Weekends are traditionally a boring time to trade cryptocurrency. Either there is no market movement whatsoever or all major currencies see significant price declines. This weekend seems one with small declines for all top currencies, which is not something to worry about anytime soon. However, it goes to show the Bitcoin price may not reach US$3,000 as early as experts had hoped.
Cryptocurrency’s Weekend Downtrend is in Full Effect
The past week has been filled with more ups and downs than most people would like. The overall cryptocurrency momentum for 2017 is still pretty bullish, given a lot of the value gains for top currencies. At the same time, some currencies have seen a large portion of their gains wiped out in the past few weeks. Especially Ethereum has come a long way from its US$400 all-time high, as the currency is now valued at US$180. Moreover, that value may continue to decline for the foreseeable future.
As of right now, all cryptocurrencies are showing small losses. On a Saturday afternoon, that is anything but surprising, considering weekends are notoriously difficult times in cryptocurrency trading. Bitcoin has fallen by 3.23%, which is a semi-large loss. Then again, we saw some bullish momentum earlier this week, which hinted at a potential increase to US$3,000 over the next few days. Given the current momentum, that may take a bit longer than originally expected, though.
All other currencies have noted similar declines, so far. Ethereum dropped 5.64%, Ripple is down by 3.08%, and Litecoin lost 2.81% in value over the past 24 hours. NEM is the one currency with fewer losses, at 0.96% in the red. It is quite interesting to note one top-1o currency is in the green, as Stratis’s value increased to US$4.66 with a 4.82% gain over the past few hours. An interesting trend, although Stratis used to be worth nearly US$11 in June of 2017. It is evident things are changing quite a bit in the world of cryptocurrency these days.
With the total cryptocurrency market cap hovering at US$86. 6bn, things are looking relatively well for the time being. A lot of people will expect this value to increase back to US$100bn and higher in the near future, although it remains to be seen how things will effectively evolve moving forward. There is still a fair amount of market volatility to contend with right now and any major gains will take quite a lot of effort to materialize properly. More importantly, maintaining the momentum will not necessarily be all that easy either.
It once again becomes evident all other cryptocurrencies hinge on the Bitcoin price. As long as the Bitcoin price remains stable, so will most other currencies. The one exception is perhaps Ethereum, as its value seemingly goes down regardless of what is happening to Bitcoin right now. It will be interesting to see whether or not that situation changes in the coming months. Neither of these currencies is competing with one another, thus their value shouldn’t be related to one another.
Most traders will spend some time looking at how the Bitcoin price evolves over the next few days. Weekends are always slow and any value decline is to be expected. As long as things remain within acceptable ranges of gains and losses, things will play out fine in the long run. Right now, the Bitcoin price is doing just fine, and US$3, 000 is still within reach. It is unfortunate to see the Bitcoin price go down over the weekend, but most people have gotten used to it by now.
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