Another overnight Bitcoin dip from $8,050 to $7,809 has led to the fall of the market value again. With the sell-off of many top coins, the global coin market fell below $300 billion last night. Both the global market capital and Bitcoin’s value is slowly picking up their pace and are priced respectively at $299 billion and $7,925. Ethereum’s price dropping from $462 to $444 within the same timespan served as no help.
The global market has been ranging from $280 billion to $350 billion over the past 10 days. With the lack of momentum and volume among major coins over the past few months, the market is seen to be extremely volatile. With such bearish signals, experts believe that Bitcoin will revisit its recent low at $7,240.
For today’s Sentiment Analysis segment, we have interviewed a group of investors, miners, journalists, skeptics, and influencers to understand the community opinions about selective coins, today specifically for Bitcoin [BTC], Ripple [XRP] and, VeChain [VEN].
Bitcoin is currently trading at $7,925 with a 2.19% drop in its value over the past 24 hours. With sustainability of gains in doubt, Bitcoin experts are confirming the death cross bearish effect on the prices if the 200-day MA and 50-day MA are to meet. Struggling to break its heavy resistance at around $8,500, Bitcoin has declined by 12% this week.
Caleb Duran, a Financial Advisor from Preston says:
“Bitcoin is dying. This is a sell-off season. People are reacting to the FUD. This zone of resistance is suppressing the value of the coin.”
Jhoana Yonamine, a Quality Auditor from Sendai says:
“I wish the global governments could recognize the relevance of Bitcoin in the regulatory system. This support would encourage the investors to HODL the coin for longer, making actual profits.”
Thomas Strate, a miner from Strate says:
“Based on what I have been noticing over the past month, it is very implausible that Bitcoin will spike up again even to its $9,000 region. Whoever is holding on till now will face a major loss once the death cross strike.”
To conclude, a fair 58% believe that Bitcoin will outperform this weekend and will increase to at least $9,500. The other 42% are of the opinion that Bitcoin shows only short-term pumps without really yielding any long-term gains. It has been extremely volatile, moving up and down within its resistance zone, followed by other major coins repeating close patterns.
Ripple, from its all-time high at the beginning of the year has lost up to 80% of its value and is currently trading at $0.575. With the execution of RippleNet, Ripple has been constantly in news. On the other hand, the negative slide in the prices has impacted its market capital which lies at $22 billion presently as seen at press time.
Damla Rudel, a Communication Manager from Wolfsberg says:
“Ripple is currently showing very long-term profitability. This is not the place for people who are looking for a short-term burst in the price.”
David Caboni, an investor from Bari says:
“Ripple has a great team! They have been having back-to-back victorious operational services. Today’s donation to the American Schools has already said a lot about the them. They are here to conquer the world for sure.”
Uner Pinto, a miner from Haifa says:
“I am in this business to make money instantly. Ripple can’t give me that, so I have nothing to do with it then. So done with Ripple. I can’t wait until my old age to make some gains because it seems like it will take so much time.”
To conclude, a decent 64% of the respondents believe that Ripple will gain good value in the future and will show exponential growth. The other 36% believe that Ripple is slow-growing and should not belong in such a tense market, as it is only disappointing the investors.
Even with billionaire Tim Draper investing in VeChain, it still shows signs of decline. Currently trading at $2.91 with a market capital of $1.5 billion, VEN has had a drop of 5.20% in the past 24 hours. There has been a relentless effort from the VeChain team to keep the token among the top coins in CoinMarketCap. But the recent plunge in the prices has worried the investors.
Shahid Akkus, a Developer from Frankfurt says:
“This herd behavior is affecting the prices so much. VeChain was doing good until people fell into the FUD and sell off all their investments. It is just a matter of time before VeChain strikes back!”
Nick Doussin, a cryptocurrency investor from Tampa says:
“With such a market cap they aim to be one of the top coins, What a joke!”
Sinem Williams, an investor Oslo says:
“VeChain has lost more than $2 in just a span of one week. Now the price drop is just inevitable! It is eventually go below $1. I have no trust in this BS.”
To conclude, a solid 83% believe that VeChain will further lose more value. By the end of the month, they believe, the prices will go down below $1. 17% of the respondents feel that the recent resilience showed by VeChain will affect the prices positively and the prices will go up by the end of the week.