Some currencies are fairing far worse than others during the recent bear market. Values are being dragged down, with them, inspiration is being zapped out of the markets too. Things are starting to retreat to the figures witnessed in March, during an era which has been coined the March depression. With March however, we had seen two months of consistently high values and figures prior to this fall, therefore, a huge decline was expected. The current market however has not witnessed any ground-breaking movements prior to this point, other than a quick rise in April. With this in mind, we should see the current trend as disappointing at best.
As the trend continues, it is important to review the status of all major currencies and not just the top few. With Bitcoin, Ethereum and Ripple all on a nose dive, we do expect the majority of altcoins to follow suit. Indeed, this is the case, even with this in mind though, in the pursuit for transparency, we believe it is important to report on these currencies too. Mapping out the trajectory of the lower ends of the markets can provide us with insight regarding what may happen further up.
At the time of writing, NEM is valued at $0.23, down 4.61%. Previously, NEM has ridden waves of well over $1.00, therefore the current trajectory of NEM can be seen as a slight concern. Even during the April bull run, NEM failed to make significant progress. As it stands then, the current value of NEM isn’t so concerning. With it still close enough to $0.50, we can see NEM make a quick recovery soon enough. Any movements below $0.10 should start to ring alarm bells however, therefore NEM is one to watch over the next few weeks.
At the time of writing, Bytecoin is valued at $0.005, down 5.51%. Bytecoin has had a rocky month, with a recent Binance listing skyrocketing the currency and then causing it to go offline. The increased trading volume in the wake of the Binance listing within Bytecoin exposed a bug in Bytecoin’s software. This saw Bytecoin cease to exist temporarily. The current trajectory of Bytecoin is negative, yet this is expected given the state of the market and of course, given its recent bad luck. Hopefully soon enough this will switch, and the Bytecoin team will once again have something to celebrate.
Lisk, at the time of writing is down too., Valued at $8.03, down 5.70%. Historically, Lisk has been, just shy of $40.00, with the April surge only pushing Lisk up to $13.81, it does look as if Lisk is waiting for a bigger market surge before it has a chance of reclaiming old heights. The current value of Lisk may be way under its overall target, however, it has not yet reached a critical level, meaning Lisk does have every chance of moving back upwards when the markets level out, wait and see what happens here.
Overall, the markets are down, and the trends are negative. Don’t let this get you down too much. We expect this to end, and when it does, cryptocurrencies will flourish once more. Hopefully we do see a change soon. With June approaching, everything could change in an instant.