Cryptos in a free fall - Ethereum hit hard, more pain in near future
I woke up this morning to see all cryptos (with the exception of IOTA) in a near free fall.
- Market cap as of this morning is about $63 billion compared to $73 billion yesterday.
- Bitcoin is now well below $2,000 and falling
- Ethereum is hit the hardest - down to $138, a drop of 67%. This is the level that I am watching. If it breaks this level then the next level is around $86. See the chart below. As you can see, there doesn't seem to be any respite.
So what do you folks think we should do:
Option 1: Continue to hold
Option 2: Add to the position to reduce the average price
Option 3: Reduce your position and pick up later.
Please leave your comments with your suggestion and strategy.
As always, be prepared and be safe!
My plan is to hold and add to my positions now! I'm not selling anything. I think there is a greater probability that prices will be higher in 6 months than they are now. Buy low and sell higher.
I am thinking of the same. Just waiting to see if it falls below the big psychological level of $100. Charts says that it can go down to $86.
As someone strongly ignorant about cryptos, why would someone want to own ethereum over Bitcoin?
Both have their use cases. Bitcoin has the branding going for it whereas Ethereum has the smart-contracts going for it. There are over 100 applications being developed on Ethereum blockchain as opposed to Bitcoin blockchain.
We all begin as not informed and educate our selves bit by bit. From what I gathered in a nutshell, Bitcoin is finite and Ethereum is subject to some degree of inflation. Both a digital currency they are exchanged for others in the market and can purchase goods or services where they are accepted. Block chain is a digital ledger that can be programmed for functions with almost any application. They are not controlled by a single entity and have no single point of failure.
Ethereum uses smart contracts to not only facilitate transactions but in a way program them through rules that act as a virtual escrow. Speculations, fear and greed drive the markets on an investment level but the technology behind an given issued coin sustain its growth in the long run or let it fizzel out. Those two are pillers from which other coins are derrived from but some alternative coins have variations of new code built in to serve other application functions. In a nutshell.
hey, thank you... gives me something to build off of
Going to see how low it goes and maybe buy $20
so you are expecting Ethereum to go down to $20? Possible but not probable, imo.
You have to wait until this whole bitcoin saga ends!
http://www.zdnet.com/article/watch-your-bitcoin-vanish-blockchain-split-imminent/
I can understand the turmoil in Bitcoin because of the split but Ethereum already split last year (ETH and ETC),so not sure it's sharp decline. Could very well be just perception issue around cryptos in general. If that is the case, then there will be very sharp movement upwards for Ethereum. Thoughts?
It's Bitcoin that's splitting. That's what the difference is. Bitcoin is the king of crypto currency. This potential split is affecting every other crypto coin as well.
Yes, be safe and stay informed in the crypto space. I am no financial psychic advisor and only talk about what I do. I have invested in stocks here and there. What I do is buy not only what I can afford to lose but also what I feel comfortable losing. If I cut out a morning coffee at a cafe for a week I use that money.
Good strategy. Greed never pays.
I can't say it enough............ "BUYING opportunity!"
I don't have an issue with the drop. Over 100 Billion in crypto is way to high at the moment. It wasn't an honest value, but will be some day as more users come on board. I don't know where the uncontrolled gains came from, but created a lot of money for some people and they are now selling off.
I'm in for the long run, beacause some day it will go way higher, but it is very new now, be happy you are in on the ground floor.
Now following, Cheers
I agree it is just starting. The technology itself is getting matured and the adoption rate is negligible right now. We are just catching the wave!
All waves collapse by their very nature, next 1 will be by soon enough. Ask any surfer LOL
Cheers