Things are looking pretty bleak today, the markets are down, and cryptocurrency values are starting to stoop. Over the past few weeks, incredible targets have been met and overall, cryptocurrencies have generated some great press.
Now of course, what we are seeing has happened in the past few weeks too, we have seen some market correction take place and even some declines as a result of a Mt. Gox coin dump. We are a little less optimistic today however, because in order for this to be correction, we would have seen some big jumps prior, since this is not the case, we can only assume something more serious is going on. Don’t panic just yet though.
How do the markets look at the moment?
At the time of writing, Bitcoin is valued at $9,136.66 and is down 2.43%, moving dangerously close to dipping below $9,000.00, a significant value that needs to be maintained in order for Bitcoin to move past $10,000.00. Granted, if Bitcoin does move below $9,000.00 today, a small surge over the next week could see it’s price recover with $10,000.00 back in sight, in no time.
At the time of writing, Ethereum is valued at $730.97 and is down 3.06%. With Ethereum recently riding above $800.00, it seems that this peak was to be short lived. Likewise, Ethereum can recover if it drops below $700.00, with ease in fact, but really, it is moving in the exact opposite direction in which we want it to be moving, for now.
Ripple is having a bad day, at the time of writing it is valued at $0.779 and is down 6.15%. The once dream figure of $1.00 now seems a spec in the distance. As Ripple declines further into $0.70 territory, we can start to assume that it might be a while before we see XRP try and breach the unforgiving $0.90 target it has thus far struggled to navigate. With Ripple in mind, we can assume that this large decline is something to do with the current legal action being taken out against Ripple, on the premise that XRP is a security. This is something which has sparked heavy debate and seems to be having a very negative impact on the currency.
Further down the markets, at the time of writing Litecoin is valued at $154.89 and is down 5.33% and even IOTA, the start of the week so far is down, 5.36% at a value of $2.29, moving well away from its $3.00 target. As Litecoin etches below the $150.00-mark, further concerns could be raised about what we might see next.
Now of course, this could just be a blip and we could very well see the markets turn fairly soon. Before we can make any judgements, we should see how the markets look going into this afternoon. For now, remain optimistic, at least what we see now is leaps and bounds above the figures we suffered in March. Hopefully by tomorrow a recovery will be in sight and we can all get back to our day jobs. Remain vigilant and let’s see how it pans out.