HOW COINMARKET CAPITALIZATION LOST MORE THAN $10 BILLION IN LESS THAN 24 HRS
In less than 24 hours the coinmarket capitalization witnessed a huge loss of more than $10 billion.
In my blog post yesterday, it was reported that the market broke the $90 billion mark. Before now, the market had enjoyed a steady rise adding $60 billion in a month from $30 billion. Just 5 days ago, coin market capitalization was valued at a little over $70 billion as seen in this post. Nine (9) days ago, it was revealed in my post that the coin market made a new high of $60 billion . A month , precisely 32 days, ago, the total market was valued at $30 billion as evidenced in this report
That was how the coin market tripled in value in just one month! Where on earth were we heading to at that fast pace? I think we are witnessing a major correction in the market, contrary to what people think that this might be a crash. Investors and traders with 'weak knees' are now panicking, the situation causing a huge dump of the assets and investments they once believed in. Meanwhile, smart investors, in my opinion, are utilizing this opportunity to take a good buy position so that when the market bounces back they can now take profits. However, if the general market loses more than 20% in a trading day, there may be a genuine reason to be afraid.
It appears that some investors are now finding safe haven in PIVX (33). The price of PIVX previously was down, selling for less than $1, but now we see over 60% increase in 24 hours.
Where is the coinmarket headed? Is it heading for a big crash or just a pull back (correction), after which a bullish market would be witnessed? Please share your thoughts in the comments section below.
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What are your thoughts? Do you think altcoins will recover again? Steem seems to hold its place away from altcoins and doesn't react in like manner!
Smells like a sell off. No investment vehicle goes up in a linear fashion. Those that sold today will buy back tomorrow at a lower cost basis. Crypto is not going away. The stock market will crash first due to the fact that investment money is moving into crypto. Hopefully the high frequencey traders don't invade the crypto market.
I have the same thoughts as well that investors who injected so much funds into the market are taking profits. Yes, I fear the stock market will crash first. These fellows may be the same people manipulating the coin market this way. My thinking is that some have already invaded the crypto market, that is why we see it it play out this way. I may be wrong. You insightful comment is highly appreciated.
Fidelity Funds are actively mining Bitcoin. The larger financial institutions see that their days are numbered if they don't get on board with crypto.
Smart financial institutions, instead of going out of bussiness, are already adopting blockchain technology, backed by their unique tokens. Concrete examples are ripple (XRP), stellar lumens (XLM) and the new start up, humaniq (HMQ).
i'm scared the coin market might crash
Don't be scared @gbenga. The coin market is too strong to crash. There are serious stakeholders like the UN, who are already applying blockchain technology to transfer value. Worst case scenario would be that the market would revert to about $50 billion. Just my thoughts.
Very healthy correction in my opinion... all the way down to $1800 will still be healthy although I do not see it breaking $2000 very easily. I will add to my position on BTC at $200 and $1900 and $1800 ......
Yes @themagus. Honestly, it was high time the market corrected itself so that we can see the true value of each coin we hold. So, I agree with you that the correction is very healthy. However, I wouldn't want BTC for instance to go below $2,000. Just be careful when you are stocking up on BTC. Ensure that you have a hardware wallet like Trezor or Nano ledger .
Haha, price of bitcoin in my local currency is 2 months salary...stocking up hardly likely...bits n pieces of BTC .. But mainly to buy other altcoins. So Steem very important to me.... Need to capture me a friendly whale or three.
Steem is indeed important! Great points in your comment! @onetree mentioned you as being in SA, so we visited! Hope you good!
Our vision is here:
https://steemit.com/africa/@afro-naija-trail/afro-naija-trail-dedicated-to-growing-and-supporting-the-african-nigerian-steemit-community
The volume is just crazy, and for instance it drove syscoin from .10 to .15 to .13 to .18 to .13 in the last TWO days! It represents opportunity, risk, but mostly it represents how much of a different place we are in than 1 month ago.
To look back 1 month at April 23rd (when the market was already overheating!), only 3 coins besides tether had more volume than syscoin did today, and today syscoin was the 14th highest volume besides tether. $16 million+ on over 14 coins!
Yes, the volume of funds pumped into the market within one month was really crazy. I absolutely agree that this situaltion presents opportunities as well as risks. Thank you for your wondeful comment.
It's made for a really interesting day to day, because now the market swings up and down $5 billion in HOURS (like 2-4). I'm struggling to relate that to if people are actually pulling out directly into cash (probably not?), but what's easy to understand is that you have to be really careful with how you buy/sell with the FOMO and FUD if you aren't really experienced (me!) or know how to tackle day trading/swing trading with rigorous ideas of what works and what doesn't.
I think the huge funds (now about $20 billion) in the coin market is going back to fiat currencies. Yes, we should be very careful with trading the market, especially in this period of uncertainty.
This has happened before.
Really ? I would like to know when. Thanks for your comment @holabebe.
The safest bet would be to buy and go to sleep. No?
Any crash will be temporary but right now we're at oneQ are all in with Steem.