Bitcoin and other cryptocurrencies joined the bloodbath in the markets all over the world
Cryptocurrencies have seen massive declines in value and market capitalization on Thursday as markets around the world are "red". Bitcoin, the reference cryptocurrency, lost 7% of its value in the Asian market overnight before entering "convalescence," according to Business Insider.
At the time of drafting this, the drop in the value of a bitcoin is 4.33%, according to the coinmarketcap.com platform. The situation is more dramatic for the following two virtual currencies as market importance and market capitalization, Ethereum and Ripple. Ethereum, the second largest market-capitalized market share, is down 10.62%, while XRP is down 11.98% at the moment.
The total market capitalization of 2,062 cryptocurrencies is $ 202.5 billion, of which bitcoin has more than half, with a total capitalization of $ 109.1 billion. Ethereum, which at the time of drafting the material had a face value of $ 201.98, has a total market capitalization of $ 20.7 billion. The value of cryptocurrencies market has rebounded on an upward trend since the opening of US scholarships.
While this was an effect of the stock markets, it reached the crypto trading also. But, in my opinion, this might prove itself positive for the cryptocurrencies as if the trust of the people decreases on the traditional investment, they might find a safe heaven in the crypto world. Why to invest for something which is impacted of the local issues as long as you can bet on a technology world wide available. A country might fall, but not the world!
So, for those reading this I have two advises:
- For those in the market, just HODL!
- For those not in the market, come join us, escape from the traditional downfalls!
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I will keep on HODLing as much as I can! Crypto is the future, don't be distracted by something else!