Has the pain finally stoppped or are we just taking a break from destruction at the moment in the crypto markets?
The past 24 hours have been absolutely terrible for the cryptocurrency markets. Lets have a quick look at the top 10 coins by marketcap...
This chart gives you a feel for the effect a price decrease in bitcoin has on lesser coins. It appears for today the biggest losers are IOTA followed by Ripple, NEM and ETH.
In the past few hours things have stabilized a bit and the whole market is going up again. If this is the bounce then grab your balls and load the boat but be careful for the bull trap.
Noob: 'What's a bull trap??'
A bull trap is a temporary reversal generally designed to pull more buyers into the market before dumping continues.
Final Thoughts
In the past few hours the market seems to have stopped bleeding for the time being and has even shown some signs of life in the buying sector. Still, caution prevails, watch the trading closely before you decide to get into the boat.
Best of luck!
For more updates please follow me @ldauch
Sources:
www.CoinMarketCap.com
What is your opinion about this? Did you take any action during this bloodbath?
I bought a few coins at the bottom but its still too early to call a reversal I believe. Bitcoin has always been a volatile asset to trade and altcoins are even more volatile. I believe that the August 1st deadline to upgrade Bitcoin to Segwit 2x is nothing to be worried about but panic affects traders in different ways and there are a lot of profits on the table for first movers. It's my overall opinion that all of crypto is in a strong upward trend and todays losses will be washed away by tomorrow's gains. The blockchain is here to stay.
I agree, the blockchain technology is a thing of the future. Although this dip in the market is somewhat worse then I would have thought. Still considering to stack up some more while prices are low. Thanks for your post
I couldn't resist as well picking up somethings early today. Sure it may not be the bottom but the tech isn't going anywhere but up. Reflecting from the beginning of the year, a big correction was "kind-of" needed but I have a gut feeling we will start seeing more green in the near future as well.
I couldn't resist either. I had some money set aside for a dip in ETH but a sale like this was too hard to ignore and I spent some additional on other coins as well. Confident I will not regret today.
I think you'll probably be ok on this move. If you really caught the low then it's the best time to buy more.
I did my friend, I did.
Could be a bull trap, we'll see in the next 24 hours or so. Market Cap as grown from 77 to currently almost 83 billion in the last couple hours. Lots of money coming back in... could be a healthier sign. The sale was really nice and needed in my opinion. I'm happy with my new positions.
I urge anyone concerned that you HODL and add position at the lows. Even if a bull trap is sprung and we see if fall further, there WILL be recovery as @ldauch mentioned--There's nothing wrong with the blockchain these are market issues which always reverse after the despair.