Crypto market

Crypto is taking a hammering but it is not dead nor do I think it will be, at least for the big players.

It has been a shaky time over the past 12 months or more. Crypto coins have struggled either because there is so much out there now or people haven’t yet grasped it’s possibilities or simply because they prefer cold hard cash in their pocket. It is true after growing massively Bitcoin (BTC) has plummeted over the past month or two then rallied slightly. Similarly, most major altcoins are dropping in value. ETH traded below the USD 1,450 support level. XRP might soon revisit the USD 0.32 support. ADA tested the USD 0.465 support.

Bitcoin dropped 3% and traded below USD 21,500

Ethereum dropped below USD 1,450,

XRP is approaching the USD 0.32 support.

ADA and SOL are down almost 5%.

The support level is the value that it is believed a cryptocurrency will not fall below. The problem arises however when historically these are subject to change quite quickly and it is wise to keep an eye on the current support level which is determined generally buy the traders. In essence it is your buy or sell line.

However over the last 7 hours BTC dropped below the £21K mark trading as I type at £17,535.38 down 4.3% It wasn’t that long ago it was at the £44k mark BUT remember it first went on sale at 12 pence a coin! It is struggling but this technology has to survive if the blockchain wants to survive. This doesn’t mean the collapse of tokens but people are as always looking to dump and there are those out there that will scoop these coins up waiting for it again to head north.

Welcome to the cryptocurrency market. This is the way whether you are trading crypto, shares, stocks or bails of hay. Hold tight it is a bumpy ride but that is half the fun unless you backed the wrong horse when everyone else starting creating crypto coins and folks snapped them up! The Chinese are still heavily into it as are others that see the vision but those still using FIAT one day will be left sinking on the good ship cash as the last lifeboat left while they were stuffing their suitcases. Be careful out there especially with your money.

Happy trading!