Pain in the cryptocurrency market till end of Year atleast
Hi everybody, MS aka cryptogem here! Its been numerous posts since I've
begun a post like this.
2017 was a stellar year for the cryptocurrency market. The year which begun with a total market cap of roughly $17 Bn swelled exponentially to $830 Bn at its peak. That's an increase of nearly 5000%. There is a saying in the stock market-"When prices go up, they take the steps. When they come down, they take the elevator". This is a saying that is indicative of any market in general.
Precisely, this saying was realised to its fullest in 2018. Prices have been declining for most of this year, especially led by Bitcoin. Also it is generally observed when prices rise and decrease so rapidly, eventually there is a slowdown. Volatility is a cyclical phenomenon and that also holds true for cryptocurrencies, even though it is an evolving market.
Because this rise and fall has been so tremendously fast, any market needs to first absorb all the selling & manipulation before it starts witnessing buying again. That wave of buying will soon begin once some serious institutional money starts pouring in. Coinbase, (even though they are hardly my favorite LOL) are going to seriously kick-start this institutional barrage of money. That has started happening, but the full effect will only be realized by the year end.
Well I mostly agree with you (especially the institutional money part). We should not forget that in 2017 bitcoin made the biggst jump from 6000 to 20000 in just four weeks. Imagine what happens when the first ETF (legally backed up) together with a few major technical updates including the next big steps with lightning network. Then the price will have a big boost. I think there can be made no comparison between 2013 and 2018 because now the mainstream media and big companies have joined the market. This will change everything. I can't wait for the time when the market cap not only depends on bitcoin anymore. This will let us see which currencies can make the run to the moon.
I like that saying right there. It couldn't be any more true.
I've been in bitcoin since 2013 and I've experienced many crashes, hacks, ponzie schemes, scams and all the sorts.
In 2013 I think, the price of BitCoin got to a high of over $1000, and at that time it was WAYYYY Over prices for where it was. After the crash BitCoin remained (+)(-) $100 form the $200 market. @ a low of $185 during the beginning of like 2015. It was in that time span where lot's happened; going undected the bad kept the price down.
Fast forward til last year, it became popular for once. See back then you would ask someone if they knew about bitcoin, most would say no, and the lucky people that do say yes knew very little about it, or have only heard of bitcoin, and only the bad news that they have on the televisoin news. See they don't post the good development and bitcoins success in the news.
Anyway, to the last year, it gained popularity too fast, which caused this crazy spike to almost $20,000.
No
bitcoin is not worth that. Not even now.
Throughout the years, you'll see more spikes and crashes. But sometimes its a good idea to take a look at the graph from a all time trend of bitcoin.
I see that it's somewhat in a linear line going up. The spikes are big, but you should be able to detect where it should be.
Right now...
My opinion...
I'm no expert
BitCoin will remain under $20,000 until 2020.
that was an awesome reply right there! a post in itself
You got a 20.54% upvote from @upme thanks to @cryptogem! Send at least 3 SBD or 3 STEEM to get upvote for next round. Delegate STEEM POWER and start earning 100% daily payouts ( no commission ).
thanks
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
thanks