Are the markets turning the corner?
Just over a week since the price of pretty much every major cryptocurrency seemed to go into freefall, the past 24 hours finally seem to have seen some signs of steadying.
All but ZCash in the top ten coins over at CryptoCompare’s coin tracker is in the green this morning (and ZCash’s overnight drop is negligible). Bitcoin has enjoyed a 4% price bump, whilst Ethereum, Ripple, Litecoin and EOS have all notched up modest increases. It’s hardly a break out the champagne moment: all of them have seen their price dramatically fall in the past week, with Bitcoin most notably falling by over $2000 at worst.
What people had been holding out for, though, was signs that the falls were stopping. And perhaps yesterday’s signs of a truce in the so-called ‘hash war’ that’s dominated cryptocurrency this past week was it. We’ve detailed that in more detail here, but the bottom line of it is that there appears to be a path to stability again. Whether it’ll be taken remains to be seen, but it’s the first sign of light in the market since the sudden price tumbles took effect.
Lots of questions still remain. Will the cryptocurrency market be able to recover the losses of the last week? Will the civil war really come to an end? And how long is it going to take for the market to attract real confidence again, after a week that’s shown just how vulnerable crypto can be? They’re the longer term issues. For the minute, just the fact that the price drop has been arrested is something to take solace in.