EEK! Everythings Red in Crypto, XRP crashed to 28 cents on Kraken!
So we saw quite a bit of a dip today. XRP crashed down to 28 cents on Kraken. I think that's just a harbinger of how little liquidity these alts have. BTC got rocked a bit but supported above $6k again and has recovered almost half of it's losses already. We've seen steem get hit again. I'm thinking we could still see BTC move up from here, but I'm leery of alts, they may get punished further.
I warned people about XRP. I think it's a super weak alt with poor fundamentals, but a lot of hype factor behind it. It doesn't have the liquidity to sustain these bearish movements. To me it's no better than a digital form of the USD.
I like to think of the market right now like a rag that got soaked, soaked was the 800 billion market cap. We've rang out most of the water and now they are trying to squeeze out every last drop! I think most of the water to squeeze is in alts, especially the newer ones from 2017.
I think that there are very few crypto projects that have any chance of being here next year at this time. Most still have no use case and no functionality. Hope you didn't get rekt. I lost quite a bit and didn't sell anything, so, I am holding some pretty shi//y bags myself. I probably should have sold, but, advice said to hodl.
I'm up overall in crypto, but I've have some losing positions some winning ones. Could have done better at the top, like almost everyone.
I have to say that overall, I am up too. Mostly because of Steemit. I even had a net gain on a total scam lol.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by rawpride from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.