Okay, technically for something to be in purgatory, according to theology at least, it needs to have died. The markets haven’t died, but, I think the word purgatory acts as a useful metaphor for describing how uncertain the markets are at the moment.
This week we have seen some very steep declines and thus the majority of major cryptocurrencies are sitting way under value. We have had a few brief periods of positivity but overall, the bears have well and truly held on to their low prices. Now, we seem to be in a state of severe uncertainty, as it stands each currency seems to be heading in a different direction. Therefore, it is becoming very difficult to predict what might happen next.
At the time of writing, Bitcoin is valued at $6,618.01. Bitcoin is up 1.56% and thus is starting to (very slowly) move back up towards $7,000.00. For Bitcoin at least, things are starting to look a little more positive, perhaps this is a sign that Bitcoin is about to lead the markets upwards. If this is the case, then Bitcoin could retain a figure over $7,000.00 through the weekend.
Ethereum has finally made some ground. At the time of writing Ethereum is valued at $508.36, up 4.37%. Ethereum fell very deep into the $400.00 region and thus, we did expect to see some resistance as it moved back up over $500.00. We should however consider that Ethereum has only just breached this and therefore we could see Ethereum sink back down in the coming hours and days. For now, at least, with a 4% gain, we can assume Ethereum will continue to make ground, for today.
This is where volatility becomes a little more prevalent.
At the time of writing, Ripple is valued at $0.551, down 0.22%. Ripple is still struggling on, in fact, experts from the Finder Report have recently confirmed that they don’t even thing Ripple will see $1.00 this year. Of course, they could be wrong, and indeed we hope they are, but it at least provides some food for thought.
EOS, at the time of writing is valued at $10.97, up 5.98%. EOS almost slipped into single figures a couple of days ago, but now seems to be leading a charge back up towards $15.00. In its current state, we would like to see EOS sit tight at around $12.00. That would be very positive.
Likewise, at the time of writing, Cardano and IOTA are both down, 2.32% and 0.33% respectively.
As you can see, figures, values and changes are all over the place at the moment. As the afternoon progresses we are going to keep a close eye on the markets. If things remain like this, we could have a very interesting weekend. There’s one thing we can however be certain of – volatility rules today.