Although the recent correction in the crypto market left many people disappointed and worried, this was a correction that was to be expected considering the huge amounts of growth that the market has experienced in recent months. Also, anyone who has been following cryptos for a while now will know that this correction is a perfectly normal and reasonably frequent occurance in the crypto market.
Bitcoin saw it's highest ever price at the beginning of June with the high of around $2800, and proceeded to fall to around $1900. Let's not forget that this price takes us back to only the 18th May, which makes it ever more reasonable for the correction to happen, having added $900 to it's value in just one month. We also have to remember Bitcoin's growth of 1500% is bound to experience frequent price corrections. This is not the first and it will certainly not be the last.
Ethereum experienced a particularly violent correction, falling from it's high of around $380 down to around $160, losing almost 60% of it's value. However, as with Bitcoin we have to remember that this price takes the currency back to only the end of May, which signals to us the ridiculous amounts of growth we have experienced in recent months and this correction was frankly needed.
Ripple and Dash experienced similar corrections, however Litecoin hit it's highest price recently in the beginning of July at around $55. Litecoin has seen vast amounts of growth with more frequent corrections, experiencing a more recent correction in the past week but not as severe as the other top currencies.
As i speak however, the crypto market is launching a resurgence from the correction with nearly all currencies experiencing positive growth and set to bounce back to their previous highs in the near future. Bitcoin has launched back from $1900 to $2343, an incredible amount of growth in such a short space of time. Ethereum, Ripple and Nem have all experienced growth in the region of 25% in the last 24 hours.
This resurgence should signal that the correction has finished and the market will again experience huge amounts of growth in the near future.
Cryptos are still alive and kicking.