As we start to enter the middle of June, we are starting to fear that this current negative trajectory might never end. Thus far, June has seen a wealth of negativity within the markets, as the bears grip has tightened through the end of May, into June.
Of course, we should find optimism within this. With prices sinking, we might very well see some lucrative buying opportunities present themselves soon enough, given that we are pretty confident that this back pedalling won’t last forever. This in itself is risky, therefore if you do decide to buy within this market, make sure you do plenty of research first.
I think the word ‘dehydrated’ does work well here. If you imagine cryptocurrencies as a sponge, in the right environment they can soak up plenty of moisture. Put the sponge in an arid and dry space however and the moisture will evaporate, a little like the value, seeping out of the cryptocurrencies within this bone-dry market.
With this in mind, here’s how things look at the moment.
At the time of writing, Bitcoin is valued at $6,581.15, down 4.28%. Another drop will no doubt see Bitcoin reach the $5,000.00 region, this would be pretty devastating indeed, especially for those who bought in when Bitcoin looked to be moving nicely up towards $10,000.00. Since Bitcoin has now cemented its position below $7,000.00, we expect to see plenty of resistance when Bitcoin attempts to move past this point in the future. For now, though, hopefully the demise of Bitcoin tails off as this would hopefully encourage the rest of the markets to calm down too. Interestingly though, as the rest of the markets fall, Bitcoin dominance is up, now sitting at 40% as of the time of writing.
Ethereum is taking a hit at the moment. At the time of writing, Ethereum is valued at $489.97, down 8.42%. This is a steep decline and is moving Ethereum deeper and deeper into to $400.00 region, a region that is will no doubt struggle to climb back out of organically. In essence, if we want to see Ethereum start to rack up some value again, its going to need a boost from a big bull run.
EOS and IOTA are taking fairly big hits too. At the time of writing, EOS is valued at $10.09, down 10.39%. EOS is now very close to slipping into single figures, erasing the incredible progression that had been made during EOS’ recent glory. At the time of writing, IOTA is valued at $1.24, down 11.52%.
So, the outlook, as mentioned, is pretty dry at the moment.
The markets will recover from this, it is just a case of holding on to see what happens. Our advice for now is to keep a close eye on the markets, set some alerts and let’s hope this time next week, things look a little, more moist.