It looks as if cryptocurrency traders may have another rough patch looming ahead. The Bitcoin price suddenly started declining, resulting in a near 6% loss in about an hour. That is never a good sign, especially not when considering how the rest of the markets are responding in similar fashion. Both Ripple and Ethereum are taking a serious beating right now, with Stratis being the biggest “loser” in the top 10 as we speak.
Here we go Again for a Wild Bitcoin Price Ride
Being involved in cryptocurrency is all about patience and learning to recognize cycles of ups and downs. In the world of Bitcoin, we often see downward trends out of the blue, which is then followed by a period of accumulation and eventually, upward momentum. Even though things were looking quite promising for Bitcoin until an hour or two ago, things have suddenly taken a turn for the worse.
Just a few hours ago, one Bitcoin was still worth over US$2,700. Right now, the Bitcoin price has dropped to about US$2,550 and it seems this decline may carry on for quite some time. Although speculators will draw up technical analysis charts as we speak, it remains to be seen how accurate they are. Technical analysis mainly works because many people will follow the projected signals, rather than the other way around.
That being said, it is impossible to ignore the current price momentum. The Bitcoin price is falling and so are all other currency values right now. Bitcoin has lost 6% of its value already, although that number can go as high as 10% if the market remains bearish. Those losses are still quite modest compared to some other currencies in the top 10, as Ethereum dropped by another 9.13%. Ripple lost 11.46%, though, which is not a good sign for people who feel XRP will go up in value soon.
Stratis is taking the brunt of this price assault, though, as its value dropped by a staggering 27.4% during the past few hours. That is very unusual for a top 1o cryptocurrency, as it seemed Stratis was well underway to head back toward US$10 over the next few days. With the reality check in place, one STRAT is now worth US$4.45 and falling. It is by far the biggest lost in the top 50 of all cryptocurrencies which doesn’t bode well by any means.
The big question is always why this price decline is happening right now and what will happen in the future. It is hard to tell what we can expect, as there is seemingly no reason for this Bitcoin price decline right now. It is certainly possible the looming Bitcoin Cash hard fork has something to do with it, although one would expect people to buy Bitcoin in order to get their free coins. For some reason, that doesn’t appear to be the case.
Why doesn’t @slush_pool allow users to choose to mine BCC?
— ViaBTC (@ViaBTC) July 24, 2017
If all things go according to plan, we should see a Bitcoin price bounce very soon. How soon that will be, remains to be determined by market participants. Anything can happen in the world of cryptocurrency, that much is evident. The ongoing political shenanigans by Bitmain and the Bitcoin Cash hard fork will not help matters, although the relevance of this hard fork remains one of the biggest mysteries. It is evident very few people think Bitcoin ABC has a fighting chance, regardless of what some entities in the Bitcoin world may think.
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