The first week of July set the trend for the Crypto market this month. There were loss in prices but investors were optimistic of gain as the month progressed. But, these price drops have now amplified and taking down even the major cryptos in the market. The investors who were waiting for the major bull run of Bitcoin, it’s bad news as Bitcoin has been caught up in this trend of percentage drop in prices. The losses of these top 4 cryptos are not a good sign for Crypto ahead.
Bearish Sentiments Throughout the Market
The top 4 Cryptos going down have basically made the whole market bearish but it probably isn’t their fault. It was anticipated that in these top 4, currencies like Litecoin and Bitcoin will have a pullback and investors must be ready for it. But, investors of Litecoin weren’t actually ready for such pullback as it has happened just at the eve of the halving event of Litecoin.
For Bitcoin, it was said by many that it would lay down the foundation of the bull run at the start of July, and would be at least US $15,000 at the start of August. But, in this optimism, the realists who also kept the possibility of Bitcoin dropping a feasible outcome were cast aside. Talking about the other two, Ripple and Ethereum, it is just unfortunate timing that they have dropped when it was a down period in the market.
Losses of the Top 4 – In Figures
Bitcoin, for the first time in almost a month, dropped below the US $10,000 and it is a shocking revelation for many. The valuation of Bitcoin went down as low as $272 billion and showed signs of dropping even below at some point. At the time of writing this article, the price of Bitcoin is $10,795 and growing, fortunately, but it will take time for Bitcoin to assemble momentum for a bull run.
Ethereum, the second largest cryptocurrency in the market, suffered the most. Ethereum has lost nearly 20% of its value in the last 48 hours and took hits in its price. It was trading at $313 on 8th July, and it slowly started wearing down from that. In the last two days, where it was traded at $269, it went down sharply to the $200 mark. At the time of writing this, it is being traded at $229 but is still diminishing.
Ripple XRP, a cryptocurrency who has climbed in terms of valuation due to its blockchain success, has also suffered. It has seen a loss of 9% in valuation and went down from almost $0.40 to $0.32 in a matter of a week. It is trading at $0.31 now, with a stagnant graph of growth.
Litecoin, the fourth largest cryptocurrency, has the most unusual loss due to the timing. It should have been a booming period for Litecoin as the halving period is just three weeks away, but it is quite the opposite. Litecoin price has taken a steep drop from $123 on 8th July to $89 being traded right now. This trend of bearish growth was present even before that period as it wasn’t growing enough at the start of July.