After seeing a few days of positive movements within the markets, the same old ‘June doom and gloom’ is back, with a vengeance by the looks of it.
As the bears grip on the market tightens once more, cryptocurrencies are falling, some of which are dropping at an astonishing rate, as a result of this, we are sure to see some new lows breached through the day. Furthermore, we can be pretty certain now that this trend will continue through to July, making June the second consecutive month of disappointment, drawing the second quarter of the year to a close, in the worst way possible.
Let’s scan over todays standings.
At the time of writing, Bitcoin is valued at $6,098.50, down 2.29%. Whilst Bitcoin itself is down, Bitcoin dominance continues to rise, currently standing at 42.6%. Bitcoin is sure to slip past $6,000.00 today, if this happens, simply put – the deeper into the $5,000.00 region Bitcoin slips, the more resistance it will see moving the other way in the future.
Ethereum is on the brink of disaster too. At the time of writing, Ethereum is valued at $433.75, down 4.64%. With such a sharp fall, its not going to take much more to bring Ethereum down below $400.00, a very critical point for the value of Ethereum.
Bitcoin Cash, at the time of writing is valued at $696.73, down 6.93%. Bitcoin Cash is finally back within the grip of Bitcoin, sitting at around 10% of Bitcoins overall value. This current price for Bitcoin Cash is devastatingly low, given that not so long ago, we saw Bitcoin Cash tickling $2,000.00. Its likely now that Bitcoin Cash will remain at around 10% of Bitcoins value, so, as Bitcoin slips down into the $5,000.00 region, we can expect Bitcoin Cash to move closer to $500.00.
At the time of writing, EOS is valued at $7.57, down 6.75%. EOS continues to fall at a rapid rate, totally reversing its recent progress. At this point in, EOS might as well have not surpassed $20.00 a few months back because as it stands, it’s almost as if it didn’t happen anyway. It’s a sensitive subject, but EOS investors are going to be feeling very disappointed right now.
Overall, negativity reigns. At the time of writing, OmiseGO, Zcash and ICON are down 7.80%, 7.11% and 7.87% respectively, this is a negative trend that has a firm grip on the markets indeed.
We are feeling quite pessimistic about today, unfortunately, we worry that there is more to come. For now, we’ll have to wait and see what happens.