The markets corrected as the Bitcoin drops back slightly to drop to $5,016. This comes after the recent rallies pushed the Bitcoin to highs this 2019. The recent weakness fueled renewed doubt among the mainstream media which has resulted in a mixed bag of results among the other crypto currencies.
The smaller currencies showed weakness ETC and IOTA losing 2% and 4% respectively. NEO and dash rose 5% and 1% respectively.
The Bitcoin and Its Detractors
A recent report from CNBC criticized the recent rise of the crypto markets, saying that the bitcoin will soon collapse. The report quotes Creative Planning, a wealth management firm. Their president Peter Mallouk states “we’re going to see cryptocurrencies collapse … there’s no way that even a fraction of them can survive.”. “you get no income. It’s not a real investment. It’s speculation”, He adds.
With detractors seeding doubt and normal market correction bearing down on the bitcoin, the bitcoin drops back slightly to $5,016 from a day high of $5,200.
The Bitcoin is not a stranger to criticism. During the 2017 bull run, similar beliefs came out. The collapse of the cryptocurrency has been believed even back then, yet here it still stands.
Ethereum Gives Back 4%, Other Currencies Retreat
The Ethereum climbed up to the $180 level before retreating back to supports at $160 level. This represents a 4% drop. Ethereum’s recent woes could threaten its hold on the second place among currencies. Its strength before was in the apps developers can use on adoption but rival currencies like TRON and EOS are providing the same service.
The Upstarts EOS and TRON
The EOS broke through resistance at $3.80 to rise above the $6.00 before falling back below to settle at $5.50. The TRON remains in the uptrend despite slightly decelerating. TRON has reached $0.02950 before settling at $0.02675. Technicals show a bullish trend in the short term for both of the currencies.