Market Update - Shaky Start To August Pulls BTC, ETH, XRP, BCH And EOS Down
This weekend has marked a strong negative start to August. This came off the back of a promising start to the week that really seemed to inject an air of positivity back into the community. The weekends negative movements however have done a great job of sucking the optimism out of us all. As it stands, August looks to be about as much fun as May, April and June, helping us into the latter half of the year with a pretty bad feeling about whatâs to come.
Todayâs major headline seems to be: Bitcoin wonât see an ATH this year, just to offer you some perspective into how people are feeling today. Regardless of this, letâs take a look at this mornings standings.
Bitcoin at the time of writing is valued at $7,041.09, up 0.55%. Bitcoin dominance is down to 47.4%. Over the weekend, Bitcoin slipped to values around $6,900.00 and thus has made a good effort of backpedalling the progression it had made past $8,000.00 at the start of the month. With Bitcoin dominance down, it is holding less of a grip on the markets, although 47% is still high and therefore, a Bitcoin bull run is likely to drag the rest of the markets upwards too.
At the time of writing, Ethereum is valued at $410.08, up 0.95%. Ethereum has maintained a mark over $400.00 and is now making positive upward movements. Ethereum isnât likely to spike today, but if it continues to climb at this rate we could see a short recovery in the price of Ethereum.
XRP at the time of writing, is valued at $0.42, down 0.26%. XRP had seen some positivity over the past week but this now seems to have diminished. In the grand scheme of things, XRP has been struggling in terms of value for a very long time. Until XRP makes tracks to $1.00, this attitude will remain true for XRP and the Ripple project.
At the time of writing, Bitcoin Cash is valued at $703.99, up 1.41%. Bitcoin Cash is up somewhat, though this isnât exactly a colossal spike. Bitcoin Cash remains within the grip of Bitcoin, sitting at around 10% of itâs sisters value, meaning when Bitcoin flies, so will Bitcoin Cash. Sadly, the reverse happens too and the current low price of Bitcoin Cash is sure to be down to the fall in the value of Bitcoin.
EOS, at the time of writing is valued at $7.04, up 0.42%. EOS has been way undervalued for far too long, though as it stands it doesnât look likely to fly up any time soon. Instead, expect EOS to remain under $10.00 for the time being. Once it makes tracks back up to $15.00, we could see EOS cap itâs ATH once again, or perhaps even exceed it one day.
Overall, the markets are looking super volatile today, therefore what we see now could all change in the coming hours. Keep an eye on the markets today.