The bearish trend continued almost uniformly down the charts, as fewer than 10 cryptocurrencies managed to rise against the value of the US dollar.
In fact, Tron — currently ranked 10th by total market cap — was the only top 25 coin or token to return a single-day gain (excluding Tether, which is a stablecoin). Tron rose just under 10 percent for the day, raising its price to $0.05 and market cap to $3.2 billion.
bitcoin cash price
Source: CoinMarketCap
But though the bears are currently having their way with the charts, the bulls have not been deterred from their optimistic long-term forecasts.
As CCN reported, Wall Street strategist and Bitcoin bull Tom Lee advised clients in a recent note to HODL rather than attempting to time the market. He predicted that positive catalysts, including clarity on regulatory matters, will spur on a new market rally later in the year.
Abra CEO Bill Barhydt, meanwhile, recently predicted that institutional investors are poised to begin making a splash in cryptoassets, raising Bitcoin and altcoins alike.
“All hell will break loose,” he said adding that “Once the floodgates are opened, they’re opened.”