Did We Finally Pass The Bottom of this 40 Day Correction?
Bad press, news and spreaded rumors seem to decrease after the media-massacre aimed at Cryptocurrencies over the last couple of weeks. Many new „investors“ with literally no clue about Cryptocurrencies were lured by FOMO (fear of missing out) mid December last year after a astonishing increase of Bitcoin & Co. Many of those new investors thought to be rich in just a few days, which finally lead many of them to sell for a loss when the first rumors and bad press spreaded shortly after New Year.
This sell offs continued from there on till around a week ago. The result of this rather big correction was an average decline of 70% of the major Cryptocurrencies over a course of just 40 days.
Just to visualize and clear this up (since I get the feeling some people do not understand basic percentage calculation) To be back on the point where the correction started we need now an increase of over 233%
Checking our top 15 chart, measured by their market capitalization, we only see green numbers with the only exception of Cardano (ADA) with a fairly little decline of just 0,10% over the last 24 hours. Top gainer in our top 15 with nearly 7% was Lisk (LSK) followed by Monero (XMR) and Bitcoin (BTC), both with an increase of about 4.5% today:
Checking the total market capitalization we see an increase of over $15 billion USD today, from around $410 billion USD 24 hours ago to over $425 billion USD total market capitalization at time of writing this post:
After hitting the 3-month low of barley above $275 billion USD total market capitalization a week ago, we see a steady increase over the course of last week.
Top Gainers Today:
Top gainer today is once more E-Coin (ECN) with an astonishing increase of over 260% (as I said yesterday I’m still not sure what is going on with E-Coin; we still can see 50% jumps up and down in just a matter of seconds; so please be aware of that (possible long term Pump and Dump going on there)) followed by U.CASH (UCASH) with an increase of more than 171% over the last 24 hours:
Top Losers Today:
Top loser today was Kyber Network (KNC) with an decline of nearly 5% shortly followed by Bitcore (BTX) with an decline just a little more than 4% over the last 24 hours.
All in all we got only 12 declines out of our top 100 Cryptocurrencies chart.
The last few days looks like we finally hit the bottom some days ago. We see an overall increasing market and the bad press and news seems to decline again. Also the low prices and the still ongoing huge support for Cryptocurrencies and their Vision brought capital back into the market.
I for myself see a great future in Cryptocurrencies. There technologies and visions will definitely revolutionize not only the whole financial sector.
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Disclaimer: I'm in no way a financial advisor. I just state my opinion! Never do investments because someone told you or in the fear of missing out! Take your time to research. Don't be sheep, develop critical thinking on your own!
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