Daily crypto: Markets continue downward while bitcoin cash rises

Daily crypto: Markets continue downward while bitcoin cash rises.

Image source: Shutterstock / Trijo News / Wikimedia Commons

Tim Haldorsson

tim.haldorsson@trijo.co

The total market cap for all cryptocurrencies has lost $2 billion in the last 24 hours. The CEO of the crypto company Genesis Trading, Michael Moro, believes that bitcoin can drop another 30 percent, down to the $3,000 zone.

The crypto markets have fallen in value over the last 24 hours and most currencies have lost in value. At the time of writing, approximately 60 out of the 100 biggest cryptocurrencies show red numbers.

The total market cap for all cryptocurrencies has lost $2 billion in the last 24 hours – from $141 billion yesterday to $139 billion today.

Michael Moro, CEO of the crypto companies Genesis Trading and Genesis Capital Trading, says that it is possible with another 30 percent drop to $3,000 for bitcoin. However, he is positive for the future of bitcoin.

“This is about the fifth or sixth 75 percent-plus drawdowns that we’ve seen in the 10-year history of bitcoin. I don’t believe institutional investors really ultimately care where the price of bitcoin ends in 2018, simply because they’re looking at things three to five years out”, Michael Moro said in an interview with CNBC.

Bitcoin cash increases

When we look at the biggest cryptocurrencies, they show mixed numbers over the last 24 hours. Stellar (-2,39%), xrp (-2,15%), ethereum (-1,44%) and bitcoin (-0,10%) have lost in value over the last day, while bitcoin cash (+2,71%) has gained in value.

Bitcoin (-0,10%) is at the time of writing traded at around $4,345, a decline of about $40 from yesterday.

The cryptocurrencies on top 100 that performed the best during the last 24 hours were bitcoin diamond (+11,44%) and revain (+9,91%), and those who performed the worst were odem (-14,17%) and metaverse etp (-11,21%).

Asset: Price: % (24h)*
Bitcoin $4 345,55 -0,10%
Ethereum $0,40683 -2,15%
Xrp $123,26 -1,44%
Bitcoin cash $208,28 +2,71%
Eos $0,18063 -2,39%

*All numbers in this article are from Coinmarketcap.com.

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