Another day, another gloomy outlook. The cryptocurrency markets are looking worse for wear today, with the majority of currencies down for yet another consecutive day. We are seeping into deeper and deeper territory at the moment, with little damage control carried out, many of the major currencies are at risk of falling below significant values, values that may provide some resistance when the markets decide to rise up once again – something that is of course likely to happen, eventually.
This downwards trend has peddled the markets since the middle of May, now, as we approach the end of May we should be looking to the new month, to provide us a little bit of liberation, just as we saw through the end of March into April. What I am saying here is simply this; don’t lose hope just yet, optimism will pay off. We are seeing a lot of selling taking place at the moment, get this out of the way and eventually, we might well see some big institutional investment on board, investment that should pump the markets back up, in the right direction.
Let’s have a look at the current state of things.
At the time of writing, Bitcoin is valued at $7,568.18 and is down 4.27%. Bitcoin has fallen past the $8,000.00 threshold and is continuing to fall. If Bitcoin continues to fall, and hits figures within the region of $6,000.00, this could be quite devastating indeed. Last time this happened, Bitcoin saw some real resistance moving back up past $7,000.00, it was exhausting and frustrating. Hopefully, this won’t happen again.
Ethereum has also dropped past a significant figure, again. At the time of writing, Ethereum is valued at $587.28, down 6.72%. Yesterday we wrote about why Ethereum could be taking big hits at the moment, with its decline significantly higher than its neighbours, Bitcoin and Ripple. See our coverage of this story, here- https://cryptodaily.co.uk/2018/05/maybe-ethereum-struggling-much/
Ripple is now on the verge of dropping down into $0.50 territory. At the time of writing, Ripple is valued at $0.60, down 3.18%. Its fall may be slow paced at the moment, but if this trend continues we will see Ripple move down towards $0.50, almost half that of the heights seen at the start of May. With $1.00 no longer in sight, Ripple could struggle to recover from this any time soon.
As you can see, figures-wise, cryptocurrency is having another terrible day. With this in mind, we will continue to watch this fall. Remember, what goes down however, must come up (that’s the saying right?) We do expect the markets to recover soon, if only through correction. When this happens, don’t let it get the better of you. Things are extra volatile at the moment. With the markets acting pretty shady, this is the best time to get some research done. Wise up and trade safe.