This morning, the cryptocurrency markets are looking a little healthier than yesterday. Unfortunately, not quite as healthy as we saw over the weekend, but healthier nonetheless.
This is what we see at the time of writing…
*data from coinmarketcap.com
So, EOS, Litecoin, Cardano and Stellar seem to be the stars of the show thus far today, with NEO, IOTA and Ripple following up behind. Bitcoin, Ethereum and Bitcoin Cash however, just scraping by with minimal gains.
We did see some moderate drops take place yesterday, Bitcoin breached the less than $8,000 mark, Ethereum nearly slipped below $500 and Ripple dropped to $0.64 briefly, yet if we compare these figures to this time a week ago, these figures are promising indeed.
On the 10th of April, we saw Ripple stand at $0.48, Ethereum at $395 and Bitcoin down to $6,689, therefore, we can argue that despite the surge and subsequent correction (which we saw with the declines yesterday it seems) the major currencies have still made incredible progress, when you compare the current standings to those seen last week.
What’s going to happen over the rest of this week?
If indeed the correction period has passed then we should see some balance within the markets, it would be nice to see the current values maintained over a few days which should allow for the post US Tax Day hype to pass, as well as the looming announcements from Ripple and notably, announcements from Verge which will have an impact on some values.
Experts are seeing another bull run on the horizon, during last weeks surge, many called it just the start of something far bigger, stating that the next few weeks would see more of this sort of behaviour happening.
If this is the case, then we expect the gains made from last week compared to this week to appear as bit miniscule movements in the grand scheme of things.
What does this tell us about yesterdays market correction, is it finally over?
There is a chance that this afternoon we might see some values drop again, as we did yesterday but even if this is the case, the new thresholds met by the big currencies will never be far away. Bitcoin for example has every chance of slipping back down into the $7,000’s but even if it does, unless there’s a huge fall, Bitcoin will maintain the potential to rise back above $8,000 with ease. This is a skillset reflected within the majority of the market now, due to the pace made during the surge last week.
Things are starting to look quite good, a nice even playing field is being marked out ready for the apparent incoming bull runs. We’re not saying this will happen, but it could. Likewise, we could see a balance met over a few weeks, meaning the prices we see now could be here for a while. Alternatively, we could see a big drop with the ghosts of last week on the tails of the market.
That’s the fun in cryptocurrency though, right?