At press time, bitcoin is at its lowest trading point in several weeks and is presently sitting at just over $9,500. This marks the first time since August that the currency has fallen below $10,000. It also marks a fall of about $700 in just the last couple days.
Bitcoin and Its Crypto Cousins Ain’t Doing So Hot
Bitcoin, as analysts claim, has been experiencing lesser volatility over the past few months, but when movements like this occur, it’s hard to take these words as pure fact. If that were true, why is bitcoin suddenly experiencing such bearish activity? Yes, the currency is still up from when it reached $5,000 in April nearly six months ago, but the currency has fallen hard over just a 72-hour period.
So, what can we expect for the currency in the coming weeks? Will it drop even further or rebound as it usually has? This isn’t the first time the currency has dropped down into the mid-$9,000 range this year, and it probably won’t be the last. What we are consistently seeing, when falls do occur, is that they repeatedly take bitcoin down to this level, but it’s not long before it comes back up and surpasses $10,000 again, so in that sense, perhaps bitcoin is experiencing a lack of volatility and traversing through a wide, $700 range.
Unfortunately, if one were to look at a site like CoinMarketCap.com and examine the present token offerings, they’d notice that virtually every single cryptocurrency is in the red. The entire market is bleeding out and fighting for its life. Mainstream tokens like Ethereum and Ripple’s XRP, for example, have fallen by more than eight and six percent respectively over the past 24 hours.
Others, such as EOS or Litecoin have fallen by anywhere between nine and 11 percent. The only currency that seems to be doing well is one known as Chain Link, which ironically, Live Bitcoin News reported on yesterday as one of three potential coins that were set to do well over the coming 12 months according to YouTube star Nicholas Merten.
Can We Really Do Anything?
One sees this news and can’t help but feel that maybe the host of “Data Dash,” arguably the most popular crypto-related program on the streaming and video site, has a point. Other smaller altcoins ranging from THETA to Mona Coin are also up by anywhere between one and 11 percent, but these are small assets that aren’t making much of a dent in the industry to begin with.
Thus, it’s very unlikely that their price hauls have anything to do with the stability of the market, nor are they set to do much for the market’s improvement. In any case, this is simply a time where enthusiasts will have to wait out the storm.