As on 15-SEP-2017
This is just a thought from a layman .. please give me your thoughts about my observation ..
So, if you look at the top ten cryptos & their market caps & the 7 day graph on the right, it is hard to differentiate one graph from the other. You could swap them around & no one would know any better. How can the prices of all cryptos be moving almost in tandem ? Because, people buying & selling them don't have a clue how to differentiate one from the other ! Now, if there is little that differentiates one cryptocurrency from the other, why do we have so many ? Also, someone new will continue making a new crypto with some market buzz till it all comes crashing down !
Now, we all know that the price movement of cryptos in the last year or so has been absurd. It all started with the increase in prices of Bitcoins & spilled over onto Ethereum & so on & so forth. And then there were the ICOs - and to buy ICOs, one needed Ethereum or Bitcoin. Its all a vicious cycle !
To me, it all looks like a major house of cards waiting to collapse. Almost everyone who will tell you now that this is a great buying opportunity have a vested interest in cryptos - they won't tell you that they had no idea Cryptos would shoot up like a rocket - even now they won't tell you that the rocket is gonna burn out sooner or later & then its gonna fall !
Blockchain is a great technology & it is going to play a huge role in the coming times - that doesn't mean all these cryptos need to be priced at such astronomical rates & that too in such a small time frame.
To me, this seems like the best way to explain all this - everyone with a vested interest in cryptos are just trying to avoid "Eating my own dick on national television" (just like John McAfee) !
Ps. Thanks in advance for your upvotes ;-)