Towards the end of June, many Cryptocurrencies reached new heights and looked like the best prospect to invest in. Many people also falsely predicted these currencies to hit greater heights by the end of July or September. But this looks seemingly difficult because since then most of these cryptocurrencies have nothing but fallen. Market caps have reduced by billions of dollars and many people the bought it in the excitement of seeing them grow so rapidly when they were at their peak have also lost sizeable amounts.
How much have the major cryptocurrencies fallen by?
Most cryptocurrencies have fallen but some have suffered greater losses than others. Ethereum, the currency that has been regarded by many as one with maximum potential has fallen by 50% since June, after having increased by 400% between May and June. Ethereum lost 17.5 in market value and hit a low of $180 earlier this week. Even Bitcoin faced a huge hit, falling by almost $700 since June from approximately $2900 to $2200. It has started recovering already but Bitcoin is very volatile at the moment. Litecoin had also shown signs of booming like the Ethereum but just when it looked ripe, it began to fall. Litecoin fell by almost $10 which is a huge amount considering its low price.
Ripple, which is very cheap at the moment faced a hit but since its value is only a few cents, it did not make a huge loss. Total cryptocurrency market losses topped the 25 billion dollar mark making it the worst in cryptocurrency history.
What does the future hold for cryptocurrencies?
Despite this huge dip in the cryptocurrency market, analysts are predicting an upward trend for the future.
Cryptocurrencies are beginning to get a lot of backing from huge names in the business and the financial world. Billions of dollars are being raised in fundraisers for cryptocurrencies. Bitcoin will soon begin to rise and is predicted to touch a price of $5000 within a year or two. Analysts are predicting that Ethereum might hit $500 by the end of this year.
There have been a few events that have driven these prices down. This is just a temporary re-correction as prices are prices are predicted to start showing stability again.
The Tezos ico has already hit 200 billion dollars and it is already the biggest ever. It is looking strong and hopes to increase rapidly within no time. There are many other cryptocurrencies that are very cheap and new currently and this number keeps improving every day.
