The ether price, the basic Ethereum Blockchain Network Cryptocurrency has reduced by 14% overnight while the other main Cryptocurrencies like Bitcoin Cash, Ripple, and Bitcoin drop range 2-6%.
Ether Reduction On Bitfinex
In less than sixty minutes, the ether price has reduced from $574 to $492 (more than 14%). While Ethereum is fast relatively rebounded on by 6% from %492, it is still low with an approximate rate of 10% from $574.
Whale Panda and other analysts who host the famous Cryptocurrency magical podcast have indicated that the act of dumping Blockchain and initial coins offerings (ICOs) played a significant role in the ETH reduction.
“Did $EOS lack enough ETH when they were still using Finex? Just wondering who range dumped the $ETH on Bitfinex.”
Said Whale Panda; hence raising a vital question.
The Market Is Generally Poor
The main issues with Blockchain and ICOS project that raise many dollars after great sales, for financing both developments and operations, ICOs have to liquidate a large portion of the raised ETH. Just like EOS, the ICOs have a tendency of liquidating their Ethelium on Bitfinex and other public Cryptocurrency exchanges. This triggers a domino effect that makes the major Cryptocurrencies to have a significant reduction.
The prices are reduced by some transparent events such as moving funds from EOS to the Cryptocurrency exchanges cause short-term recoveries. Thus, the initial ether price drop by 14% dropped to 8%.
The price of Bitcoin has dropped past the $7200 mark; making it possible to get the higher $6000 region. The other main Cryptocurrencies such as Bitcoin cash, ripple, and EOS have also reduced in similar margins. Their current drop range is 5 to 8%.
Bitcoin is the only Cryptocurrency that has maintained its sustainability as compared to the other main tokens and Cryptocurrencies over the past seven days. The price of Bitcoin has substantially declined from $8600 to $7140 against US dollar.
The Current Cryptocurrency Trend
On yesterday’s report, it was noted that Bitcoin could receive a higher support level of $5000 in the high-end region and $6000 in the lower end region. The major analysts like Willy Woo who evaluate both the long term and short term Bitcoin price trend using the quantitative data have emphasized that based on the available indicators; the price of bitcoin will go below $6800 then sharply rebound after hitting $5700.
“In short, my sure guess…a slowish bleed of up to $6000 will happen, then a big slide up to $5700. The drop will then be leveled to cause a flat zone.” Based on the fundamental and volume profile, this is one of the educated gestures that frame the movement rate.”
Said Willy Woo.
Since the main Cryptocurrencies and bitcoin have failed to sustain the current levels momentum, the probability is high that Cryptocurrency market valuation will drop below the set $300 billion mark. In the upcoming weeks, it can even hit a $200 mark.
However, the analysts are still hopeful that the 2018 third quarter potential rally will increase the Bitcoin price and attain the normal $14000.