Market Cap at $440.475.445.847, almost all the coins are in the red, with only a few exceptions, bitcoin under $10.000and people are losing money.
But what is actually going on here?
It just has been 10 days, since we saw a market cap around $835.000.000.000 and now we went down almost 50% from there.
The whole situation kinda reminds me about Friday the 22nd 2017 on which we went down to a market cap of $490.000.000.000 after a couple weeks of big gains.
However, I feel like this time it is a lot different, and we might have actually needed this drop.
But why do I say that? I guess my motives for saying that are more subjective than objective.
As many of you, I'm in a lot of groups on facebook about crypto, and as you might have noticed the community started to get a lot of new people. But who were these people? I feel like most of them didn't really care about the technology or didn't really want to put an effort in learning about the market. Most of them just wanted to "get rich quick"
So I feel like we had a lot of noobs coming to the markets, just randomly buying stuff at all-time highs and are now panic selling now that it is going down that much.
Which of course, a couple newbies with a few hundred bucks are not the reason that the market is tanking, but I feel like people that have been in for a while now just took their wins in.
And while this is happening all the people who bought on highs are now panic selling all their coins, while the whales are waiting and sure buying again.
I also feel like now it is the time in which the remaining people will stop investing in shitcoins and scams like Bitconnect.
So what is the future going to be?
Well, it all depends on you!
Personally, I'm convinced the coins I invested in to have an actual purpose, are a good technology and are not just something to make money off real quick.
Things like ETH, NEO or BNB will not just disapear, and we all know that.
Furthermore, I think this crash might even help us to keep the crypto market serious.
I'm sure all of you know It can't always go up if it is legit, everything that is just promising 100% return and no risk smells like a scam.
But crypto is not as a scam and it will come back!
So my advice is, just hold! Or If you are bold enough, even consider buying in now that the prices are low!
Until next time,
Stay involved, be interested and look forward
Luca