These past few days has been pretty turbulent. First we hit $850 billion total mcap, then we tanked down to $680 (25% drop) then back up to $750, then back down to $670 as we speak.
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What is the cause of all this?
The uncertainty about Coinmarketcap. This site has been the our Bible when it has come to checking prices. But as with everything, things evolve and change. After their "mistake" or deliberate removal of prices reflecting the Korean market two days ago, which probably was the main cause of the "crash" - people have begun questioning the prices. Who can provide the correct prices? What ARE the correct prices? Should we count the Korean exchanges or not?
Bitcoin problems. Bitcoin is still losing value against altcoins,Ethereum and Ripple (although Ripple has fallen almost 50% since it's recent pump high) Keep in mind, Ripple is Cripple. It's not a crypto currency - like I've been saying all along. It's nothing you want to invest in, morally nor moneywise.
Cardano and Tron. Seems to me like these two are speculative coins with poor tech, much promises and a lot of speculation. We see them fall 20-30% today.
Ethereum is gaining when ALL the other top 17 coins are way down. Why? One reason could be that the co-founder Steven Narayoff said in a recent interview that Ethereum will TRIPPLE in value in 2018. #Hodl #Lambo
He also said two days ago that the markets would tank, then consolidation.Too many shitcoins. Remember, looking at the overall mcap could be a bit decieving. Even though all the 1000 or so shitcoins out there (70% are shitcoins) don't make up more than perhaps 30-40 billion, that's still a lot. Coins without websites, or just entering some empty domain and the developers have left..and it's still valued at 10-20 million and trading 10-20BTC per day. That's pure speculation, and gives a little bit skewed view on the actual value of the space.
So the conclusion so far must be that there is general FUD, partly created by Coinmarketcap, deliberately or at least due to market-autism, not understanding that doing what they did would make people freak out. And since they offered no form of apology in any shape or form, I suspect they are kinda shrugging their shoulders and meh..and some people got really cheap Eth or alts.
Also, I wouldn't worry too much yet. A 10-20% correction is something those of us who's been in the game for a year or more (veterans) is getting used to. I noticed this myself, and I have diagnosed the issue. In the normal market a good or bad day was up or down 1-2%, perhaps 5. In cryptos..not only have a lot of us all ready 10-20x'ed our money, so that we have way more than we were used to before - but when we lose 20% in a day, that's like a yearly frigging average income! A LOT of money. And I suppose some people have not yet gotten used to the fact that they have more money now. More money = more money when something goes up or down. If you have $1000 in the market 10% up is only $100. If you 100x that, all of a sudden you have $100,000 and 10% down is $10,000. It's hard getting used to that.
And that's part of the reason I think people in the space are so jumpy.Inexperienced young people with a lot more money than they've been used to have. And of course, some profit taking to buy Lambos i suspect.
I think we're going to have some exciting days ahead where we hit some new highs. I don't think the market is ready to crash yet. I have earlier argued that that won't happed until cryptos are at $7-20 trillion total mcap. And if it goes down 50% in value from $10 trillion..it's still at $5 trillion, or almost 10x from now. Remember that.
Told Y'all to sell Yall Ripples yaaaall
I also told yall to sell your Shittle. And at least one guy told me he sold it like two days ago. I don't remember who that was, but congratulations guy! Good move. And I hope you people get out of Cumdano as well, and got into Eth, Sub and all the other coins that I own ;)
Other than that I don't really see anything negative in the long term for cryptos. It will continue to be a bumpy ride all the way up to the trillions. Why? Because so few people still owns cryptos. It's still very "centralized", but as more people buy in, and money are exchanged to stronger and stronger hands - markets will ease down.But that's fortunately a long time from now. I don't want the markets to ease. I want them to be hot as hell.
Hahaha, I had to laugh a bit about those Ripple comments of yours :-P
I actually think that the main reason for Eth en Neo rising in the past few days (and probably the short-term as well), is the fact that a lot of ICOs on those platforms are coming and you need ETH or NEO to participate.
Next to that, I am happy that the market seems to correct a bit for the recent euphoria, mainly because even the crappiest of the crap project got pumped. If things like these never happen, people never learn.
Cheers and keep up the good work with these posts!
Haha. Thanks brah. Yeah, looks like we're heading north all ready. I guess people read my blog post!!!!
Nice post. In my opinion ETH is eating away at the BTC dominance and is in the process of becoming the #1 Gateway Crypto. Unfortunately though, the alt-coins are still tied to the fate of BTC and so they are going down with it. Hopefully we'll have more exchanges adding more ETH trading pairs and the alts can detach fortunes from the well flogged dead-horse that is BTC.
Tradingpars ETH and BCH..I'm sure markets will adapt. As of right now I don't even need Bitcoin for anything. It literally sucks. When I want to take profits from steem or another alt coin I first have to trade it for bitcoin on an exchange. Then do an extra step by selling Bitcoin for something that is transferrable to other exchanges like Litecoin. This makes us lose money on extra trading fees. It's not that bad for exchanges though as they make money off of it.
But for me, Bitcoin is useless as of now. But it's really hard to get rid of it. It would be like a divorce. But me holding Bitcoin right now is really just muh feelings and not objective thought. Perhaps the only rational idea that keeps me clinging to Bitcoin is that I guess there is some hope it can be temporarilly fixed and then go for another moon-trip. But..yeah, Bitcoin is one of the coins that I have that I'm least bullish on.
6 months ago I was all bitcoin..now..not so much. And I see that general trend as well all over the place.
Like everything in tech, it can never be assumed something will forever remain top dog. Things that were ubiquitous come and go, AOL, MySpace...
Bitcoin could fix itself and come back into my portfolio but I doubt it. They are betting it all on the Lightning Network and I don't like the way it centralises things with payment gateways.
If you asked me a month ago I would have said BCH but I'm not seeing the trading pairs for BCH. Binance and the new alt-coin exchanges are all adding ETH trading pairs. I think the market has spoken for now and ETH will be the new king in 2018 until its own scaling issues come to a head.
ETH 2018 would be very nice
I agree with most of your points, but you didnt mention that Bittrex, Binance and Bitfinex is not acceptning any new customers at the moment.
That is clearly negative for most altcoins out there.
I think it is just a phase, and it might be in the last stage.
I think ethereum can go x2, I kind of doubt it could tripple in value, but it's not impossible. We've all been surprised many times, why not this time as well. :)
Yeah, I predicted eth at $2000 in 2018..but I guess the CO-founder is more bullish than me. I might have to change that prediction as ETH seems to be gaining steadily towards $2000 all ready this month!
Yea, but it happened before, after a bullish stampedo, ETH dropped like stone back to like half of it's gain. There are also alternative currencies like NEO that are also gaining momentum. Things are getting interesting. :)
Takk for nyttig info som alltid !😄📈 upvoted👍
Appreciate it!
where the difference between bitcoin and atcoin values, can it be explained to me !
https://coinmarketcap.com/charts/ Scroll down ;)
thanks you..
Thanks to Ripple, at least many would have learn quickly this year to do their homework before investing.
I wrote some of my thought about XRP on my blog. Feel free to give it a read:
https://steemit.com/ripple/@pada-1/my-thought-about-ripple-xrp
I just made a post showing BTC touching the tip of it's triangle after breaking out, along with an example picture of what happens in a symmetric triangle.
and BTC's current standing;
I believe we are at a bottom.
Please check out the post;
https://steemit.com/bitcoin/@louwtjie/btc-update-symmetric-triangle-upwards-break-pulling-back-to-the-tip
I hope everything goes well @scandinavianlife
Very informative post! Currently, I still have some Tron and Ripple coins, but I'll sell them and go to ETH. Keep up the good work! :D
Good man! Thanks :)
Currency is numbers and numbers never end. If it takes currency to be powerful, your search for power will never end.
@scandinavianlife RESTEEM DONE
THanks for sharing, I knew the banks will look for ways to control crypto currencies so humans will always be enslaved, people coming back to them for loans which is one of their major trick in making profits.
I like the resteem, but stop with your generic comments. You'll get flagged and your reputation sinks. You're wasting your time doing that. I would flag you too, if it wasn't for the resteem.
Just a healthy correction in any market
Nice post as usually from you!
Here, take a upvote from me (even though my contribution is small) :)
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The Last 2 Days Show How Vulnerable Bitcoin and its Altcoins Are. Read Why:
https://www.tokens24.com/news/last-2-days-show-vulnerable-bitcoin-altcoins-read/
1.49% @pushup from @scandinavianlife
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Great post buddy! As a newcomer to the investing side of crypto, this information is gold. I was a bit put back by your comment about Tron as I've had holdings for a few weeks now after researching the project and the team behind Tronix. Is the technology bad from the get go meaning holding is not worthwhile or do you think that they have set up for the long play given their announcements about Eternity 2023? I did hear that they are burning 20% of the tokens at some point this month so that would make the 100B supply look at bit better but I'm assuming it would require mass adoption on a global scale for any kind of siginificant profits to be made with TRX?
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