Yesterday, the cryptocurrency markets looked to be taking a step in the right direction. The new week saw markets in the green, with the majority of major cryptocurrencies making healthy climbs, climbs that looked to be contributing to an overall market recovery. The scene this morning however is less optimistic and more reminiscent of the poor performance witnessed within cryptocurrencies during the middle of May. Overall, this month has sapped the life out of many currencies, to say the least.
At this point, we don’t need to be too concerned, there’s no major falls taking place, what we are seeing however is just the result of a bearish market, soon enough we do expect to see some positive changes. The worrying question at this point is, how long will this go on for?
At the time of writing, Bitcoin is valued at $8,332.98 and is down 2.19%. We want to see Bitcoin hit $9,000.00 this week, however at its current rate of devaluation, we can’t really see this happening any time soon. Hopefully though, as the week progresses, we will see Bitcoin swing back upwards. Even as it stands now, a climb of $700.00 will see Bitcoin reach $9,000.00.
Likewise, at the time of writing, Ethereum is valued at $695.07, down 3.08%. Ethereum is struggling to remain above $700.00 at the moment. The bearish trend is causing some resistance at $700.00, until this is breached, we can’t see Ethereum reaching $800.00. Perhaps now, Ethereum really needs a big surge to ease it back on track to this target, otherwise Ethereum is at risk of remaining very undervalued for some time.
Ripple is valued at $0.67, down 3% at the time of writing. Again, Ripple seems to be facing some resistance as it tries to surpass $0.70. Not so long ago, we did see Ripple approach $1.00, the current state of affairs now tells us that we are going to be waiting a while before we can tickle this idea once again.
This downward trend continues further down the markets, with Bitcoin Cash, EOS, Cardano, IOTA and NEO all falling by over 5%, even further down, we see currencies like Ontology, Nano and Bytom all taking hits of over 7%.
Based on this short analysis, as you can see, the markets are descending. Hopefully, soon enough we see this trend level out and hopefully, we will begin to see some green pumped back onto the spectrum. If this negativity continues, major cryptocurrencies are going to lose some much-needed value.
For now, our concern remains limited, however, over time we need to keep a close eye on these figures and how they change, otherwise, we may be looking at some very startling figures indeed, come the start of June.