Crypto Markets Crossing the Red Line, ETH Perfect Synch with BTC
For the better part of yesterday and today, crypto markets are trending the red line with red candlesticks painting entire charts. The bearish news is that despite a promising start of the week, Bitcoin has closed with a price point below $8,500. In fact, the major digital currency has been trading within a sharp range from $8,700 and $8,600. Ethereum on the other side is playing against the $175 and $180 support levels.
Meanwhile, it has taken a rough down swing below the $8,500 price point during recent hours. The current press time price is $8,463, representing a loss of 2.86% since yesterday. It seems the weekend is upto no good for the bulls.
Rather, Bitcoin's price struggle to attain higher points almost ascertains Tom Lee’s prediction of $25,000 by 2022. Tom Lee stated:
“Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it’s a log function — so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”
On the other hand, Ethereum is presently at the $180 mark. The leading altcoin has been trading in perfect synchronization with Bitcoin; and shows a downtrend towards the current trading position, resulting from a 48 hours loss of approximately 3%.
Further to XRP, the world’s number three coin by market cap. Red candlesticks are the order of the chart. The coin has been losing ground consistently for the past week. Well, the coin is currently trading at $0.261, a significant drop of 3.20% in the 24-hour chart. Analysts are expecting a further XRP price drop to the next support $0.24508.
Well, the majority of the top 20 crypto coins are showing red candlesticks. Tezos (XTZ) is leading with the biggest loss of almost 5%. Monero (XMR) is following closely and currently trades at $62.5.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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