive run where it rose by around 13%, NEO lost practically all of its gains and was struggling to keep the $50 mark at press time. Stellar Lumens was also disappointing since it once again fell below the $0.20 level and was also expected to drop further on low sale volumes.
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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