Cryptocurrency Prices Fail To Sustain Rebound

May 17, 2018 at 23:00

Cryptocurrencies on Thursday failed to sustain an uptrend earlier in the day on thin trading volume.

prices moved sideways in erratic trading on Thursday with most gains registered by smaller tokens.

Total market capitalization stayed above $380 million for most of the day but trading volume was thinner at $19.38 billion, compared to yesterday’s $20-22 billion range.

Bitcoin, the largest token in terms of market capitalization, seesawed for most of the day as it tried to keep marginal gains in the morning until afternoon but eventually succumbed to profit taking. Based on data from CoinMarketCap, BTC fell 0.5 percent to $8,306.49 as of this writing.

The other top four tokens—Ethereum, Ripple and Bitcoin Cash—also struggled to keep afloat, posting less than one percent increases before falling into the negative territory.

Out of the top 10 tokens, today’s big winners are TRON and EOS, whose prices went up 4.61 percent and 4.5 percent, respectively, as of this writing.

Supporting TRON are its major events from May 25 to June 27. TRON is getting ready for its MainNet launch, the launch of TRON Virtual Machine 1.0 (TronVM) on May 25, and its super representative elections.

Meanwhile, analysts said EOS seems to be rebounding from a sharp fall in the past two days.