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Bitcoins / Breaking News

Optimism Probably Short Lived, Bitcoin Heads Down Towards $8,000.00 Again

This morning, we found a sense of optimism in the air. We saw that the recent trend of market declines had seemingly come to a halt. Overall, the markets looked green with some major currencies such as EOS making great progress. Check out our very recent coverage of this story, here- https://cryptodaily.co.uk/2018/05/panic-back-markets-finally-climb/

Throughout the morning we have seen some positive movements. TRON and EOS most notably, who have both been moving upwards by percentages greater than 5%. Because of this, both currencies have managed to retain some value.

At the time of writing, EOS is valued at $13.27 and is up 5.20% and TRON is valued at $0.07, up 4.76%. Therefore, as it stands, this pair seems to be heading in the right direction.

Overall though, once again, it does seem that our optimism may have got the better of us, the consensus here is changing and once more, the markets now look to be entering a decline.

How long this will last? Who knows, at least though, the past few days of activity have demonstrated just how volatile and sensitive the cryptocurrency markets are.

At the time of writing, Bitcoin is valued at $8,317.78 and is down 0.40%.

Bitcoin Cash, at the time of writing is valued at $1,286.61 and is down 0.10%.

At the time of writing, Litecoin is valued at $138.60 and is down 0.17%.

Okay, these declines are very minor, over a 24-hour period, we are only seeing the aforementioned currencies valued slightly below their historic figures, however, if this continues, we will only see more and more value shaved off the major currencies. This is literally the polar opposite of what we want to see right now. If the markets enter a new decline, we may even eventually see further damage placed upon EOS and TRON, which thus far today have remained resilient.

As I have mentioned already, what we are seeing today really is the result of uncertainty in the market cause by the volatility of cryptocurrencies. It’s a real shame that May is looking to be far less positive than April, although, this at least does remind us that we could see a repeat of our April fortune going into the next month, who knows?

Our advice for this period of uncertain is to simply watch, observe trends and observe the markets. Everyone is certain that cryptocurrencies will recover from this and of course, experts still expect to see Bitcoin move towards $20,000.00 eventually. This downtime we are experiencing however provides us with a great opportunity learn and educate ourselves. Use this time wisely and become a better trader, that’s the best thing you can do right now.


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