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RE: Have we seen the Bottom of this Crypto Market Correction?!
Not even close, the drop should last a few more days
a few coins have tried to recover BUT as long as the price of bitcoin continues in free fall the others will follow suit
if you check out crypto price websites youll see that nearly EVERY coin in the top 20 ranking follows the exact same chart as bitcoin, they all have the same highs and same lows
Wondering about the same. Coins really recover slowly this time. The basically can't rise high enough to cover previous fall.
And that could be a problem,at least for the sort term
Depends on how you look at it. Traders might see this as a good time to short a few coins therefore no investment is flowing away (although market cap fell, have to admit that). At the same time, I am sure current state of cryptomarket might scare somebody. On the other hand, market cap raise in 2017 was just phenomenal, so a little cold shower might not hurt us after all. Slower and steadier rise might bring lower volatility to major cryptocurrencies and therefore they may be considered safer mass adoption.
Yeah,I have noticed that they do follow the same patterns. Do you think it is a normal behavior? Or the trading algorithms are kicking in?
I think its because so many other coins are pegged to the value of bitcoin from the start that they all follow the charts, there are a few day traders I know who, when they talk about the price of a coin they refer to it in bitcoin price as opposed to USD price, and when BTC dips they sell and buy on the same charts, so this is what i think has become of the market, Bitcoin has become the American dollar of the crypto world
Makes sense to me.