This week the cryptocurrency market fell even further into the downturn. With a gross market cap of $258 billion, it is down 20% from the $320 billion in worth it moved going into this week. The entire market has been the lowest since November 2017.
Yeah, we have turned back the clock and called prices back to 2017 levels. This valuation was very bad on the come-up previous year. Now it is just the shakes of the market’s rapid growth. Perhaps this most recent breakneck fall tells us that we are near a bottom.. it is not necessarily a good feeling to be at our lowest lows in four months.
Bitcoin:
Closely analyzing the market’s rise and fall, Primedaddy Bitcoin is low 21% on the week, falling from $8,600 to $6,720.
Ethereum:
Ethereum the second most popular cryptocurrency is also going even poor. It is down 28% at $377 over the duration of seven days from its $528 asking price at the beginning of the week.
Ripple:
The number three cryptocurrency on the list is going better than usual. Well, better is related here, as it is still down 21% at $0.50 from $0.64, but it has not recorded the most substantial cost decline of the set as it has in other bear weeks.
2018 would be the year Whales make “All Hell Break Loose”: Bill Barhydt, CEO of crypto investment app Abra, predicts that “all hell will break loose” in the cryptocurrency world as western institutional money begins to explore crypto assets. “I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity,” Barhydt stated. Nonetheless, the CEO remains bullish on virtual currency.
Search for Crypto Jobs Decline as Prices Fall:
According to the employment search engine Indeed, in parallel with the decline of cryptocurrency prices, crypto-related job searches have decreased as well. “Over the last year interest in cryptocurrency jobs on Indeed has risen strongly. However, in recent months the prices of bitcoin and other cryptocurrencies have been volatile and (in some cases) declining,” the company said. “Job seeker interest on Indeed for bitcoin and cryptocurrency jobs has fallen, too.” Although cryptocurrency and bitcoin job searches have declined, blockchain-related searches remain steady
I hope at the end of 2018 crypto will go high upto sky.
It is the time of great patience.
Thanks for your post @ hamzayousaf.
Yes Now it really needs to go crypto high.. Let us see
This market correction was long overdue; the market shot up abruptly between October to Dec 2017, it was going up crazily. This dip is a great buying opportunity for those who couldn't get in with bitcoin at 19K and ETH at $900- Now they can buy in at cheaper prices. Bitcoin is also undergoing lots of improvements with the addition of the lightning network- the transaction fees keep going lower, making it faster and easier to use. Later in the year when those whales (hedge funds, high net-worth individuals) come in "all hell will break loose" and we will sure see bitcoin at 20K+. The best part is that when bitcoin goes up, most alt coins will follow suit. So all is well, coin owners should HODL and new comers should buy in :)
This is actually the opposite of the reality, because if Bitcoin is to seriously challenge the likes of VISA as a payment system for micro payments, and use bigger blocks to ... Of course this is still in the early stages, and is constantly being tested for bugs, and will undergo lots of improvements
@hamzayousaf Thank you for sharing deep details with us. You are really helping newbies like me.
As of today, there are 1594 cryptocurrencies available at coinmarketcap and the total market valuation represents $274,954,590,832. At its peak in January the value was close to $800 billion, meaning it lost close to 75% of its total valuation. Another interesting point to make is that bitcoin, during this peak, lost most of its dominance shifting from a 84% dominance to a merely 36%; it’s now regaining traction as bitcoin market dominance currently sits at 45%.
The report from employment search engine Indeed, is really shocking and it's really bad to know that the jobs are now decreasing.....
The bitcoin results for this week (21% Low) are really shocking but on the other hand it's the best and right time to invest in most amazing currency of all time.
According to some reports, BTC will rise again in October 18.
Let's see what happen.
Hope for the best, Happy Easter
Bitcoin is likely to compete for a dominant position in two primary markets down the line, the worldwide store of value market and the global medium of exchange segment.
Given the magnitude and staggering market value of these markets Bitcoin should go much higher over the next several years.
@hamzayousaf let's hope for the best!!
In this weak BTC, RIPPLE , ETH and all other crypto were running to freefall..@hamzayousaf
Ripple was started by 0.638632 USD.... and now the end of the weak Ripple is now $0.518248 USD.... Non only ripple all coins has same situation... Hope that in next weak all other currency will come back their position specially RIpple...
Now the big question is what is going to happen next? It is going to crash again but the trend is going to be up punctuated with gut wrenching corrections. This is only the beginning, not the end, of Bitcoin and the other 1,000 altcoins. About 587,000 results.Hope so Bitcoin, ethereum and ripple will comeback after crypto sell-off.
Thanks for your precious feedback @prince121
Cryptocurrencies are still under intense scrutiny amid regulation threats. I think this drop could actually result in an uptrend if investors manage to hold on.
The crypto market is seeing an unprecedented bloodbath. However, after reaching on low level it will made a comeback very soon @leoumesh
I hope cryptos make a strong comeback. Seeing prices staying down for so long has been disheartening. Especially disappointed for STEEM, which is now just $1.53!
Bitcoin, LiteCoin, Ethereum and Ripple are making a comeback but the markets are so volatile that they could plunge in value again at any moment ... market is moving sideways at the moment, but it feels very undervalued right now given the recent high of almost $4. it's arguably a good time to buy.
thanks for sharing informative information about cryptocurrency.
keep it up.
Welcome
Thanks for updating us that What the happening crypto currecy market.
Best of luck.
Thanks
sir,,great post
thanks for sharing the market of Cryptocurrency,,,ripple in same ,,but i wish next week it will rais
Thanks
sir,,,usefull post based on cryptocurrency ,,,of market,,,thats good report
hamza sir
its useful post,,based crypto,,,thanks for sharing
i am very surprising why crypto going down and down. How to play these situations. You have a lot of experience in crpto market @hamzayousaf.