Perhaps we are speaking too soon, if this is the case, I do apologise for any false hope this may generate, however this morning, the markets are starting to look quite healthy indeed.
Well, I say quite healthy, the markets are at least looking better, suggesting that perhaps we could be finally on the road to recovery.
Before you get too excited, remember that this could just be a small blip, or even an air of correction, however, optimism is fun, so let’s enjoy it while it lasts.
Over the end of last week, through the weekend and into the majority of this week, we have seen the markets slip and move downwards towards some quite startling figures. All of this seemed to start as a result of two big ‘happenings’, firstly, an alleged Mt. Gox coin dump (again) and the raid of South Korean cryptocurrency exchange, Upbit.
The drop caused in the wake of this, unfortunately seemed to continue yet now, hopefully, we finally see some light at the end of the tunnel.
So, how are things looking this morning?
Thankfully, the consensus is green. At the time of writing, Bitcoin is valued at $8,291.47 and is up 0.45%. A small incline granted, but this is thankfully halting Bitcoins decline towards $7,000.00 and therefore, given some time to recover, we could see Bitcoin move back up towards $8,500.00 soon enough.
Ethereum, at the time of writing is valued at $701.41, up 1.42%, just managing to balance above $700.00. Of course, it’s pretty close to falling below $700.00 at this point, however, given its current trajectory, at least for the time being we probably won’t see this happen.
At the time of writing, Ripple is valued at $0.69, it’s up 1.55% although unfortunately, it’s not quite managed to remain above $0.70, hopefully as the markets pick up some pace, we can see Ripple move up towards $0.75 in good time.
EOS is making far better progression. At the time of writing, EOS is valued at $13.25 and is up 7.17%. With EOS hitting record highs at the end of last month, this is a currency that seems to be setting a trend, hopefully EOS’s progression will in turn encourage further growth within the markets, throughout today.
There are of course some exceptions to this positivity, NEO, VeChain and Bytecoin are all down 0.31%, 0.01% and 3.56% respectively, at the time of writing. Soon enough though, this decline looks to be pulling away and we may see some more positive movements here. Bytecoin perhaps not so much, but given its recent good spell, this negative blip won’t damage the value of Bytecoin too much.
It is of course not clear if this upwards trend will last, if it does then we should see all major currencies start a recovery. For now, we are unlikely to see the highs experienced towards the end of May, however, any movements in that direction should be seen as positive for investors and of course for the health of the markets overall.