Mehn, now this is just a whole lot crazy.
I remember a while back, February I think when 1 Ethereum was worth over 300,000 naira or just slightly around $897.
The dip appears to be a never ending dip in the case of Ethereum as it enters a yearly low of $259 at the time of this post.
While to those holding and those trading, this might be a bad thing, for the new comers coming into the market, this is nothing but a golden opportunity to rake in some cheap coins.
No matter how we look at it, a loss for some will be a gain for others.
The beauty of a market is the same.
A loss on one person's end, is a gain on another person's end.
For while you may think that you're selling youre coins cheaply, someone else is happy that he is buying a coin at a very cheap rate.
What I still dont understand however, is how this affects ICOs and all the coins that normally run with Ethereum.
In many cases, most of these coins are tied to Ethereum and so a drop in ETH will lead to a drop in this coins and an overall drop in the crypto market.
I fear we may enter a chain reaction.
Where a drop in BTC leads to a drop in all coins tied to it, including Ethereum, which also has coins tied to it, this leads to a general fear in the market leading more to dump.
So altcoins from eth experience bigger dumps.
We are already seeing it in the market, with many coins over the last few weeks experiencing as much as 40-50% dumps in price and MCap.
One thing is for sure, there is a bottom and the goal of every trader should be to know where the bottom ends and where the rise begins.
