Cryptocurrencies appeared to find a floor toward the end of May. The tumultuous month saw the market shedding value day after day. Recently, total market value crawled back to $330 billion, although that number hovered above and below that figure at times. Many analysts believe the downturn is coming to a close sooner rather than later. Nobody knows exactly when the market slide will stop, and the bears remain in play.
Stagnant Prices With A Recent Trend Toward Losses
Currently, top cryptocurrencies remain in the red for the past 30 days. Bitcoin remains below $8,000; Ethereum remains below $700. Virtually all of the top currencies are down month to month anywhere from 10 to 30 percent or more. Without a doubt, such developments are jarring to small and large investors alike. It appears as though every gain in market cap is met with strong resistance and a pullback to lower levels.
What's Going On With Cryptocurrencies Right Now?
For the most part, news surrounding cryptocurrencies remains positive. Individual currencies continue to see positive developments and new innovations. Most regulation efforts on cryptocurrencies are seen as positive with a couple exceptions. At this point, cryptocurrencies remain in a slide for no particular reason. No major news event has spooked investors and caused them to pull out their money into fiat currencies.
Then again, the United States continues to probe cryptocurrencies for signs of market manipulation. Most analysts see market manipulation as a probable cause of Bitcoin's crash from it's $20,000 valuation earlier this year. An investigation like this one is welcome by many, but some investors may dislike the intervention by authorities. Also, a few cryptocurrency exchanges have been closed by various countries recently.
Investors have more than likely seen the worst of the recent decline for cryptocurrencies. In the coming weeks, the market may dip a little lower and est new lows for the year. The market should start to recover some of its lost value moving forward, and perhaps the latest downturn is drawing to a close. Cryptocurrencies remain far from testing new highs, and a major rally might not happen anytime soon.