In less than 24 hours the coinmarket capitalization witnessed a huge loss of more than $10 billion.
In my blog post yesterday, it was reported that the market broke the $90 billion mark. Before now, the market had enjoyed a steady rise adding $60 billion in a month from $30 billion. Just 5 days ago, coin market capitalization was valued at a little over $70 billion as seen in this post. Nine (9) days ago, it was revealed in my post that the coin market made a new high of $60 billion . A month , precisely 32 days, ago, the total market was valued at $30 billion as evidenced in this report
That was how the coin market tripled in value in just one month! Where on earth were we heading to at that fast pace? I think we are witnessing a major correction in the market, contrary to what people think that this might be a crash. Investors and traders with 'weak knees' are now panicking, the situation causing a huge dump of the assets and investments they once believed in. Meanwhile, smart investors, in my opinion, are utilizing this opportunity to take a good buy position so that when the market bounces back they can now take profits. However, if the general market loses more than 20% in a trading day, there may be a genuine reason to be afraid.
It appears that some investors are now finding safe haven in PIVX (33). The price of PIVX previously was down, selling for less than $1, but now we see over 60% increase in 24 hours.
Where is the coinmarket headed? Is it heading for a big crash or just a pull back (correction), after which a bullish market would be witnessed? Please share your thoughts in the comments section below.
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