As the major cryptocurrencies
fall, we should always take a look at the state of the markets further down. Currencies just outside the top ten can also indicate upcoming trends and can also help us make predictions with regards to future movements within the markets.
Today, no altcoins really stand out. Often in periods of downtime like this, we can see the odd coin really stand out as making solid and consistent progression. When this is the case, we need to see what is going on with the coin in question, so for example, not so long ago when the markets where down overall, and Bytecoin was some how up 160%, we had to take a look into what was going on with Bytecoin. Now this in turn can help us work out how the rest of the markets would react to Bytecoin, which exchanges would be affected and how in turn, it might impact other currencies listed within those exchanges.
Essentially, here, I am simply highlighting the importance of research.
So, Monero, NEM and Ethereum Classic, these currencies have not been selected in this analysis for any other reason than the fact they are all within the top twenty cryptocurrencies for market capitalisation, instead of the top ten, the area the majority of news outlets focus their efforts.
At the time of writing, Monero is valued at $189.97, down 5.85%. Just a month ago, Monero teetered on the edge of $300.00. This height was inevitably followed by a tumble, that now sees Monero sub $200.00. Of course, with a little bit of luck, Monero can recover from this. Considering it has an all time high of around $495.00, we can expect to see Monero move back towards $300.00 soon enough, although as it stands, we can’t be too sure when this will happen, given the current bear market we are seeing.
NEM on the other hand has not seen any significant decreases post cryptocurrency
boom. During the end of 2017 and the start of 2018, NEM hit a height of $2.00, before dropping to $0.41. Now, at the time of writing, NEM is valued at $0.30, down 4.66%. Since March, NEM hasn’t really deviated from this value too much, with this in mind we must wonder how much any future bull runs or market surges will impact the value of NEM. Moreover, NEM is a great currency to watch simply because it parades as slightly less volatile, meaning that when we see a big movement in NEM’s value, we can be sure that it is as a result of extraneous factors and not simply just because of the volatility of the currency.
Finally, Ethereum Classic. At the time of writing, Ethereum Classic is valued at $17.25, down 4.59%. Again, this is another big decline, although it is most certainly as a result of the current bear market encouraging backwards movements and not an issue located just within Ethereum Classic specifically. With an all time high of $45.51, Ethereum Classic is a currency with great promise, it just needs to establish some middle ground around $20.00 before we can expect to see Ethereum Classic move back up towards $40.00.
Overall, the markets are looking bleak. The movements we are seeing with the aforementioned simply confirm the suspicions that we could be in this for the long run. This is not cause for concern however, soon enough we will see positive movements take control of the markets. All of the above currencies have met terrific all-time highs previously, as it stands, there’s no reason we can’t see these met once again. EOS
has already done it, given the right market conditions, these currencies can do so too.