Ethereum, Litecoin, Cardano, TRON Crypto Market Sentiment Analysis

The global crypto market is witnessing a drop as the price of digital coins is going down. Over the last week, the value of Bitcoin went down to $7,202 and this has been lowest within the week. The only coin that did not witness a huge dip is Tron, while the remaining among top twenty coins have been going down. Understandably, the entire crypto market is suddenly experiencing fear because of this huge depression that happened overnight.

Hence, I went on to do a sentiment analysis segment reviewing the situation in order to understand the market sentiments among people who have been active in the digital currency market. The analysis lead to unpacking the three coins that are on the top 10 list. These are coins that did really well at one point but have unexpectedly experienced a fall.

• Ethereum which is one of the highly ranked coins lately saw a huge decline in the prices. Last year, the coin was receiving a lot of praises as it brought in a lot of value to the market. In fact, the coin took its place right next to Bitcoin. However, it was in January that the value of Ethereum began falling. This could be because of the social media outcry against the digital currency.
• The next coin that witnessed a dip is Litecoin, which has also been observing a bearish trend as it suddenly came down to $138 from $160. The fall in price was noticed over the last 24 hours. There seems to be a lot of selling pressure among the investors as the prices are going down in the market.
• Cardano, yet another giant in the digital currency, stood at number 7. The coin fell to $0.159 over the last 24 hours, with a dip of 4.32%. The recent scandal that Bitcoin’s blockchain holds child pornography has brought a negative impression to Cardano as well. Many people have questioned the Blockchain technology and are raising questions about it.

The dip in the crypto-market could lead to a death cross which could eventually lead to investors sell-off. Bitcoin itself has witnessed a $350+ dip which has placed the market at a huge risk. This bearish trend of the coins has been putting investors at stake.

Craig Erlam, a senior market analyst from Oanda mentioned that this dip in the crypto market is a sign that people are withdrawing capital from this market. Microsoft founder Bill Gates stated that cryptocurrencies are killing people in a fairly direct way.

He brings to attention the anonymous nature of the cryptocurrencies and how it could be used for illegal activities. In the past years, research has brought to attention that 25 percent of people with Bitcoins have involved in illegal activities. This has invited huge risks including deaths.

Despite this fall in the digital currency market, Tron seems to be flourishing quite well. Tron appears to have strong supporters as the value of the coin saw a promising rise. At the moment, Tron has a value of $0.045 in the market. Despite the setback of the crypto market, Tron seems to be having a positive future (or at least better than the other top ones).

A couple more potential reasons why cryptocurrency as a whole is witnessing this collapse are:

• The social media and search engine bans against cryptocurrency advertising that started around January.
• There are other coins that are coming up that has eventually decreased the value of Bitcoin.

In spite of all the overwhelming responses to the fall of the crypto market, history sheds some hope. Earlier in 2015, Bitcoin hit rock bottom but it soon caught up to success as the value rose from $230 to $500.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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