Market Update - BTC, XRP, XLM, XMR, It’s Like A Rollercoaster
As we enter a new week, the cryptocurrency markets are snaking up and down in a motion that could only otherwise be experienced on a rollercoaster. We can only expect this volatile start to the week to continue over the coming hours and days. What we are seeing here and indeed, over the past week or so, is currencies moving around price changes of -3% and + 3%, in a constant battle between correction and maintaining balance.
With crypto so exposed and looking especially vulnerable, it wonât be long before we see a big change. As we know, the crypto-markets respond to real world events and therefore the markets hold the ability to shoot up or fall down, therefore, with volatility laying down the law at the moment, we need to pay close attention to the goings within the markets.
At the time of writing, Bitcoin is valued at $6,795.71, up 0.44%. Bitcoin is finally starting to challenge the $7,000.00 position although as it stands, it is moving in the wrong direction. $7,000.00 will prove to be a challenge for Bitcoin, although we do expect that once Bitcoin moves past this point, the rest of the markets will see a small surge. Bitcoin dominance continues to climb, at the time of writing Bitcoin dominates the market at 42.4%.
Ripple XRP at the time of writing is valued at $0.47, down 2.35%. With news of further legal action against Ripple and the overall negative climate, XRP is struggling at the moment. Some see this as the perfect price to buy in, however XRPâs recent history does suggest that any moves up to $1.00 will be hard to come by. Iâm not saying XRP needs a miracle to recover, but I do believe XRP needs to see something positive soon in order to stop it falling further.
On the contrary, Stellar is up. At the time of writing, Stellar is valued at $0.21, up 0.78%. Whilst this climb is only very slight, Stellar is standing out as one of the only cryptocurrencies making positive progress this morning.
Likewise, Monero is up too. At the time of writing, Monero is valued at $138.53, up 1.64%. Monero is seeing the biggest climb at the moment, suggesting that something positive could be going on behind the scenes here. Overall though, we donât expect this climb to continue for an extended amount of time, given the overall climate at the moment.
With the markets continuing to remain in a tepid limbo, we need to remain vigilant and keep an eye on the news that could affect figures over the week. Perhaps next Monday our outlook will be a little more positive.