Its been a while since we’ve had a good old cryptocurrency markets analysis on this site but we are planning to be more regular with that. To start off with the basics, we’ve seen what can be termed as a downtrend in the past two days where bitcoin careened from almost $6,800 to the $6,300 mark. Other top cryptocurrencies followed suit with ether also down to the $430 level, but at time of writing this piece, it had recovered to the $450 level on Binance. However, there does seem to be a slight rebound on the way with currencies such as LTC and ETC swimming against the tide.
Litecoin was a bright spark in the midst of this drop with a consistent recovery of around 5% to trade at around $80 on Wednesday afternoon. This was quite a good increase overall since the currency had dropped by around 6% on Tuesday and was well below the $80 level. Bitcoin Cash also seemed to be attempting to regain the $700 level after having dropped to the $680 mark on Tuesday afternoon. Ethereum Classic ceded some of the gains which it made over the past days, but after having dipped to the low $16’s, it was again up to around $16.70 at press time on Wednesday.
EOS dropped by a further 9% on Wednesday morning to trade at around $6.80. However, there was a good spike in early afternoon trading, and the currency once again reached the $7 mark with the price hovering at around $7.20 in the afternoon. NEO also continued dropping like a stone and was down a further 6% on Wednesday morning to trade at the $32 mark but had recovered to around $34 in the afternoon.
Other currencies with smaller market caps also experienced some drops. Cardano slipped to below the $0.13 level to trade at $0.126 while Dash continued dropping to below the $220 mark and was trading at $215 at press time. Stellar also dropped to the $0.18 levels while IOTA slipped to below the $0.95 level – a 6 % decline. Ontology and QTUM also recorded steep losses of between 5 and 7% respectively. Still, the cryptocurrency markets do appear to be rather resilient to drops, at least according to a recent analysis.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.