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The Crypto Market Continues to Contract in Value. The downward spiral in the value of every major cryptocurrency has investors on edge. There is no clear-cut answer to where the market goes from here, but the bearish outlook by many cryptocurrency news outlets does not paint a bright picture in the short-term.
ArmyOfBitcoin.com is one of the top news sources for the cryptocurrency industry. In a recent post by Gerald Fenech, it was noted that Ethereum’s most recent decline was 10 percent over the past 24 hours. Bitcoin is still the highest-valued digital currency in the industry and its prices have shown some stabilization over the same time frame. Bitcoin (BTC) current price fluctuated between $7,100 as the low and up to $7,300 as the high. However, the overall outlook still points to possible further declines as well.
Bitcoin Cash is another crypto that suffered further declines in recent trading according to the Coingeek report. It was trading below the $900 level with the lower ceiling set at $850. The outlook for this crypto is still positive among most investors given its recent adoption across several platforms. There is still some strong hope that some sort of recovery is still in the works.
There is greater concern with the path Ethereum has taken in recent trading sessions. The declines have been steeper than overall industry trends with a fall below the critically important $500 threshold. Some late traction moved those levels to $520 at the close of business on Tuesday.
Ripple’s recent declines have been in the five percent range with a quoted closing price of $0.57. Litecoin has raised some concerns with investors as it continues to spiral downward to a price closer to $100. This is despite some positive industry news for this crypto. That has not been able to stem a total decline of close to 40 percent of Litecoin’s value over the past two weeks.
Following suit with the major cryptocurrencies mentioned above, the report also mentions a steady decline in value with smaller currencies taking a hit as well. One of them mentioned by Coingeek was EOS trading below the $11 threshold. Also included was NEO’s decline in value into the mid-$40s to come very close to reaching its all time low for the year. Moving down the list, Dash slid below the $300 level with a close of $290 as of Tuesday’s trading. Stellar Lumens decline is closer to 20 percent from its monthly high to settle in at $0.25. Ethereum Classic was another big loser in recent trading with its price falling to levels close to $14. The only good news from Tuesday’s market report by Coingeek was a slight five percent increase for Cardano to $0.19 as one of the Top 10 cryptos in the digital currency industry.
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Early trading for Wednesday’s market report on Coingeek was much more positive with Bitcoin leading the way with a posted gain to $7500. Other cryptos such as Bitcoin Cash and Ripple were also trading higher on Wednesday. However, these 24-hour and even 48-hour trading windows needed to be tempered with the longer-term monthly trends that still support a bear market.
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