The downfall of the cryptocurrency markets is continuing today, with all major currencies making substantial losses. This decline is not just isolated within the top ten currencies however, overall, the negative trend has swept through the markets and looks to be introducing the majority of cryptocurrencies to brand new lows. This market ‘hangover’ really is draining the life out of the majority of cryptocurrencies at the moment. Whilst the true impact of this can’t be measured just yet, the value of cryptocurrencies can, the outlook isn’t pretty at all.
Of course, some cryptocurrencies are taking bigger hits than others. The markets are emotion driven and this, investors of different assets behave very differently. Either way with mass selling taking place overall, we still seeing some currencies worse off than others. Such downfall at the moment, seems to be paying heavy focus on VeChain, Bytecoin and Qtum.
Let’s have a look at the stats.
At the time of writing, VeChain is valued at $3.48, down 9.,91%. This is most tragic for VeChain, a currency that has just made huge progression through an announcement within the MOBI project and moreover, through an official partnership with PwC Hong Kong and PwC Singapore. Both announcements had a profound effect on VeChain, shooting its value up to over $5.00. Now, VeChain is seeing lows it hasn’t experienced since the middle of April.
Bytecoin isn’t fairing much better. At the time of writing, Bytecoin is valued at $0.006, down 8.65%. Bytecoin recently saw gains of 160% in the wake of a new listing on cryptocurrency exchange – Binance. Through this, the network gained so much attention, the currency was taken offline for a short time. Once all systems had been fixed, Bytecoin went live again, however, it’s current trajectory suggests by now, its too late. The damage of the bear market has already been done and thus, overall, Bytecoin has seen no benefit in value from the Binance listing. If anything, the listing simply just caused problems.
Likewise, at the time of writing, Qtum is making heavy losses. Valued at $13.02, down 9.63%, the outlook for Qtum is less than exciting. Qtum hasn’t seen values of this scale since the start of April and thus, Qtum is experiencing a similar drought to that of VeChain.
This downwards trend has overtaken the market, that’s for certain now. When the top currencies take an upswing, though, the rest of the markets will follow on. This is for certain. The only thing we can’t work out at the moment, is, when this upswing will take place.