Market Update - Bitcoin, Ripple XRP And Cardano Back Down
After a full day of positive movements, the markets have retreated back to their usual negative trajectory, proving that the early optimism of the week can be put down to nothing more than a period of correction. As a result of this, the markets have entered a negative slide suggesting that today will see further retraction. Values are moving back down and thus, the bears are still in control.
It is unfortunate that we are starting July this way. We had hoped that after two fairly negative months, July would be the month to see prices shoot up again, yet thus far we have seen no suggestion that this could happen. This shouldnât be something to worry about as the climate now does not reflect the potential climate in six months time. As we know, cryptocurrencies are volatile so just as prices fall down, they are more than able to shoot up too. Hopefully, itâs just a case of holding on, or HODLing, or whatever it is you do.
Letâs see how the markets stand today.
At the time of writing, Bitcoin is valued at $6,473.59, down 2.59%. Thankfully, the recent surge in Bitcoins price has brought Bitcoin back into the $6,000.00 region. Bitcoin dominance is up to 42% now. Over the past two months, Bitcoin dominance has seen an upwards surge which historically has eventually led to price surges too. Watch this space.
Ripple XRP at the time of writing, is valued at $0.48 and is down 4.97%. XRP briefly balanced at $0.50 however as expected, XRP has seen a wealth of resistance here. Hopefully when the markets start to improve, XRP will move back into the $0.50 territory and remain there, it is only then that we will begin to even imagine XRP reaching $1.00, nevermind $3.00.
Likewise, at the time of writing Cardano is valued at $0.14, down 9.94%. Yesterday, Cardano saw climbs exceeding 10%, therefore todayâs steep fall is simply just in response to that. In essence, donât worry that Cardano is down almost 10% at the moment, it should recover from this soon.
This negative trend continues throughout the market. At the time of writing Ethereum is down 3.30%, Bitcoin Cash is down 6.40%, EOS is down 4.22% and Litecoin is down 4.16%. As stated, this fall wonât continue forever, for now though, the bears are very much in control.
As ever we will keep an eye on the markets over the coming days, we could see a change very soon, one that will bring some prosperity. July has only just begun.