The market had been hit hard really big momentous the past weeks. The situation is a totally changed from the buoyant mood from months ago. The total cryptocurrency market capitalization shrank to $68 billion from the record peak of $115 billion, a massive draw down of -40%. Traders were alarmed on the possible Bitcoin bubble after the meteoric surge over 200% this year. Meanwhile, cryptocurrency enthusiasts keeping positive vibe indicated this is normal market glitch and correction. But the wallstreet experts warn about the potential of total meltdown the Bitcoin.
But i believe any market downtrend is always tend to occur ever since the market had been enjoying huge jump from May this year. The crypto market saw the net liquidity in flow of roughly $80 billion in the period.
The market is still selling and could continue and pull lower for another few days/weeks. But who knows?
As of now, let’s take a quick view of the top cryptocurrency fare so far this week.
The lasted price was $1914, a drop of about -24% for the week. The Bitcoin adoption is still in the right direction. But the new code deployment or soft code of SegWit and USAF that scheduled to be activated on 1 Aug is still spilling the fear factor around. There are seemingly endless of uncertainty and grape-winds flowing around the market now.
Plus, the traders also looking to take some profits off to weather the storm.
Bitcoin price just wen through the worst week in its history. We could see the price breaking further down support line of 1875. The prie of 1800 seems rather more realistic price. But don’t discount the possibility floor price around $1500.
Ethereum is the one of worst performer among the 10 digital coins. The Ether tokens raised by various ICos saw the price reached the height at $400 a piece. But currently it was sold down to $150.67. In general, Ethereum platform had reach multiple milestones especially the mainstream recognition on its breakthrough technology and things are certainly looking bright into the future. But aside the rock solid fundamental, many were reporting that those ICOs had been cashing out their ETH. These are pinpointed as among the reasons for weak ETH prices and the gloomy market sentiment now. But bear in mind, ETH had risen over 5,000% in this year alone.
Ethereum price broke away from symmetric triangle pattern and this pointing to further tendency to going south. I have to think the support level at $125 seems like a optimistic price. But below $100 seems a really far fledged, yet we still have to see where or when the market would swing?
The Ripple blockchain is getting substantial millage with more than 80 financial institutions now using it in beta testing and application. Despite all the development strength, the price couldn’t escape the market ‘re-alignment’ sways.
XRP last traded at $0.149705 in the latest market slam. The price looked set to lock in between $0.10 – $1.05 support region. These levels could attracting bargain hunters accumulating the XRP. I personally don’t pay too much attention on XRP to be honest. But the trend is just mimic to the broad market at a glance.
Litecoin was traded better than most compared to other major altcoins. LTC just recorded the record high price on July 5 when it was transacted around $57. Since then, it was traded in tight range and before succumbed to the huge bear market wave. The price would continue to flow in sync with Bitcoin movement. But LTC could benefit if any inimical event of Bitcoin. Still regarded as the best hedge against Bitcoin by many.
LTC price stood at $38.78. The same level which saw it price swing to the height in early f the month. The territory between $33 – $35 should be serve as firm base to halt any temporal price fell.
5) Ethereum Classic
Another token that performing relatively better than most. ETC price had been relieved with continuous buying support. The price had a huge spike last week which saw it’s price reached $19. But surrendered those gains and traded at $14 now. ETC still pulling steady interest from China.
The most possible support level could stretched till $10 – $12 zone. The support looked reliable for ETC. Yet the market could divert the enduring descending channel or another makeshift price swing.
DASH price was mostly in tandem to the market. DASH is one the strong solid cryptocurrency with strong brand name and stable development. DASH recently update their roadmap. Everything looks positive and on track. The masterndodes model looks intact and vigorously balanced.
DASH is one of those must have token that in the watch list by many investors. So i think DASH would be reverse fairly quickly once the market settle down. But don’t discount the price could douche down around $100 – $110 as the market is getting very bearish at the moment.
The ledger blockchain developer is enjoying healthy acceptance in Asia. NEM just unveiled latest plan to spreads its tech to wider audience last month. Everything looks durable for the time being from what i read. The community is still positive about the tech and devs team.
The price was near to the May level on today trade. I suspect the floor price is around there but the market could gone more crazy and pull down everything. But at the moment, the price is traded showing sing of resistance and reluctant to go down further.
Monero price was not particularly impressive this year. One of the unique of XMR is it had strong background with years experience in the cryptocurrency. But it was ‘falling behind the radar’ on the previous crypto bull run. It was unable to match the upward momentum it showed last year. But it could still spring surprise in the near term. Its ranking improved as the least loses incurred by rival altcoins in the current depressing market.
The XMR price now traded at the lowest level since May at $0.1016, the support level could be anything above $25 – $28 support levels. But keep in mind XMP trending was in sideways pattern for the past 3 months.
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I skip some tokens such as ICO tokens as there are not sufficient historical information or data to make more concrete analysis or even assumption. And and some others for other posts due to time constraints.
Blood is all over the place now. Be careful.