As weekends have been very busy – to say the least – for crypto traders, today’s move lower has been keeping all players on the edge. With the Segwit2X announcement looming in one week, and the Judgment Day for Bitcoin also around the corner, nervous trading continues across the board in cryptocurrencies. While the situation seems to be heading for a peaceful conclusion, the doubts are still hanging over the coins that are also pulled lower by the one-month long correction following a historic spring.
The BTC-Correction from a bird’s eye view
Ethereum, the real driver of the pull-back?
The incredible rally in Ethereum and the smaller coins, mostly built on the Ethereum ecosystem, is probably the most important reason behind the correction. As the long-term picture is looking better and better, a meaningful bottom might be already in, or very close. That said, the current environment might persist until August, and the possibly dramatic endgame of the Bitcoin-scaling saga. Until then, traders could be in for more exciting or outright scary weekends. So brace yourselves, and keep your seatbelts tightened.
Also read: Top 10 Cryptocurrencies are Tanking – Prediction of the Bitcoin Price in 2017 and 2018
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