Yesterday’s gains were short-lived as the statistics today seem to be short of the mark. The closing price for Bitcoin last night was at $8,887, and the price rapidly rose all the way up to $9072.9 in the early morning. There was a major drop in price at 9.25 am UTC, in which the prices fell to $8,801 within a minute. With consistent fall, the prices dropped all the way up to $8480.
After talking to different people who are directly involved with cryptocurrencies, they are of the opinion that market prices will reflect a big dip. This Sentiment Analysis segment is a composition of opinions of many investors, miners, market analysts, journalists, skeptics, and influencers.
This analysis will include sentiments on Bitcoin [BTC], Monero [XMR] and Ripple [XRP].
Known to be the largest and most popular blockchain in the world, Bitcoin still stands at number one position in the rankings. However, it experienced a major dip in the prices to an extent of 5.75%. The trend for Bitcoin has been highly wavery ranging from a high $9,177 yesterday to $8,564 today. The market is back in its bearish mode. The market capital, at press time, stands at $145 billion.
Liam Benjamin, an altcoin miner says,
“This drop from $9000 is the lowest that has been encountered since March and it is heading towards $8500. A word has been put out that Japanese regulators may ban the world’s largest cryptocurrency exchange! Possibly another FUD.. like WTF!”
James MacKenzie, a Financer form Edinburgh says:
“If Bitcoin falls to $8400, it will be a bearish climate which makes it hard to make 3 higher highs, due to a zone of resistance and the price is expected to go even lower. This clapdown is all because of the the miscommunication of news.”
Jude Wilson, an investor says:
“I knew I shouldn’t have been so optimistic. Look at the market now. One day of good signs and back to this bear show.”
To conclude, 30% of the Bitcoin respondents are of the opinion that it might slowly lose its ground within 5 years and that it will no longer top the rankings. However, a strong 30% are Bitcoin believers and 40% are of the opinion that Bitcoin is getting meddled into a lot of other unnecessary chaos.
There has been a shift from sellers becoming buyers with regard to XMR as the prices are dropping. Currently, Monero is priced at $205 which is 11.34% lower than yesterday’s price. With a market capital of $3.253 billion, the momentum seems to have stopped in the last few hours.
Aiden Bray, an altcoin analyst from Dublin says:
“The support level is analysed to be $262.2 and this point is where huge buying orders are placed, which will raise the price up. Watch out for that mark folks!.”
Wilson Shaw, a Monero investor says:
“Only because Monero prices are tagged with those of Bitcoin’s, it is very unlikely that the prices will increase. I don’t know. This instability is very demotivating.”
To conclude, 68% Monero’s respondents feel safe to buy XMR at this point in time as they are bullish. A 32% are bearish about the market prices which they expect would go further down.
Ripple has followed a repetitive pattern for the last two months. It is currently priced at $0.640 with a market capital of $25.4 billion. There has been a decline of 9.17% in prices within 24 hours.
Helen Foster, an altcoin expert from Detroit says:
“There is plenty of bullish potentials to be found in Ripple and now it is just a matter of waiting for a breakout and is very important that we wait for it. It has the potential to go up to $0.9 mark.”
Craig Smith replies to this comment as:
“To me, this feels like a bull trap, but I believe in it as I also do for ETH and BTC. It can go lower in the next few days. But it will break the resistance like it did yesterday. We can’t judge by the events that happened today.”
55% of Ripple respondents feel that the charts will show a redundant pattern and the future of the coin is unpredictable. But 45% are of the opinion that once it gets to the 0.9 dollar mark it will show some resistance.