Yesterday’s negativity, caused no doubt by correction has over-spilled into today, bringing the markets down for a second consecutive today. What we are seeing now however is a far steeper decline from a number of cryptocurrencies, reducing some of the optimism that we have held onto as we go into August. Whilst this doesn’t mean by any means that the markets are going to crash, it does look as if this correction period is going to inflict some damage onto a number of currencies, that have made good tracks over the past week, reversing their progress.
Interestingly though, Bitcoin remains away from this fall, which at the time of writing is valued at $8,132.15, down just 0.29%. Bitcoin dominance is up, coming in at 48.3% suggesting that Bitcoin is still capable of an upswing through the afternoon. If this happens, we can expect the markets to follow suit to a certain extent, though a bull run or a big surge is unlikely, given the current state of things.
At the time of writing, EOS is valued at $7.60, down 7.02%. EOS is being hit very hard at the moment, preventing it from making tracks back up to around $15.00. Realistically, we want to see EOS at around $12.00 as this will set EOS up for a run towards it’s all time high exceeding $20.00. The current trend we are seeing however couldn’t be any further away from it. I guess in a way, EOS is sort of, halfway there?
At the time of writing, Stellar XLM is down too, valued at $0.27, down 7.16%. This comes off the back of a stunning week for Stellar. Sadly though, the progress made by XLM has now been reversed. Of course, XLM is still relishing in a high market cap, placing it in 6th place and now above Litecoin, through as it stands, the forecast for Stellar going into the rest of this week is a little bleak to say the least.
Cardano ADA at the time of writing is valued at $0.14, down 7.90%. These three cryptocurrencies are down most significantly in this mornings market and seem to stand out ahead of their rivals with declines exceeding 7%. Just to give you some perspective, at the time of writing XRP is down 2.45%, LTC is down 2.53% and IOTA is down 1.77%. We can only expect that this is down to a stronger correction phase, as a result of the good run experienced by EOS, XLM and ADA last week, though if this is the case, we might expect to see Bitcoin down a little steeper than it currently is.
For the rest of today, watch the markets closely. August may still be a positive month, but overall, this isn’t the most promising way to be closing July.