CryptoTalk: Something familiar is happening in the crypto market now. Is history going to repeat?

in #cryptocurrency7 years ago (edited)

Hey Steemians! The correction on the cryptocurrency market seems to be continuing since we hit the all time high of $835 billion on Sunday. In my previous post I mentioned that the market is in for a correction and here we are. The market cap has fallen to as low as $672 billion, which is 20% off the all time high. You might be asking if this will continue. I am not going to answer this question as I won't claim that I know the answer. What I am going to share is an observation. I observed a familiar pattern in terms of Bitcoin dominance and it is beginning to form. Do refer to the graph below:

The chain of events that happened in May to July period last year is very similar to what we are seeing now. First, Ripple surged to take over Ethereum as the second largest cryptocurrency. But it was short-lived and Ethereum eventually came back strong. It went up so strongly that people were optimistic that it might dethrone Bitcoin. In the end, Bitcoin remained triumphant and went on a bull run from $3000+ to peak at above $20000.

We are now looking at a very similar pattern. Will history repeat itself? Will Ethereum continue to rise further to be eventually beaten by Bitcoin? And will Bitcoin start another bull run after this correction? I think history might just repeat itself.

What do you think? Leave some comments and let me hear your thoughts. Thank you!

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I just follow you cause your posts seems to be informative post you can find similar crypto news on my steemit that might be productive for you too...
https://steemit.com/@snofkin

Hey @snofkin, thanks! I noticed that you do blog quite regularly. I do not do so as often as I am more of a reader than a writer. I have started to follow you as well. What do you think will happen next to the crypto market?

thanks for you follow.I think the market of some crypto like btc,eth,bch,electroneum gona soar so high .Also their will be more number of new crypto in the market.........

Dear snofkin,
Indeed, this is highly likely to happen - though I would wait to buy certain coins (eg. btc) because btc has the potential to fall back to 12, 11 or even 10k$.
Yours truly,
Gandalf The White

So, accumulate in winter, HODL in spring, sell and profit in Summer and Fall.

Sounds like a natural course of things.

Haha.. I guess so. The market cycles will just keep repeating itself. Just like how Ray Dalio described in his video on the "Economic Machine". I am a firm believer of that.

Eb and flow.
Supply and demand.

It is only when government tries to mess with things that it gets worse.

Could be true. I do not know. But government can definitely destroy a lot if it wants to (or acts wrong).

Would you be so kind and summarize this video for me - if you want to haha

Haha.. it is just 30 mins. Trust me, it will be 30 mins well spent. Just watch it :)

Ok... but right now I do not have time for that. I hope I do not forget to watch it!

Dear deanlogic,
Hahaha, good comment!
Cheers!

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I saw a cloud that looked like a horse the other day.
humans are pattern perceiving critters...we see patterns everywhere..

Agree, sometimes we can be overthinking and reading too much into graphs. But market is often cyclical and it should not come as a surprise if history repeats itself :)

does history repeat or does it just rhyme?

Probably both! But more often it just rhymes imo.

Dear everittdmickey!
Haha, pls post this horse - never seen a chart look like an animal before. And yeah it is true that many people write a lot of nonsense concerning ta but those normally are newbies.
If you are good at ta you can predict the future really good - still not always right because you can never know it a 100%.
Yours truly,
Gandalf The White!

Haha, nice one!

Ah, there is my beloved Shadowfax! ;D

Yo bro!
Could you tell me what the fourgraphs show? Volume, price,...? And which shows what? (:
Cheers!

The graphs are the percentage dominance in terms of market cap for each coin. Orange represent BTC, purple represents ETH, cyan represents XRP and the light grey represents the remaining altcoins.

Ah thx! Man I am an idiot haha

I think there is a lot more competition in the crypto market now compared to earlier... I feel BTC will be the single largest currency for a while more, but you never know! Keep up the good work!

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