Hello everyone and welcome!
Ready to get bored again? I hope so :)
In this article I want to share with my readers my thoughts about the oscillation that has been occurring with the price of ONION and try to understand what it is related to.
DeepOnion is a fairly new ambitious project, perfectly working if we consider the yet released parts (let's not think about the last update for the sake of this article). It offers moreover fairly low fees, that will be lowered even more in the long run.
However, its value in dollars or compared with BTC has drastically decreased over the last couple of months... not years uhm, but months!!
OK, let’s take into consideration that February was not full of news or exciting updates and not even the first part of March was; keep in mind that the most “juicy” upcoming releases has not been officially announced yet; I’m referring to DeepSand and DeepVault ... only VoteCentral has had some rumors even if to date they did provide a specific date of release.
But certainly, what underlined above, does not justify a sudden drop because, just remember, that on the beginning of March the price per ONION almost hit 19 dollars.
Therefore, it seems clear to me that we are bound to Bitcoin! And this may happen for a number of different reasons:
- Bitcoin still moves the market and therefore, if BTC goes down, we go down too;
- The value in dollars is not a relevant metric, unless you want to cash out in fiat, as it is related to the current value of BTC or ETH... we could also have gained a lot in pairing with BTC but still have less value in dollars in our pockets;
- when the volume falls, unfortunately people sell the ONION to buy BTC. In the end, we are considered a simple altcoin.
So we are totally at the mercy of BTC? It would seem so ... but I think this statement is only partly true.
Let me explain: if we take a look at coinmarketcap.com we’ll notice a double rise in the last days: when BTC rose and when the new ONION wallet was released.
Then, however, some problems of sync appeared in the new wallet and then the price began to fall again... that was a sing, in my opinion, that we are linked to the BTC price only up to a certain extent: technology is doing the rest.
Therefore, I believe that, as soon as the problems of sync of the new wallet will fix, the price will start rising again ... subject to a drop of BTC of course :)
At the moment the price of DeepOnion should be considered a very good entry poin (uness you really want to get rid of it)... otherwise what is left to do is just wait for the end of the bearish market trend, the end of the airdrop and especially the achievement of the next steps on the road map.
Then we’ll see our project (devs will excuse me for the “our”) that will flourish... I’am very very bullish!
Let me know what you think.
See you soon
Supermox