After the Insane Highs of Bitcoin, the crypto now seems to be stuck in a terrible Bearish Trend. As of 9th Aug, i.e Friday, Bitcoin along with other cryptos like Ether as well as XRP is witnessing a struggle to overcome its threshold of $12,000.
Is Bitcoin’s Struggle Temporary?
As far as the present scenario is concerned, Bitcoin is trading at $11,910. Whereas speaking about the losses, it is somewhere near 1.16% on the day. The situation, however, might not be as bad as it may seem since Bitcoin has already been able to break the $12,000 threshold 3 times this week.
Therefore some analysts still believe that the current struggle of Bitcoin is perhaps nothing more than a brief setback in response to its insane highs earlier this year.
Speaking of which, Tim Draper, the Serial VC investor said:
“I thought there would be many more competitors at this point that we’re really relevant, but people have consolidated towards Bitcoin because it’s decentralized.”
The Fall Of Ether
Well, as far as Ethereum is concerned, it is currently witnessing a downfall of almost 4.37% and is currently trading at $211. Although Ether touched the zenith of its glory on Tuesday, however, now it seems to have lost all of it.
While the market was trying to figure out the true dynamics of this crypto, Rakesh Upadhyay presented some imperative facts through his price analysis.
First of all, he mentioned that the current position of Ethereum must not be seen as a downfall because Ether is already on the uptrend line since February.
However, this uptrend might get vanished if somehow ETH falls below this line.
Massive Downfall of XRP
Truth be told, the bearish trend of XRP has been on an insane rise since Tuesday as the crypto witnessed major downfall.
As of now, the crypto is trading at slightly over $0.303. Speaking about the losses, it witnessed a loss of 1.96% on the day.