This morning, we are seeing a very uneven trend within the markets. Cryptocurrency values are moving in an almost random direction. Indeed, this could simply be being caused by an element of randomness, however, it is more likely just a consequence of the current bear market, a market that has zapped the life out of cryptocurrencies, concerning investors market-wide.
Whilst we don’t expect it to last, we do wonder how this might pan out as we enter the third quarter of the year. By now, many people expected Bitcoin to have a price of around $12,000.00, Ripple should have been $1.50 and many expected EOS to hit $30.00. Reality on the other hand holds a totally different story for us.
Let’s take a look at the markets today.
At the time of writing, Bitcoin is valued at $6115.81, up 0.28%. Whilst Bitcoin is only ever so slightly up, it has at least managed to remain above $6,000.00, a very critical point that could provide some resistance in the future. We did expect Bitcoin to fall below $6,000.00 yesterday, however we got that wrong, thankfully. Bitcoin is showing some strength at the moment, therefore we hope it leads a charge in the other direction soon.
At the time of writing, Ethereum is valued at $433.81, down 0.02%. Ethereum’s decline is so slight, it might as well be sat still. A decline however is a decline and therefore this alone shows us we’re not out of the bears woods just yet (not that any of us thought that, obviously).
This ‘one up’ ‘one down’ trend continues. At the time of writing, Stellar is valued at $0.18, up 2.50%. On the other hand, neighbour Cardano, at the time of writing is valued at $0.12, down 0.92%. Again, these movements are only slight, but at the very least, this shows just how ‘random’ the markets do seem to be this morning.
At the time of writing, IOTA is valued at $0.96, up 2%, as opposed to TRON, which at the time of writing, is valued at $0.38, down 1.05%. This area of the market is seeing some change at the moment, with Tether moving into the top ten cryptocurrencies for market cap, as a result of the creation of some new USDT. Therefore, the top ten has had a little bit of a shake up, moving TRON down to 11th place, according to Coinmarketcap.com.
As you can see, the markets are riding a bit of an uneven wave at the moment. Hopefully as the day continues we can find some balance again. Correction will no doubt move the markets up slightly however, with the bears very much in control, this current negative outlook seems to be here to stay.