Going into this afternoon, the markets are looking bleaker than a rainy November. Some currencies such as Stellar have thus far managed to stay afloat and gain at a steady pace however now, even Aprils success stories are being dragged under by a big red monster. Has the market peaked too soon, is this just a big correction period, another Mt. Gox coin dump or something even more sinister?
We can’t tell yet, as it stands, there’s even a chance that by the time you read this, things will be looking up again, in an ironic way, I kind of hope that’s the case.
What’s happening at the moment?
Well the markets are down, the steady declines of this morning, following from a similar trend yesterday seem to have taken a turn for the worse, with the major currencies on a nose dive back down towards the mid-April surge figures. It’s a real shame, the end of April has provided the markets with some real optimism and sadly, it looks as if we could now be seeing the end of this.
At the time of writing, Bitcoin is valued at $8,919.81 and is down 4.08%. Bitcoin has slipped well past the $9,000.00 mark and a 4% decline does suggest that things aren’t going to move upwards any time soon.
Similarly, Ethereum is valued at $649.94 and is down 5.49%, luckily Ethereum is still peaking around the $600.00 mark but indeed, if this slip continues, we can’t see this remaining for too long.
Ripple is hitting $0.81 and is down 4.18%, a stark contrast to Ripples recent form where we almost saw XRP touch $1.00, it does seem that XRP has faced a lot of resistance here and really needs a big push to easy it over the $1.00 threshold.
Further down, EOS, April’s super-star, is valued at $17.11 and is down 9.76%. Now let’s consider that just a few days ago, EOS hit an all time new high, lets hope that this good fortune doesn’t slip away so soon. Granted, an EOS sell off may have something to do with the significant decline it is facing at the moment.
Interestingly, despite the overall decline, Verge still remains positive, at the time of writing XVG is valued at $0.077 and is up 14.04%.
Overall, things do look to have taken a turn for the worst. Whilst we can only hope this decline is temporary, we should probably belt up, it looks like we are about to enter some choppy waters, with the optimism of April behind us, this really isn’t the best start to May.
Fingers crossed we see a change, soon.