As it was in many ways expected, we were on a position that any cryptocurrencies were going up and it was huge achievement. Many happy faces, from investors, miners, even companies that used cryptocurrency as a method of payment.
Suddenly from that moment of euphoria we were in the position that bitcoin price will touch the sky or it will be struggle. And it happened. It was painful and bring down a lot of crypto waste. Does it was 'crypto fool's gold' that was carried? Who knows.
I was curious to check coinranking.com, how this even of bitcoin price drops affected other currencies. And it was avalanche. Bitcoin price was going down, but firstly showed that it took a loot of waste with it. Almost all cryptocurrencies were scaled in red, dropping their price for some percents.
For first time I saw that bitcoin has chained all other cryptocurrencies and it drugs them down. Almost not one of the other cryptocurrencies shown independencies and self protection.
Then we came to the conclusion that we have created virtually independent crypto communities, which are linked with a master cryptocurrency and that sucks.
Now I am questioning what this may produce:
- Did we experienced crypto crisis?
- Does we still have independent crypto communities, related to specific coin?
- Does the investors will be aware that if another avalanche is on the way, they will try to isolate their specific coin community, to preserve the attack?
As I see we are in the middle of nowhere of getting close prognosis, but present crypto chaos, maybe it might becoming a next crypto battlefield.