Throughout the weekend, the markets have taken a significant tumble, a tumble that in turn has dragged the majority of cryptocurrencies right down to new 2-month lows. As a matter of fact, numerous currencies have lost so much value, people are starting to wonder if they will ever return to the heights experienced back in December and January.
There is no short answer to that question, yet we do remain confident that eventually, the markets will return to their former glory.
Today, it does seem as if there is a recovery underway, with all major cryptocurrencies flying up at stunning rates. We must however consider this as correction, don’t get ahead of yourselves because sadly, this positive trend will no doubt tail off over the next few days. Until this happens, we can’t truly gauge what is going on here.
Here’s how we stand at the moment.
At the time of writing, Bitcoin is valued at $6,163.37, up 4.66%. Bitcoin is sitting just above $6,000.00. It is important that Bitcoin remains above this threshold as, going in the opposite direction would cause a great deal of resistance for Bitcoin should it attempt to move back up in the future. Moreover, dropping further from this point would be sure to cause a great deal of panic among investors. Interestingly, Bitcoins dominance is riding quite high at the moment. As it stands, Bitcoins dominance stands at 42%.
At the time of writing, Ethereum is valued at $451.10, up 1.76%. The current gains met by Ethereum are pretty low, compared to its neighbours, but, even so, at this very low value, these gains are quite important, no matter how insignificant they may seem initially.
Ripple, at the time of writing, is valued at $0.477, up 4.28%. Ripple will make progression back up to $0.50 soon, so therefore, we aren’t worried about this one just yet.
Some major currencies are seeing bigger price hikes at the moment, although this does seem to be as a counter-reaction to the huge losses that these currencies have seen over the weekend. At the time of writing, Bitcoin Cash is valued at $748.05, and is up 8.68%, EOS is valued at $7.94 and is up 8.85%, Monero is valued at $125.82 and is up 14.44%, Ethereum Classic is valued at 14.96 and is up 10.72% and finally, Ontology, is valued at $5.24, up 21.57%.
For now, things look super positive, however as mentioned, we do expect that this is simply down to reactive correction. The markets are starting to balance back out and therefore, over the next few days we need to wait and see what happens, before we can truly work out how the markets are going to perform, leading into the next month.