For the first time in a couple of weeks, we have seen the majority of major values enter steep declines in what is looking like a major corrective period, making up for some of the massive gains we have experienced over the past few weeks. It is important to consider that since the mid-April market surge on the 13th of April, we didn’t really see any significant correction periods, instead, the markets carried on a steady upwards trajectory. Of course, things slowed down and some troughs occurred, overall though the positive trend established by the surge, seems to have continued on, until today at least.
How are the major currencies looking at the moment?
At the time of writing we see the following:
Bitcoin is valued at $9,172.38 and is down 1.55%.
Ethereum is valued at $632.37 and is down 9.16%
Ripple is valued at $0.82 and is down 11.03%
Bitcoin Cash is valued at $1,300.04 and is down 12.97%
EOS is still standing up with the surge and is one of the few coins making significant gains at the moment, valued at $14.19, EOS is up 4.90%.
Litecoin is valued at $149.91 and is down 7.48%
This trend seems to continue throughout the markets, suggesting that this indeed a period of correction and nothing more sinister that is only affecting the top of the market, that’s good news at least.
The beauty of this phase is that, by the time this article is published, what I have mentioned could be obsolete and we could of cause have left the correction period as soon as it has started. That’s obviously unlikely, but indeed somewhat possible.
How long will this last?
It is hard to tell, as I have said we could slip out of this quite soon, alternatively though we could see this trend continue. Big indicators may be that Bitcoin slips below $9,000.00, this instance could cause some big drops elsewhere. EOS is also one to watch, if EOS starts to enter a decline then we may see further drops from other nearby currencies.
Of course, as ever, Ripple will have an important role within this. Whilst it is unlikely, if Ripple drops below $0.75 then this could be a good indication of a more serious correction period, something, perhaps we should worry about.
Overall, this won’t last forever, another bull run is expected and maybe this could take place in the wake of the events of today. We can’t see it happening before this weekend but really who knows. Let’s face it, Bitcoin could hit $12,000.00 tomorrow!
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