Why is the crypto market tanking? Or is it? Could Ethereum tripple in value in 2018? And more!

These past few days has been pretty turbulent. First we hit $850 billion total mcap, then we tanked down to $680 (25% drop) then back up to $750, then back down to $670 as we speak.

 

What is the cause of all this?

1. The uncertainty about Coinmarketcap. This site has been the our Bible when it has come to checking prices. But as with everything, things evolve and change. After their "mistake" or deliberate removal of prices reflecting the Korean market two days ago, which probably was the main cause of the "crash" - people have begun questioning the prices. Who can provide the correct prices? What ARE the correct prices? Should we count the Korean exchanges or not?

2. Bitcoin problems. Bitcoin is still losing value against altcoins,Ethereum and Ripple (although Ripple has fallen almost 50% since it's recent pump high) Keep in mind, Ripple is Cripple. It's not a crypto currency - like I've been saying all along. It's nothing you want to invest in, morally nor moneywise.

3. Cardano and Tron. Seems to me like these two are speculative coins with poor tech, much promises and a lot of speculation. We see them fall 20-30% today.

4. Ethereum is gaining when ALL the other top 17 coins are way down. Why? One reason could be that the co-founder Steven Narayoff said in a recent interview that Ethereum will TRIPPLE in value in 2018. #Hodl #Lambo
   He also said two days ago that the markets would tank, then consolidation.

5. Too many shitcoins. Remember, looking at the overall mcap could be a bit decieving. Even though all the 1000 or so shitcoins out there (70% are shitcoins) don't make up more than perhaps 30-40 billion, that's still a lot. Coins without websites, or just entering some empty domain and the developers have left..and it's still valued at 10-20 million and trading 10-20BTC per day. That's pure speculation, and gives a little bit skewed view on the actual value of the space.

So the conclusion so far must be that there is general FUD, partly created by Coinmarketcap, deliberately or at least due to market-autism, not understanding that doing what they did would make people freak out. And since they offered no form of apology in any shape or form, I suspect they are kinda shrugging their shoulders and meh..and some people got really cheap Eth or alts.

Also, I wouldn't worry too much yet. A 10-20% correction is something those of us who's been in the game for a year or more (veterans) is getting used to. I noticed this myself, and I have diagnosed the issue. In the normal market a good or bad day was up or down 1-2%, perhaps 5. In cryptos..not only have a lot of us all ready 10-20x'ed our money, so that we have way more than we were used to before - but when we lose 20% in a day, that's like a yearly frigging average income! A LOT of money. And I suppose some people have not yet gotten used to the fact that they have more money now. More money = more money when something goes up or down. If you have $1000 in the market 10% up is only $100. If you 100x that, all of a sudden you have $100,000 and 10% down is $10,000. It's hard getting used to that.

And that's part of the reason I think people in the space are so jumpy.Inexperienced young people with a lot more money than they've been used to have. And of course, some profit taking to buy Lambos i suspect.

I think we're going to have some exciting days ahead where we hit some new highs. I don't think the market is ready to crash yet. I have earlier argued that that won't happed until cryptos are at $7-20 trillion total mcap. And if it goes down 50% in value from $10 trillion..it's still at $5 trillion, or almost 10x from now. Remember that.

Told Y'all to sell Yall Ripples yaaaall

I also told yall to sell your Shittle. And at least one guy told me he sold it like two days ago. I don't remember who that was, but congratulations guy! Good move. And I hope you people get out of Cumdano as well, and got into Eth, Sub and all the other coins that I own ;)

Other than that I don't really see anything negative in the long term for cryptos. It will continue to be a bumpy ride all the way up to the trillions. Why? Because so few people still owns cryptos. It's still very "centralized", but as more people buy in, and money are exchanged to stronger and stronger hands - markets will ease down.But that's fortunately a long time from now. I don't want the markets to ease. I want them to be hot as hell.