It seems like the downturn in cryptocurrency has resumed. All the cryptocurrencies are trading much lower than their prices yesterday. Most of the cryptocurrencies have fallen anywhere from 8% to 12% in the last 24 hours.
Even the dominant cryptocurrency that is Bitcoin has fallen by about 8%. This is the reason why many of the investors think that it might be time to take a break from the cryptocurrency markets. The main problem is that most of these cryptocurrencies are already significantly lower from the highs which they just touched a few months back. For example, Bitcoin is currently trading around $ 6900. It hit a high of around $ 20,000. This marks a decrease of almost 65% from the peak. Such a decrease in just a matter of few months is actually pretty drastic and scaring investors away.
With each and every passing regulation coming against cryptocurrency, the cumulative value of the cryptocurrency market is consistently falling.
Bitcoin Cash has also fallen by approximately 12% in the last 24 hours and is currently trading below $ 700. Similarly, Ripple is also trading around $ .49 after touching a high of around $ .58 in the last 24 hours. This is a fall of more than 15% in just 24 hours. As a result, the investors are staying away from the cryptocurrencies.
Even the dominant cryptocurrencies like Bitcoin as well as Ethereum are falling consistently. This is a cause of concern for most of the cryptocurrency experts.
Also, with the rules and regulations increasing more and more, it will become difficult for the investors to invest in cryptocurrencies. If that happens, the momentum will be lost. Any loss of momentum will lead to further decrease in price. Moreover, with the value of Bitcoin decreasing as well, the cumulative market cap of cryptocurrencies is decreasing at a faster pace. This is one of the main worries for the cryptocurrency market.
With that being said, it remains to be seen whether the bottom which was created a few weeks back by most of the cryptocurrencies is held or whether the cryptocurrencies break that bottom as well. If indeed, that bottom is broken, the cryptocurrencies can head much lower. In such a case, most of the investors would sell in panic leading to the fall of cryptocurrencies at a faster pace and in a shorter period of time.
Most of the investors are just in the wait and watch mode currently.