Crypto prices take another turn lower

August 03, 2018
Chris Wheal

Cryptocurrency prices took another step lower on Friday, with some of the top 10 by market capitalisation falling for seven-consecutive trading sessions.

Cryptocurrencies fall, with some down over seven-consecutive sessions

Stellar’s lumen was among those that have fallen in every session since last Friday – remember, crypto exchanges trade 24 hours a day during seven days a week.

While the lumen has been among the most heavily-sold digital currencies in the latest downturn, it came from a position of relative strength, having rallied around 75% from its June trough to its July peak.

Profit taking

The lumen’s rally gathered pace in July thanks to a regular stream of positive announcements, particularly about Stellar’s partnerships with other companies and the growing use of its blockchain network in other companies’ IT systems.

A recent slowing in the pace of positive newsflow, along with the fall in price of other cryptocurrencies – including market leader bitcoin – has drawn investors to take profits in the lumen’s recent gains.

Meanwhile, bitcoin fell to its lowest in nearly two weeks as it extended its losing run to six-straight sessions.

Just over a week ago, it looked like bitcoin was poised to break through resistance at $8,500, and on Friday, it fell through the $7,400 support level.

Price round-up

Here’s a full round-up of the price moves of the top 10 cryptocurrencies at 11am on Friday:

  • Bitcoin -3.7% at $7,353
  • Ethereum -2.7% at $407.60
  • Ripple -0.4% at $0.44
  • Bitcoin cash – 5.9% at $712.43
  • Eos +0.4% at $7.06
  • Stellar lumens -11.5% at $0.25
  • Litecoin -2.7% at $75.34
  • Cardano -7.5% at $0.13
  • Iota +1.9% at $0.93
  • Tether flat at $1

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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