Currently, cryptocurrency seems to be in a downward trend. The market cap of cryptocurrencies is falling on a collective basis as well. Recently, in the last one week, it has experienced a 20% drop as well. This clearly indicates that it is in the form downward trend. The problem is that none of the popular cryptocurrencies are in the green. All the cryptocurrencies have lost a significant amount of value. Whether you look at them on a weekly basis or on a monthly basis, you will realize that all of them have lost value.
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Bitcoin:
Bitcoin is moving downwards on a monthly basis as well. On a monthly basis, it has fallen from $ 9000 level is to just current levels of 7400. This indicates a drop of approximately 18%. Such a drop after it has already lost a significant amount of value from $ 20,000-$ 9000 is actually quite significant.
Ethereum:
Ethereum was trading around $ 650 at the start of May. Ever since then, it has been falling consistently. Currently, it is trading around $ 522.
Ripple:
Ripple was trading around $ .85 at the start of May. It even went to as high as $ .95. However, since then it has been falling consistently. Currently, it is trading around $ .58. Ripple is one of the most widely used to cryptocurrencies by banks as well as financial institutions. That is why; the fall in Ripple is actually surprising.
Bitcoin Cash:
Bitcoin Cash was trading around $ 1400 at the start of May. However, after that impulse it has been consistently falling. Currently, it is trading around $ 900.
Litecoin:
Litecoin received a lot of attention during the start of this year. At the start of May as well, it was trading around $ 150. However, since then it has been also falling on a consistent basis. Currently, it is trading around $ 111.
As you can see, many of the cryptocurrencies are falling on a consistent basis throughout the month. Also, this spike which came in the end of April did not sustain as well. This is the reason why investors are moving away from the cryptocurrencies as well. Only the long-term investors are still invested in cryptocurrencies. Till the time, there is a trend reversal; most of the people will stay on the fence. Keyword: ripple, Bitcoin, Bitcoin Cash, Ethereum, Litecoin
