As we settle into September, we want to look at the performance of the markets over the past few weeks. Through July and August we had expected markets to fly, if only on a temporary basis. What we have seen however is the complete opposite. Overall, cryptos have only fallen, retracting in value and now sitting way off the targets set during the cryptocurrency boom of 2017 and 2018.
The major reason for this is a number of crushing decisions by the United States Securities and Exchange Commission with regard to a number of Bitcoin ETF applications. We must note that September will see a lot more of these applications decided upon, therefore the worst might not be over just yet.
Other global issues, including financial crises in Venezuela and Turkey, crypto bans in India and China and general negativity towards cryptocurrency, have all helped to contribute to the markets and values that we see today.
At the time of writing, Bitcoin is valued at $7,290.93, up 0.69% Bitcoin dominance is very high, currently at 53%. Therefore we can expect that when Bitcoin does pick up pace again (this probably won’t happen until at least October) the rest of the markets will follow on. Indeed, if a Bitcoin ETF is approved this month, we could see Bitcoin fly and thus the rest of the markets will spike too, though as it stands, we don’t actually expect this to happen as the SEC believe Bitcoin is still too immature.
Ethereum at the time of writing is valued at $285.91, down 0.94%. Ethereum has had a terrible few months and is very much undervalued at the moment. A mass migration of products from the Ethereum blockchain haven’t really helped, and, of course Ethereum has been impacted by the overall negative climate and bear grip. We are confident however that when the markets recover, Ethereum will see a big surge back up towards $1,000.00.
XRP at the time of writing is valued at $0.33, down 0.68%. XRP has had a tough time recently, riddled with lawsuits and accusations against Ripple for dealing an unregistered security (XRP). Things are now starting to look up for the team, though this is still to be reflected by the price of XRP, a currency that is way off it’s $3.00 target.