Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Cryptocurrency prices fell sharply yesterday. This is one of the worst days in the history of the cryptocurrency markets. There seems to be hope and a few opportunities as well.
Cryptocurrency prices slid yesterday to new lows. Sources say that the prices of cryptocurrency tokens have tanked since yesterday. This follows a general market malaise as other markets performed even worse. This is mostly due to the COVID-19 situation. At some point trading on some markets had to be reportedly suspended to prevent chaos.
Sources say that Bitcoin in terms of losses fared somewhat better than other markets that have been sliding nonstop. Bitcoin slid yesterday to the $5,000 region. Bitcoin prices are currently at $5,376.94. This is a 27.39% drop in the past 24 hours.
The Altcoins haven’t fared any better either. Ripple‘s XRP, for instance, is down by 19.93% to $0.15. Ethereum (ETH) is at $129.45 (-21.71%). Litecoin (LTC) is at $34.69 (-16.885). Binance Coin (BNB) at $10.30 (-26.56%). This situation has been occurring for some days now. The uncertainty about the actions of governments has led to general bearish sentiments in the major markets. Stablecoins have however remained steady during this period due to their nature. Tether (USDT) prices are currently at $0.99 (-0.82%).
Cryptocurrency Prices had it Rough Yesterday
Sources say that the cryptocurrency tokens had a terrible day with Bitcoin prices going to as low as $4,400. Many in the crypto space weren’t fazed, however. This isn’t the first time that Bitcoin prices are crashing this way. And it isn’t the worst market drop in the token’s history either.
Ethereum prices, however, are another kettle of fish entirely, prices fell by 43%. This is the tokens’ worst performance so far. XRP prices were the worst losers as they fell by about 50%. Sources say that XRP prices fell by about $0.1. The prices even reportedly tested the support level of $0.12.Sources have said that a new resistance level of $0.2 could be the next range of price action for the token.
The Ethereum Ecosystem Presents Unique Opportunities
While the crash in prices or XRP might not be much of an issue, Ethereum, on the other hand, has deep implications. Analysts have indicated that the ETH ecosystem with its Unique tokens issued on the main net of the ETH blockchain may not be affected directly. This is because each of the tokens ( the fungible ones) is defined more by use than by circumstance. The ERC20 compatible tokens are one such example in this regard. It may even be easier at this time to test and deploy certain kinds of new ERC20 tokens to the low dollar cost of smart contract execution. This will allow for token deployment and beta-testing to be less expensive and affordable.
The markets may still slide because many people are in a state of fear. The general business environment is uncertain. Cryptocurrency markets, however, show signs of recovery. The fundamentals of the trustless system are still intact. Market volatility is stronger than ever. People may yet look to Cryptocurrency markets again as a store of value. This is because of one simple fact: The value of cryptocurrency tokens can never become zero. The math won’t allow it. Minute fractions maybe but zero no. The trick is to figure out which tokens have the best long-term value. This is what HODLers are around for.