Markets Rebalance As Heavy Correction Halts The Fall Of BTC, XRP, EOS And IOTA
After a catastrophic day in the markets, it seems to slide has finally come to an end today, letting us start the mid-week period with a little bit of an optimistic outlook. This optimism may be short lived, as many do believe the decline of crypto hasnât come to an end just yet, either way though, letâs relish in the fact that as it stands, crypto is no longer falling.
What is happening here?
This market decline is organic, it may be in response to world economics but generally, there isnât one lone factor causing this, this is simply put, a response to various different events and situations, causing a sell off which is causing values to tumble. Overall the consensus has been that the markets will fly high again soon, but major cryptos will find new bottoms in the process. Notably, many believe that Bitcoin will stoop as low at $5,500.00 before it reaches $10,000.00 again, as it stands, we are now getting very close to this bottom point.
The take home message however is that eventually, luck will change and values will spike once again. With a number of factors set to influence movements in September, a month from now could give us a very different outlook indeed.
At the time of writing, Bitcoin is valued at $6,431.25, up 6.40%. Bitcoin dominance is up, currently at 53.5% meaning that Bitcoin has a tighter grip on the markets than ever. The current price of Bitcoin is down to correction in response to yesterday's fall, with an overall majority exceeding 50% however, we can expect that now, when Bitcoin flies up, the rest of the markets will follow close behind. Watch Bitcoin over the coming weeks, itâs looking promising overall.
XRP, at the time of writing is valued at $0.298, up 9.76%. Again, this rise is down to correction, though as you can see XRP has taken a big hit. Dropping past both the $0.40 and $0.30 mark will mean going forward, XRP is sure to see a level of resistance. Tie this in with the current lawsuits and Ripple âdramaâ and we could be looking at this low value for XRP for some time.
At the time of writing, EOS is valued at $4.70, up 7.30%. Considering EOS was reaching values over $20.00 a few months ago, itâs safe to say that a big recovery is needed here if we want to see EOS start to rack up some sort of value. All things considered, a light spike in the price in EOS, followed by a little bit of luck should help EOS jump back on course for $10.00, after this point, EOS will be free to rise once more.
IOTA, at the time of writing is valued at $0.48, up 14.70%. IOTA has fallen very recently, dropping in price, and moving out of the top ten cryptocurrencies for market capitalisation to be replaced by Monero. We expect that IOTA will recover from this, the distance between the market cap of IOTA and Monero isnât huge after all.