Has the pain finally stoppped or are we just taking a break from destruction at the moment in the crypto markets?
The past 24 hours have been absolutely terrible for the cryptocurrency markets. Lets have a quick look at the top 10 coins by marketcap...
This chart gives you a feel for the effect a price decrease in bitcoin has on lesser coins. It appears for today the biggest losers are IOTA followed by Ripple, NEM and ETH.
In the past few hours things have stabilized a bit and the whole market is going up again. If this is the bounce then grab your balls and load the boat but be careful for the bull trap.
Noob: 'What's a bull trap??'
A bull trap is a temporary reversal generally designed to pull more buyers into the market before dumping continues.
Final Thoughts
In the past few hours the market seems to have stopped bleeding for the time being and has even shown some signs of life in the buying sector. Still, caution prevails, watch the trading closely before you decide to get into the boat.
Best of luck!
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