Crypto Markets Crossing the Red Line, ETH Perfect Synch with BTC
Table of contents
Bitcoin Downswing
Meanwhile, it has taken a rough down swing below the $8,500 price point during recent hours. The current press time price is $8,463, representing a loss of 2.86% since yesterday. It seems the weekend is upto no good for the bulls.
Rather, Bitcoin's price struggle to attain higher points almost ascertains Tom Lee’s prediction of $25,000 by 2022. Tom Lee stated:
“Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it’s a log function — so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”
ETH
On the other hand, Ethereum is presently at the $180 mark. The leading altcoin has been trading in perfect synchronization with Bitcoin; and shows a downtrend towards the current trading position, resulting from a 48 hours loss of approximately 3%.
XRP
Further to XRP, the world’s number three coin by market cap. Red candlesticks are the order of the chart. The coin has been losing ground consistently for the past week. Well, the coin is currently trading at $0.261, a significant drop of 3.20% in the 24-hour chart. Analysts are expecting a further XRP price drop to the next support $0.24508.
Well, the majority of the top 20 crypto coins are showing red candlesticks. Tezos (XTZ) is leading with the biggest loss of almost 5%. Monero (XMR) is following closely and currently trades at $62.5.