Today, Blockchain technology is continuously showing an increased amount of societal applications whereas more countries are continuously adapting to this ever evolving technological world we are living in.
Positive and favorable news still emerge discussing restrictive infrastructure that surrounds cryptocurrencies in leading markets and countries where they acknowledged that both are legitimate industries. Major exchanges in the United States, established solutions in allowing institutional investors a rather smooth way of entering the crypto-market.
After seeing the rising profits in the market, business giants are likely to join the market and invest their financial resources into the crypto-industry.
Indeed, there are so many reasons to be optimistic. Who else does’nt, right? But, the crypto-community still see that the market shows a strong bearish trend. The continuous positive global awareness and acceptance has lead to more successful projects and decentralized applications coming from the blockchain community, which will definitely result in a rising Bitcoin value.
As more and more cryptos are proving to be secure, transparent and successful, rally in the next few months is likely to happen. Since the cryptocurrency market lost twenty-two billion USD in valuation, Bitcoin dropped to under $6,400.
Frequently, when a bear market trend begins to show, a corrective rally comes stampeding through the market. However, this was not the case this week because experts are predicting that possible rallies won’t happen until the fourth quarter of 2018.
Now, for the last 24 hours, the cryptocurrency market didn’t show any positive momentum that would foreshadow such a corrective rally. On July 10, Ethereum had an exceptionally large drop, dropping more than five percent of its value against the US dollar.
While both large and small cryptocurrencies, follow Bitcoin’s current trend, the recent drop in the value of ETH may not be correlated to Bitcoin as ETH has other issues going on.