The market is tumbling and it seems the top tokens including Bitcoins, Ethereum and Dogecoins are in a free fall. The major tokens have reported a continuous downward trend this week. Bitcoin prices are down by about 30% from the previous week and are currently trading just below $37,000.
Ethereum, which was cruising towards the $5000 mark in May, is following suit. The second leading currency by market cap is down by over 35% from the previous week and is currently rallying around the $2,650. Nothing is different for the meme cryptocurrency Dogecoin which is also the seventh biggest cryptocurrency by market cap. Dogecoin prices have been slashed by over 30% and it is currently trading at about 38 cents.
The continuous and massive drop in prices have created extreme instability triggering market volatility and has dampened the overall investor confidence in the market. The underlying reasons of the bearish trend are mixed and varied. However, it all started after Elon Musk announced they would not be accepting Bitcoins for Tesla cars citing environmental concerns.
Wait And Watch
The markets right now are highly volatile. Top tokens have been tumbling and it may appear to be a solid opportunity to buy when prices are low. However, the uncertainties prevail and it is crucial that there is some anchor to the current free fall.
Experts say the best strategy right now would be to be patient and observe. A more clear picture would be available by the need of the week. Though the long term prospects of the top tokens may not seem to be damaged as such but for short term investments waiting could help with better opportunities.
