Signs of Stability in the Cryptocurrency Market After the Crash
The last 24 hours have been intense for the cryptocurrency world. We have seen some major price swings and a couple hundred billion difference in overall market cap during this time. To me, the market was already overinflated before it crashed and the main perpetrator was BTC. BTC has lost some serious value, but it has partially bounced back. Also, the alt coins have bounced back to near the same values that they had at the beginning of the crash yesterday: AMAZING!
The bounce back of the alts is measured by me in their BTC value. If you bring USD into the equation, it messes up the valuation because they usually aren't available to buy for USD. When the market deflated after massive hype in beginning of 2014, we did not see this pattern. The BTC value of the alts slowly fizzled out as BTC lost its dollar value. The BTC value of my alt-coin portfolio (which I added to during the crash) did amazingly well. After my experience trading in 2014 (and retiring from trading afterwards), this pattern shocked me. Maybe these alt coins are more robust than their counterparts from 3.5 years ago.
This theory makes sense to me. Blockchain technology has come a long ways since then and popular opinion and awareness have both increased. The stability seen here is very impressive and hopeful. It is not what the news is saying, but the numbers are there. Please share your thoughts below. Thanks!
I think it was a massive run up and the correction was due. Will see what happens I expect it to be stable going into the holiday week. Steem On bur before all Trade Responsbly .
Why do you think the alt coins stayed fairly even valued after a temporary dip?
I think most people have diversified. As time passes and Coins get more evenly distributed through the world 🌎. Things will become more stable. As long as there are greedy people in this they won’t reach there max potential. Steem On!