Bitcoin has now fallen to $54,307 and Ethereum to $2,868. Over the past 24 hours, Bitcoin has dropped in price by more than 7 percent, and Ethereum by more than 10 percent. The drop is very sharp, but there are
When bitcoin enters into bearish mode, altcoins as well enter; the vice versa is not true always and we cannot have any generalized ratio among altcoins and bitcoin on falling or rising percentage. I was not expecting a fall of bitcoin market up to 54k levels but was expecting when watched bitcoin network fees was lowering. Now we may see bitcoin prices lowering further but I expect $51k may act as strong support hence before seeing any further fall, we may see some appreciation in short term.
It is expected that by the end of summer there may be a good rise in the cryptocurrency market again, so there is no need to panic. Now there is a good chance to stock up on promising cryptocurrencies at a very low price, if you have available funds.
Always for long term perspective, we never need to panic only traders and short term investors might need to rearrange their plans and goals. By this year end, we can expect bitcoin market to trade again above $70k levels which may trigger altcoin markets to rise up again.