As Thanksgiving is celebrated today throughout the United States and as the very much anticipated Black Friday comes up tomorrow, where we can traditionally expect mouthwatering discounts on the prices of goods and services ahead of the Christmas and New Year holidays in many parts of the world, it appears that the crypto market will not be left out this year.
News.bitcoin.com
The Crypto market, it would seem, is gearing up for startling Black Friday offers as we have seen a staggering crash in price of most crypto assets in the last couple of hours. Precisely, according to information obtained from Coinmarketcap.com, the market capitalization of the entire crypto market, at the time of writing, has declined by roughly a whopping $93b.
Technically speaking, the market has lost about 15% of its share in under 12 hours. This is, frankly speaking, quite shocking when one considers the momentum and optimism that characterized the market only a few days earlier.
A cursory look at the top 50 assets on Coinmarketcap.com tells a depressing story as most coins have made double digits losses in percentage within the last 24 hours. Now trading at $16,800 from a peak of $19,300, Bitcoin is down by roughly 11%. Ethereum is down 16% while XRP takes a worst hit of 27%, all in the last 24 hours. LINK and ADA are coincidentally down by 21% while XLM and TRON are down 23% and 20% respectively.
Once attention is turned to DeFi tokens, one sees that they are not left out of the onslaught as YFI and YFII are down 16% and 22% respectively. UNI is down 18% and SUSHI takes even a worst hit at 23%.
As the Black Friday approaches in the next couple of hours and as the market approaches a temporary panic mode, it can be expected that the market will correct even further into the weekend, providing very neat buying opportunities for some swing traders and for those who have been standing on the sidelines for a perfect buying opportunity.
Above all, it will be very interesting to see how much discount we are able to get from the fast approaching crypto Black Friday. For this writer, it will be a wonderful opportunity to see Hive below 11 cents, Bitcoin at $15k and LINK at $10.5. Tell me what you think in the comment section.