Most of the cryptocurrencies are currently falling. Whether you take into account Bitcoin or Ethereum ripple or Litecoin, they have slumped in the recent couple of weeks. The month of March has been quite difficult for most of these cryptocurrencies.
According to co-founder of Rewards blockchain Ltd, Linda Butcher Co. Better days will come soon for the cryptocurrency markets.
Consistent fall in cryptocurrencies:
Currently, Bitcoin is down by 20% and Ethereum is down by 25%. At the same point of time, Ripple is down by 22% and Litecoin is down by 26%. All these falls have been reported in just the last 7 days. As a result, the wealth destruction which has happened in the cryptocurrency space is actually enormous.
As a result, most of the cryptocurrencies are actually not finding any takers at the lower levels as well.
If you take into account the top 100 cryptocurrencies, 93 of them have fallen. Only 7 cryptocurrencies have advanced.
The main problem with cryptocurrency is the regulation issues. Each and every time, there is increased regulation, it is coupled with the sell-off in cryptocurrencies. This is the main problem with cryptocurrencies. Many investors are in fear. Whenever there is a new regulation or rumors of new regulations, most of the investors liquidate their possessions. This is the main problem with cryptocurrencies currently.
Many of the other cryptocurrencies like Bitcoin Cash have fallen by almost 80% from the recent highs. This is another problem which the investors are facing. In many of the cases, investors think that over a period of time, cryptocurrencies can recover. However, it will take quite a lot of time.
In the meantime, the cryptocurrency investors are making the situation worse. They are selling in panic. Whenever there is selling in panic which is not followed by buyers, the cryptocurrencies will head to lower levels. This is actually compounding the problem as well. As a result, the cryptocurrencies are not able to sustain at all at the higher levels which are causing them to fall further is another problem which most of the cryptocurrencies are currently facing.
With that being said, it remains to be seen, the time period which is being taken by most of these cryptocurrencies to recover. If they are able to retain the base which they have created in the last 30 days, there are increased chances that they will be able to recover.