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