Is it correction, or is it something else? Is this trend just what we need to get used to for August too? The markets are down once again, except this time, the major cryptos are taking big leaps downwards.
The markets have been so volatile the past few weeks, we had hoped that off the back of some positivity, this week would give us a nice level playing field through which we could build some hope for August. There is good news in here of course, with Bitcoin dominance flying high. For now though, as it stands the markets are retreating again and there’s not much we can do about it.
At the time of writing, Bitcoin is valued at $7,349.96, down 4.37%. Bitcoin has lost nearly $1,000.00 over the past few days and is now within reach of the $6,000.00 region. It may not slide past here today, but if this negativity continues through the weekend, we could be starting next week with values reaching $6,500.00. At the time of writing, Bitcoin dominance is at 48.5%, therefore it’s the highest it has been for a few months now. The last time Bitcoin dominance breached 50%, we had a huge bull run, so perhaps this current climb in dominance is a sign of things to come.
Ethereum, at the time of writing is valued at $405.58, down 3.90%. Ethereum is likely to slip past $400.00 through this weekend, unless it begins to make positive traction through this afternoon. As it stands, this does seem unlikely. Bitcoin needs to find balance before Ethereum can start to move up, this unfortunately is a sentiment that carries on through the markets.
At the time of writing, XRP is valued at $0.439, down 0.66%. XRP has seen a bit of positivity this week which has encouraged some very minor price gains. The gentle decline of XRP at the moment is no doubt just as a result of correction. Sadly, this is likely to get steeper through the afternoon.
Finally, IOTA, at the time of writing, is valued at $0.92, up 0.15%. IOTA is breaking away from the negative trend and therefore could look to having a very positive afternoon. Correction will catch up, but at the very least, IOTA is laying down some damage control here.
We need to watch the markets closely this afternoon to help us gauge what could happen over the weekend. Due to Bitcoin dominance, a bull run isn’t off the cards, but it does now seem to be quite unlikely for the foreseeable future.