What Does The Current Market Bad Spell Mean For Cryptocurrencies?

The end of last week saw cryptocurrency markets take a hit. This was of course amplified by the fact the markets had experienced some really good movements for a number of weeks, nobody expected the markets to crash, so when they did, you could say it took us all by surprise. We do know the root cause of the crash, so that at least does give us some assurance that this crash wasn’t down to the inherent nature of cryptocurrencies and that it didn’t happen at random. Through a combination of another Mt. Gox coin dump, and speculation of some very high impact fraudulent activity coming from cryptocurrency exchange, UPbit, the markets dropped, and many investors lost faith, that’s the bottom line here. This morning, we can now report that this doom and gloom seems to be continuing, with the majority of currencies still backpedalling, erasing the values many currencies have made up over the past few weeks of positive trajectories. How are things looking now? At the time of writing, Bitcoin is valued at $8,416.37 and is down 1.73%, This decline is moving Bitcoin towards the $7,000.00 region. Though we don’t expect it to breach $8,000.00, any movements near to this should be approached with caution. If Bitcoin does drop past $8,000.00 then going forward, we may see some resistance at this point, this will slow any further progression down for sure. As $10,000.00 seemed so close just last week, this is very disappointing. Bitcoin Cash is valued at $1,387.73 and is down 5.11% at the time of writing. Overall Bitcoin Cash has managed to hold its own during this crash and thus, it hasn’t lost too much value. The current outlook however is far more depressing. With Bitcoin Cash pacing towards $1,000.00, we could see it drop to triple figures through the week, unless, somehow Bitcoin Cash manages to pick up pace again. At the time of writing, EOS and Litecoin are making negative tracks too, valued at $13.98 and $136.60, down 3.19% and 2.64% respectively, both currencies are still taking hits from the overall market drop. EOS most concerningly, given that it has very recently hit an all time high and did look to be climbing at a positive rate, hopefully soon enough the pair will pull up and a new climb can begin. Not all hope is lost however. Both Ethereum and Ripple are progressing well, suggesting that an overall recovery may be in sight, led by the pair. At the time of writing, Ethereum is valued at $705.93 and is up 1.69%. Ripple is valued at $0.723 and is up 3.69%. Of course, we need to see bigger gains take hold soon if either currency wishes to really recover from this weekends depression, overall though, any positive progression is good news right now. The outlook for the rest of today does look grim, however, as the week continues we expect all currencies to balance back out. Tracks towards recovery will be made and hopefully this is just a small blip. The big picture is still positive for cryptocurrencies, this time next week, things could look very different indeed.