Four days into June and, just as we saw some market recovery over the weekend, correction seems to be the name of the day, dragging market prices back down. Whilst the downward trend is hitting the majority at the moment, it is important to note that many currencies are seeing the opposite effect, making slight moves upwards. This suggests that as it stands, the markets are due to swing back up, once this correction period has passed.
This is all very important. With a new month comes new optimism. When emotion drives the markets, optimism tends to mean positive movements, however, when these movements halt, optimism can diminish, therefore it is important to trawl through the standings in order to really work out what’s going on here.
Let’s do some of that trawling now, we might as well, since you’re here.
At the time of writing, Bitcoin is valued at $7,632.60, down 1.10%. Bitcoin dominance stands at 37.7%. Bitcoin is well away from the harrowing prospect of dipping below $7,000.00, as we saw during the end of May, however we might consider that Bitcoin isn’t in clear water just yet, until we see $8,000.00 breached again, Bitcoin is at risk of falling if the market decides to take a dip. For now, we remain in limbo about the state of Bitcoin, soon enough, positivity will reign again and perhaps we will eventually see $10,000.00 on the radar.
Ethereum, at the time of writing is valued at $609.85, up 0.26%. This is a good sign for Ethereum, treading water just above $600.00 means that progression has been made, and, as it stands, upwards progression is still the trend, for now at least.
At the time of writing, Ripple is valued at $0.668, up 1.82%. This is most interesting, given that this is the first time we have seen Ripple XRP moving close to $0.70 for a while now. $0.70 will no doubt hold some resistance, but, given the current attitudes surrounding XRP, we can only expect the value to mature over time. In short, $0.70 might look tricky to navigate now, soon enough though, we expect it to be but a blip in the distance.
Correction is still ruling the rest of the markets. At the timer of writing, EOS is down 4.77%, Cardano is down 7.05%, IOTA is down 9.91% and NEM is down 6.75%. The only air of positivity we see outside of this is Bitcoin Cash, which, at the time of writing is valued at $1,146.16, up 2.68%. Bitcoin Cash is finally on a trajectory back up to $1,5000.00, proving its worth in a recovery from the misery of May.
As it stands then, the markets do seem a bit bland, going into this afternoon we will re-assess the situation and hopefully, some more optimistic projections will seep through.