“In order to succeed, you first have to be willing to experience failure”. – Yvan Byeajee
Cryptocurrencies have made headline ever since the introduction of the first digital currency, Bitcoin in 2009. While many support the cryptocurrency trend, several people are still too unaware of the market to comment on it. The market prices can abruptly rise or drop within hours in a single day.
Bearish and Bullish are terms used to characterize trends in currency, commodity or stock markets. If prices tend to be moving upwards, it’s a bull market. On the other hand, if the prices are moving downward, the market’s called bearish. Usually, after an asset loses a value of 20% or more, the investors term it as a bear market.
Let us explore the different cryptocurrencies in the market and analyze their positions.
Introduced by Satoshi Nakamoto in 2009, Bitcoin is the first and most successful cryptocurrency. Today more than 1200 digital currencies exist. Bitcoin has fallen 70% from its peak at the end of 2017 which is a major reason of concern for the investors.
Still, the drop isn’t as dangerous as it was the last time; the cryptocurrency market lost almost 85% of its value between December 2013 and January 2015.
As of June 29, 2018, Bitcoin fell to $5,845 which is it’s lowest level against the dollar since October 2017, and down from the December record high of more than $19,000. This latest price decline is not as severe as it was back in 2013, however, the market value is destroyed because more money is invested in bitcoin now compared to its last bust. When the 2013-15 crypto winter ended, bitcoin’s market cap had fallen by more than $10 billion from peak to trough. This time though, more than $200 billion in market value has been lost. The market stabilized after its last destructive blow and many investors believe that the present situation is almost ready to go away. Let us hope we see the bull soon!
Bitcoin Diamond recorded a huge loss of about 84% in the last 24 hours. The price fell to $2.38 and the analysts are predicting that the loss will not stop anytime soon. The lowest the price could go is 0 so there isn’t much room from here to the bottom for Bitcoin Diamond’s value. Bitcoin Diamond might never recover from this phase because those who bought it on the fork sold it early on and those who held it are now finalizing their sale before it is too late, and the coin turns almost worthless.
Ether, which is a preferred platform for many developers, is nearly down by 17%. Now, the price is below $200. Recently in May, Ethereum had a high value of $808. For most parts, ETH price follows the trends of Bitcoin itself.
By some people, the lack of Ether’s price stability is seen as an obstruction to adaption of the currency. Ether was worth $1400 in January and it seemed like the platinum kid of crypto. But the global crypto economics uncertainty is still a major concern.
The crypto-market has been in the bear state for a long time now. Litecoin creator Charlie Lee says that cryptocurrency is still a good buy. Lee believes that the drop in prices has created an amazing opportunity for long-term bulls, who have cash and can afford to spend it. Lee also said that it is hard to predict the prices. Sometimes a bear market can end in 6 months or can even remain in that state for 2-3 years. The currency prices have dropped to 60-70% because the market is so volatile. Lee hopes that the upcoming Litecoin summit focuses on technology, merchant adoption, and scaling.
Ripple has issued a Q2 report which amounts to a total of $75.5 million in the last quarter. This value represents a decline in the sales as compared to Q1, which is understandable given of the bearish trend in the market. In Q1, the company sold around $167.7 million worth of XRP in total, which means that the sales dropped by 55%. There is no immediate peak in sight for the XRP right now.
There are different views on how long the bearish market will prevail. It is assumed that the market can stay in a neutral bearish trend for almost 1-2 years, but can pick up prices earlier than that as well. Let us hope for a quick surge; investors around the globe are utilizing the trend to stock up on cryptocurrencies.
PCEX is a digital currency exchange providing real-time pricing, a smooth trading platform and a broker channel for real-time support. Register with the platform at www.pcex.io