Even though the cryptocurrencies began this year on a high note with reaching peak prices in December 2017 But following few month past nearly in the mid of year 2018, the crypto craze seems to be diminishing away. As during the time of starting of this report, the crypto market is not going very good for the day. Bitcoin is valued at $6,400, down to -5.84 % and Ethereum at $440, down to -9.29%.
Increasing Pressure Of Regulations
The increasing crypto regulations and negative news in the market about some hacks seem to have impact now, overall though this current trend is simply just the result of the bear market that has driven the markets down for a number of weeks now.
Bitcoin dominance is up once again. Bitcoin dominance stands at 43.3%. As the markets fall, the gap between the market cap of Bitcoin and the rest of the markets gets bigger. What this means is that the greater this dominance gets, the more power Bitcoin will have in dragging the markets upwards, should the value of Bitcoin surge some time soon.
However, this all is a part of digital volatility, if thought technically. We will see the markets move back up once again, though we can’t really predict when this will be, or to what scale it will occur. Just yesterday one expert even noted that Bitcoin could hit $2,000.00 before we see a recovery, after this though, the same expert also suggested that Bitcoin could hit $100,000.00. The possibilities are absolutely endless.
EOS at the time of writing is valued at $7.67, down 10.89%. EOS is seeing the biggest fall at the moment, but over the past few days we have seen this trend repeated. Correction is pulling EOS up and then back down at a cracking rate. Overall, it seems to balance out at around $8.00, once you average out these dramatic peaks and troughs.
At the time of writing, IOTA is valued at $1.01, down 6.63%. Again IOTA is suffering from a heavy bear market that really is crushing down prices. It does seem that like EOS, IOTA is taking a bigger hit than its neighbours but this isn’t as a result of a flaw within IOTA, so hopefully what we are seeing now is nothing too much to worry about.
Market Positivity Yet To Come
As ever, we need to keep an eye on market trends as the day goes on. If Bitcoin does pick up pace, it’s dominance is sure to pull the markets out of this current decline, though as it stands, any runs by Bitcoin are set to be short and realistically, such an occurrence is pretty unlikely at the moment.