Why are cryptocurrency prices falling? Market experts have different opinions, while some are seeing the worsening of the downtrend and others are positive.
11 July, AtoZForex – The data from Top 100 Coin Market Cap suggests bad news for cryptocurrency bulls. Just a few of digital currencies out of the top cryptocurrencies were trading in green Tuesday morning. Is cryptocurrency rally over?
Why are cryptocurrency prices falling?
A big number of market experts believe that so far, July is not the best month for cryptocurrency market. They assume that such sentiment exists due to the current Bitcoin network internal battle.
As we approach the last month of the summer, the digital currency market crisis is getting worse. Presently, there are three main battling fronts – SegWit, SegWit2x and Bitmain’s UAHF. All of the above-mentioned represent the proposed updates to the core Bitcoin’s core. They aim to improve Bitcoin’s operating system, while they focus on different Bitcoin technology issues.
A lot of the industry observers note that this is a challenging period in the history of cryptocurrencies. However, in spite of the current crypto battle, some of the investors still hold on to the digital currency market. In fact, some of them claim that now it is the best time to invest in cryptocurrency market.
According to the ICO consultant, Murray Barneston, now it is a rough time for digital currencies. He also stresses that the trend could get even worse in case investors will panic and abandon the cryptocurrency market. Mr. Barneston also believes that the best options right now is to hold on to the investments.
Another cryptocurrency expert, Edward Cunningham of Bitcoin Powpow, has stated:
“We have all known that July was going to be a bumpy month due to the BTC possible split drama which only adds to the ICO’s dumping for liquidity – let’s hope beginning August the trend changes and heads North. In the meantime, hold as best you can.”
Priyabrata Dash, another ICO expert, shares the views of Mr. Cunningham. He stated that the escalating battle is the key reason behind why cryptocurrency prices falling. Yet, Mr. Dash is positive about August.
Current cryptocurrency market
Meanwhile, the Bitcoin’s value is down $2389.44, according to the data from Coinmarketcap.
IOTA sank almost 16% while trading at $0.223836, with Ripple’s value dropping by nearly 16% to $0.188037.
Ethereum Classic declined slightly more than 6%, hitting $15.29. Litecoin has posted a 3% fall, trading at $46.39.
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