Market Update - Bitcoin Dominance Up As BTC, EOS And IOTA Fall
The markets are still in a sorry state this morning. Values are crashing and the markets are down. Political tensions and adverse news regarding some hacks seem to have had a small impact on the market, overall though this current trend is simply just the result of the bear market that has driven the markets down for a number of weeks now.
Donât be disheartened, this is an organic part of cryptocurrency and typical volatility. We will see the markets move back up once again, though we canât really predict when this will be, or to what scale it will occur. Just yesterday one expert even noted that Bitcoin could hit $2,000.00 before we see a recovery, after this though, the same expert also suggested that Bitcoin could hit $100,000.00. The possibilities are absolutely endless.
At the time of writing, Bitcoin dominance is up once again. Bitcoin dominance stands at 43.3%. As the markets fall, the gap between the market cap of Bitcoin and the rest of the markets gets bigger. What this means is that the greater this dominance gets, the more power Bitcoin will have in dragging the markets upwards, should the value of Bitcoin surge some time soon. Likewise at the time of writing, Bitcoin is valued at $6,688.92, down 1.32%. Bitcoin is still holding above $6,500.00 so therefore itâs value isnât as low as it could be.
EOS, at the time of writing is valued at $7.67, down 10.89%. EOS is seeing the biggest fall at the moment, but over the past few days we have seen this trend repeated. Correction is pulling EOS up and then back down at a cracking rate. Overall, it seems to balance out at around $8.00, once you average out these dramatic peaks and troughs.
At the time of writing, IOTA is valued at $1.01, down 6.63%. Again IOTA is suffering from a heavy bear market that really is crushing down prices. It does seem that like EOS, IOTA is taking a bigger hit than its neighbours but this isnât as a result of a flaw within IOTA, so hopefully what we are seeing now is nothing too much to worry about.
As ever, we need to keep an eye on market trends as the day goes on. If Bitcoin does pick up pace, itâs dominance is sure to pull the markets out of this current decline, though as it stands, any runs by Bitcoin are set to be short and realistically, such an occurrence is pretty unlikely at the moment.