Bitcoin recently went under the $10,000 mark but is gradually coming back again at press time and currently stabilizing around the $10,085 price level, the focus is now more on the altcoins.
The question is what to expect from the top 10 Alts, Will they get even close to their All-Time High records? Will they start to gain value and stabilize as well?
Taking a look today at Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). We do believe that these currencies have an enormous potential to do things that Bitcoin will never do, and have the attention of Big Financial Institutions that want to use them in order to improve their own ventures. Although they remain undervalued.
Ethereum 2.0 is mostly what everyone talks about these days and it is what’s expected to raise the value and market volume of Ethereum to the moon.
Also, ETH was one of the first currencies to receive positive clarity from the United States Commodity Futures Trading Commission. Which gives us the understanding that this currency is actually reliable for the future prospect, especially when the regulations start to rise around this Industry.
But in terms of value, at the moment of writing Ethereum is being traded at $220.54, which is quite a long way from its all-time high record of $1,130. An exact 660% growth is needed.
Volatility Around Litecoin (LTC)
The Litecoin Halving event is expected to start in August, on the 5th. Halving is when the amount awarded for the mining of the coin is cut in half. Applying it to Litecoin means, the reward will drop from 25 LTC to 12.5 LTC.
After the Halving, the price usually stabilizes, but before that, there is high volatility while traders are trying to predict and find the best moment to place their money.
Which is why in the last week we find the price of LTC suffering a lot of changes. Being on a low of $79 and a high of $103 just in 7 days.
Even in the last 24 hours, we have seen it at $92 and $101, which is a big discrepancy to find in just a day of trading.
So, has explained above this high volatility in the price of Litecoin is expected until the first one or two weeks of August.
Bright Short Term Forecast For XRP
In the last week, we’ve seen XRP trade under the $0.29 mark, a price level that was last seen at the beginning of May 2019. Some enthusiasts believe that the major corrections are finished and XRP should hold its support on $0.3.
But taking a look at the market, the altcoins are facing difficulties and Bitcoin is still rising in Market Dominance, which most probably means that we could see XRP go under $0.29 again. Some traders are sure that it will go as low as $0.25 (the bottom level of support) before a major mega pump.
The Top 3 AltCoins
To finalize, basically we are to face a not very green short term period for the Altcoins, although it is not a throw the towel moment, it’s more of a ‘be patient and look forward’ moment.
Even with volatility and no stability in the next month or even couple of months ahead, we can rest assured that the Altcoins are building their future in a way that when the Bull Run ignites again, they won’t hit a critical bottom again after it.