After a few days of negativity, we are finally able to wave good bye to the mid-May Market Slide, as it will now be affectionately known.
Last week, we saw the status of the markets enter a nose dive, a dive which continued through the weekend and only really started to level off yesterday. 24-hours later and it now seems that finally, we can have some confidence that the worst has passed and that we are on our way to re-gaining some value.
Some currencies have of course taken bigger hits than others, that’s just the nature of the volatile markets, universally though, most currencies do have quite a long way to go before they are to meet the May highs previously seen, before this slide took hold.
Let’s have a look at how we stand, at the moment.
At the time of writing, Bitcoin is moving back up towards $9,000.00, coming in at $8,772.12, up 3.78%. We did of course expect Bitcoin to climb towards $10,000.00 through May, this was indeed the case before the slide moved the value of Bitcoin down. Therefore, our optimism has been temporarily stunted here, once Bitcoin surpasses $9,000.00 again, we can start to see a future in which Bitcoin sits as a five-figure currency.
Ethereum at the time of writing is valued at $732.68, up 2.96%. Ethereum is making good tracks up to $800.00 now, a value that it does need to maintain itself at in order to prove that it has truly recovered from this market slide.
At the time of writing, Ripple is valued at $0.74, up 2.39%. We know Ripple has been under some other external influences here which have amplified the loss it had experienced during the market slide. A looming court case has really hampered Ripple’s progression over the past week. We must also note the recent announcement of a new Ripple service, Xpring, something with ordinarily would have allowed the price of XRP to skyrocket. If you’re unaware of Xpring, check out our coverage of the announcement by Ripple, here- https://cryptodaily.co.uk/2018/05/ripples-xpring-great-xrp/
Ripple has had a tough week, hopefully the progression we see now suggests that finally, there is light at the end of the tunnel for Ripple and XRP.
Further down the markets we see other significant rises. At the time of writing, Litecoin is valued at $146.42, up 6.37%, IOTA is valued at $2.03, up 6.46%, Dash is valued at $444.63, up 12.32% and VeChain is valued at $5.10, up 11.70%.
Most notably today, Zcash, at the time of writing, is valued at $350.87, up 40.67%, although we now know this is almost certainly down to their recent Gemini listing announcement.
Thankfully, we now seem to have left the wake of the mid-May market slide. Hopefully from here onwards, into the latter weeks of May we see all major currencies creep back up to the heights we have seen over the previous few weeks. For now, we will have to wait and see what happens. The markets are currently in a very volatile and sensitive state, therefore we should remain cautious and shouldn’t let optimism get the better of us.