The ongoing 2018 Bonfire of The Cryptocurrencies sees more big plunges almost across the board, as Bitcoin et al head back towards their April low-points.
The cryptocurrency market seems to be on another fall back towards the lows it hit earlier in the year, as any sight of a price recovery seems to be disappearing off over the horizon. Despite repeated claims that another bull run like we saw in late 2017 is coming soon, prices seem unable to get back to anything like those kind of levels before heading back downwards again. Things only seem to have gotten worse since the recent Consensus event in New York, which usually offers a boost, but has seen a fair bit of bad publicity this time around.
At the time of writing, according to figures from CryptoCompare, Bitcoin is rapidly heading back towards the $7,000 mark, having looked like it was heading back towards $10,000 earlier in the month – having nearly reached $20,000 in Dec 2017, and topping out over $17,000 in the early weeks of January. Bitcoin Cash has headed pretty persistently downwards since it updated in the middle of this month, and now sits – once again – below $1,000. It reached its 2018 peak on January 10th, at nigh-on £2,857, but has fallen close to $600 in early April.
Zen Cash, which got a recent boost through a listing with Binance, has receded by over 12% in the last 24hrs, with other dropping percentages around half of that. Of CryptoCompares Top 10 coins, 0x appears to be the only one bucking the current downward trend and dodging the bears.
This, of course, is all part of the rollercoaster of CryptoCurrency investment – and nothing that marks itself as unusual when you look at long-term charts. What’s more, it all depends a lot on when you invested. However, after repeated claims that things will pick up for those whose wallets have taken a hit in the first half of the year, the last few days have been a pretty bitter pill to swallow, no doubt.