Apologies for the dramatic title - used it to attract as much attention as possible because I belief that my message is important!
I've read and heard a lot about the current crash of the crypto market and most of the authors attributed it to the on-going scaling debate and in regards to the 1st of August. I disagree with this idea.
=> The scaling debate is concerning the BITCOIN blockchain exclusively (from a technical point of view). Altcoins are not impacted by the outcome directly and technically speaking. Hence, if the price crash of the market can be mainly attributed to the scaling drama, the BITCOIN price should be the STRONGEST INFLUENCED one.
This however is not the case; BITCOIN PRICE has shown the LOWEST PRICE FLUCTUATION OF ALL TOP5 Coins. Please see the chart below.
Bitcoin price has decreased by -8.6% over the last 7 days (Jul 05, 2017 to Jul 11, 2017; 7pm CET). This is ~half of the decrease of Litecoin (-16%) and EthereumClassic (-17.4%) and only ~1/3 of Ethereum (-25.3%) and Ripple (-26.5%). ALL TOP5 MARKETCAP coins have LOST significantly MORE VALUE. Dash had a slightly lower decrease of -5.1%.
I acknowledge that the scaling drama has a role in the current bear market by making the (new) investors more uncertain about the prospects and the market more vulnerable to “shocks”. I see it as a natural correction of the market since the growth has been excessively in the recent months and a lot of new investors tried to jump on the train to make some quick and easy money. Realizing that the growth is not continuing to such a degree, a lot of this new money is getting scared and moving out of the market again, waiting for the next opportunity.
And now the (almost) 100 billion US$ question is: what to do with this market?
@craig-grant @cryptobud @jerrybanfield @alltherest
I agree with you, i think bitcoin regain dominance to reach new equilibrium, what we see is simply a market reajustment, altcoins had a great bullrun, profits are taken, then lack of volume, traders sell to buy back lower, sell side superior than buy, price slowly decline then some stop loss are trigerred, more stop loss are trigerred, panic moovement.
Bitcoin dump less only because less profit has been made on it and the price of bitcoin already consolidate for weeks.
Now altcoins will bounce hard from bottom's, too much oversold.
Good time to buy altcoins with bitcoins?!
Whats up @najs1crypto I just followed you. Hope you will stay with me & follow me..
Thanks, appreciate it!
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