Wednesday, May 22, 2024

Bitcoin, Ethereum and Litecoin latest Price Analysis

Bitcoin’s plummeting price leave the cryptocurrency traders in shock

BTC surged back to $8182 afternoon today after a giving a shock downturn of $7500 a few days back. Cryptocurrency market was left in shatters and Bitcoin traders were looking to find a way out. A glimpse of the 2018 downturn was seen when BTC plummeted suddenly down to an all-time low of $3100. But the market recovered soon after hitting a steep low.

It left many other cryptocurrency users in a blowing state of mind. Many others went from green to red and traded way lower than expected. Bitcoin is considered the main building block of this blockchain and cryptocurrency market. It digitized the world and others followed suit. It developed a trickledown effect and the result of which is pretty much apparent now. The uncertain behavior of BTC can only be seen, not analyzed. So, it would be better to just sit back and wait and let the time do its job of revelations.

Ethereum’s dismal downturn after encouraging few weeks:

Ethereum, without a shadow of any doubt was flying high. Regardless of the trends in the Bitcoin trading, ETH went onto to break the shackles and cross the resistance. It traded at highs of nearly $235 just to fall back right into the deep hole of despair. An instrumental increase of about 67% percent was seen, but you know, as it goes, this what cryptocurrency trading is all about.

ETH is trading around $170-175 today and is hoping a surge back to the top. The second-biggest cryptocurrency was unaffected with the downturn of BTC initially but the inevitable had to happen bringing the price crashing down. Last week is the time to forget and move on for crypto traders. The biggest of the lot had scariest of the trends. Many analysts had their hands on the head with all the trends going against the predictions. But, this has not happened for the first time, this is what cryptos are known for. So, one can only hope for the best and prepare for the worst.

Read more: Looking forward to invest in Cryptocurrency Market? Do not miss out on these 5!

Litecoin bounced high just to fall back again:

The price of LTC/USD as of September 28th (3:54 pm UTC) is $55.90. The first two months of this year have been rather good for the traders of Litecoin. So much so that it had even outperformed BTC during that period. But a recent bump down in the price of BTC means that all other cryptos went crashing down too.

On Sept. 18, LTC after breaking out and facing a resistance at $76.7143 level was expected to pick up momentum. However, the very next day it pummeled below $76.7143. The sudden crash in the price gave many cryptocurrency traders a hefty blow. Many analysts thought that LTC might be crossing the resistance and reaching a high of $81 but it was not the case. It plummeted down sharply leaving many to ponder about the future of cryptocurrency markets. The highs and lows of cryptocurrency trading are just too much for traders at time to be dealt with. The uncertainty, mostly benefits the skeptics and pessimists as they prefer taking calculated risks. Let’s just wait and see which way does this trend go, and for how long.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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