Is it the end of crypto?steemCreated with Sketch.

in #bitcoin6 years ago (edited)


Source: Using Pexels as C00 Copyright

As we have observed the downturn of the market at the weekend, as BTC is now trading merely around $6300 and the total
market cap is only around $220b; I can easily say we are at risk for the next downturn for the cryptocurrency.

At this time, as Bitcoin takes over 50% of the market cap, what does it mean?

It means that it is a wrong time to get into altcoins.

Indeed, as the capital from altcoins flew to Bitcoin, I expect a broader drop in prices in the market of altcoins. If you want to grab more decent altcoins like Steem, wait for the next dip of Bitcoin to execute the order.

Outlook is terrible, but is it the end?

No. It is just a beginning of a next era.

If you watch the news recently, Bitmain recently IPOed for $18b, making it one of the largest IPO of all time.

What does it mean, again?

It means that there is a huge potential profit in the market, and the smart money is pouring into a company that taking the lead in making money out of it. Kid me not, the one who has the most profit most stable is the huge mining companies. Even in a hard time, they can quickly reduce their productivity and when the time comes, they can sell their coins and earn huge profit.

I am bullish on Bitcoin, but for long-term

By mentioning recent activities, I would like to confirm again I'm bullish on Cryptocurrency and the outlook of the market. However, it takes time to recover and to shake off the weak hands. I have bought lots of Steem recently and will continue to do so in that market downturn.

Wish you luck in the market.

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I love Bitcoin

But most of the time you have to do the opposite of what the masses are doing. Now it's time to buy cheap altcoins because bitcoin dominance won't stay that high forever. Financial markets are never rational, especially not when it's a new technology like cryptocoins. The market is overreacting.

If you can Time it well. Yeah buying altcoins when they are this cheap or maybe they will be even cheaper ( but that's exactly the question ) :D

Or do both, buy some now and buy some later. Average down to the bottom.

As you @coinbrew said it is not the end but it is the BEGINNING of the revolution.

Won't quit on bitcoin. Just got to be patient.

My forecast is that BTC will fall to $4800 or a bit higher. Then it will start to consolidate and enter the bullish phase. Can’t predict the maximum but I think that it won't be higher than last year’s cap. Let's say, not $20000 but somewhere near. I agree that it’s not the end, it’s just another start, so I will buy both BTC and altocins. Most of all top-20 currencies are traded near their minimums now, so imo it’s wonderful time to get more. Sure, they can fall further. I use time diversification and buy small portions each day during a week or two. This strategy allows minimizing risks.

To the question in your title, my Magic 8-Ball says:

As I see it, yes

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

That's funny!

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