Over the last week there has been a sea of red on the prices of the various cryptocurrencies. It seems that none have been spared the sell off. There are plenty of questions that are naturally raised when we see sell-offs occurring, but as always it is best to look at the fundamentals rather than speculate.
From my previous posts;
‘Track your Cryptocurrency Growth’
&
‘Build a Cryptocurrency Portfolio + 4 Top Tips’
https://steemit.com/cryptocurrency/@kiwiman/track-your-cryptocurrency-growth
https://steemit.com/cryptocurrency/@kiwiman/build-a-cryptocurrency-portfolio-4-top-tips,
Readers can easily deduce that I have a preference for diversity in cryptocurrencies (especially when there are negative impacts on price).
It is important to look at some of the underlying fundamentals of the market (I’ll use bitcoin as my example.) Data taken from Blockchain.info
The first graph shows the total number of transactions occurring
This is phenomenal transaction growth and highlights the awareness and interest of bitcoin (and other crypto’s), especially over the last 24 months.
The second graph shows the total number of transactions
As expected, with the increased awareness and use of bitcoin we are seeing a clear upwards curve.
The third example is the total USD value of bitcoin supply in circulation
Again, the value of bitcoin has skyrocketed, making early adopters very wealthy and ushering in a new form a currency.
As Bitcoin and the other cyrptocurrencies continue to move into the mainstream, we will continue to see phenomenal growth continuing to occur. It certainly feels like the market is having a breather after a strong bull run.
The question: ‘Is now the time to buy?’ That is for each individual to decide. But it certainly looks like the market is here for the long term.
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