Hello Steemers,
We have seen the first correction today in Cryptocurrencies after hitting USD 100 billion market cap.
Almost, USD 20 billion was wiped off earlier today from the global cryptocurrencies market cap. However, the investors are now buying the discounted digital currency and pushing the market cap back to USD 100 billion again.
This is the second correction we have had after the initial May bull rally where currencies like Ethereum, Ripple and other Alt coins had major gains.
Bitcoin Chart set at 3hrs
Ethereum Chart set at 3hrs
As we all know that Bitcoin and Ethereum dominate the market as of today and looking at this Bitcoin and Ethereum chart we can see a huge support above USD 2,000 and USD 250 respectively.
If we don't get another correction tomorrow or over this weekend which can possibly break these support levels then looking at the current trend the market should stabilize and recover from the correction in the imminent future.
Cryptocurrencies are on a bull run at the moment and I wouldn't be surprised if we get at least 4 or 5 more corrections on the way to a possible USD 200 to USD 250 billion market cap by end of this year!
Until next time,
Rick
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