Gird Your Loins: The Big Cryptocurrency Drop That's Going On Now
As many of you know, either waking up or already on to the day on Friday, December 21 ... the overall cryptocurrency market is underway with another cryptocurrency blood bath.
But can we really be surprised?
This huge correction/dip/downtrend isn't a big surprise to me. And shouldn't be for many of the long-term crypto traders out there. The growth in just this past month has been quite expansive, shall I say, really reckless.
The hype and mania got the best and prices just rose to exponential heights that obviously, as quickly as it went up, it must also come down as hard.
While there are various news that might have helped contribute along with the overall correction including exchanges being hacked (EtherDelta and Youbit) along with shady business practices involving Coinbase + Bitcoin Cash developers, and of course, narcissistic loud mouths such as Roger Ver attempting to pretend to be some kind of crypto "god" ... the correction needed to happen to build out a healthy support area.
Basically, the whales need to get their profits, perhaps many of the weak hands who bought in at high prices during the hype, who are newbies are now freaking out and sold out of fear.
Whatever the case, the "technology" will always prevail. It just will.
It's not going away.
Boy am I so glad that I used my 0.035 BTC purchase on a 2 night Hyatt stay using it when BTC was around its peak at 19,000 USD. That same 0.035 BTC that should have costed around 750 USD is now worth just 450 USD as of Friday, December 21. If you got profits, especially lots of it, best to use them, or what's the point?
I say, to those of you who are girding your loins, HODL on.
I mean, HOLD ON FOR FUCKING DEAR LIFE!
My portfolio dropping 13,000 USD in one day. But still have great gains from the beginning of the year.
Overall market cap from its ATH of 650 billion now all the way down to around 500 billion. Obviously whales and people selling off.
Top coins as shown by Coin Market Cap:
Does this surprise you or did you expect this?
Good read, great analysis, and great job on the perfect sell timing! I hope you have/had a great vacation!
I think that the current fees are ruining Bitcoin at a key moment in regards to large scale adoption. Lots of people are buying in and finding that it costs them $15 to send $30-$40, and a large portion of the miners are either now supporting Bitcoin Cash or other more profitable coins. Since Bitcoin is the main attraction and the majority of markets are based around it, it's understandable that the alt coins are going down with it, though I think that will stabilize. However, I think this may be a huge drop until the large transaction fees and slow transaction times of Bitcoin are fixed... or at least until it starts going up again :-P.
Yes totally agree ... I hope that Bitcoin community does come together on consensus to get the fees to be lower and such. At moment, I'm glad I moved most of my Bitcoins to other alts, particularly to ETH and its ERC20 tokens as I believe they have great opportunity to fill in the problems that Bitcoin can't fix. That being said, I also think Bitcoin Cash and Litecoin won't necessarily be the answer as if their networks don't contend to high number of users, they too will have high transactions fees and slow wait times. We shall see what prevails and what happens.
Yes, hopefully. It would be nice if the people that were starting to invest would also start mining and help maintain the network. Though I know a lot of that is still way over most peoples heads. But with that said, mining is getting more and more user friendly every day.
I'm going big in IOTA because of these transaction fees. I'm believing in the Tangle.
I think it was inevitable. The prices all went through the roof these last few weeks. This couln’t last. But I assume with prices being low(er) , people are going to buy in again, which will make the prices go up.
What bothers me is that (almost) everything went down. I was never like that. When Bitcoin price went down, the other prices used to get up an the other way around...
Yea there used to be a pattern when BTC goes up, alts go down and vice versa. And then there was the trend that when BCH went up, then BTC goes down, while alts may or may not have gone down.
I just think that the entire market was inflated when it went up so fast, that now, it would make sense the entire market went down. People who wanted to take their profits did ... and with the fear, of course, there are the people who sold when they had bought too high.
I believe the dust will settle and we shall have a quiet steady period from which people will slowly buy back in ... I don't expect the people to buy back in so quickly ... as people will cautiously buy back in ... allowing the price to rise slower ...
Of course, over time, people will have forgotten this craze, and I expect another exponential growth next year and perhaps this kind of bubble burst to happen again then.
The big drop was expected, but i tought it would happen early 2018. I thought that during christmas more people would buy coins (hearing the great stories of their relatives) and the price would spike even further. Who knows if a bounce up will happen in a couple of days because of this.
Yes I think many people were expecting the drop to hold off til next year, but personally for me, i felt it better that it happened now to get it overwith ... I just felt the growth so reckless that I was waiting for this to happen.
Das war zu erwarten, aber ist doch insgesamt für das Jahr ein unerwartetet gutes Ergebnis!
We are just getting rid of the weak hands. Foudations for a future run up :-)
Yes weak hands selling and those who are taking profits take em ... setting up the support levels for another sky high momentum :)
I moved my btc to xrp yesterday right before the drop. whew. But you are right, we have seen this before. If anything, this is just an opportunity to buy low again.
Yup and smart on your move. 3 days ago was when I was rearranging my BTC earnings into some alts, and then yesterday night buying more of QSP. To our crypto successes!