Have we finally reached the bottom?
The entire crypto-currency market cap has decreased by 48% in less than 30 days. Check out the graph below:
June 20th 2017, we see a high of $116 Billion and a low of $60 Billion on July 16 2017. That is a loss of 48%, nearly one whole half, in less than 1 month.
HOLD or SELL?
You may notice that many experienced in crypto are not very much concerned about this Teddy Bear Market (don't mind my bias) and are only considering accumulating more crypto at these low prices.
Meanwhile, newcomers have sold for losses and many more are considering selling at a loss.
Who is right? No one knows, we can only speculate. So here is my speculation:
Crypto NEEDS this Bear Market
Let's not forget how we got to over $100 Billion in Total Market Cap, it was something like this...
The value of cryptos has risen so rapidly that some holders of coins such as Bitcoin, Ethereum and Litecoin would still be in profit should their respective coins continue to drop in value.
This correction was coming soon or later and we needed this breath of fresh air for REAL GROWTH.
Is this the bottom?
As humans we like whole numbers, and it appears the market was not ready to see a full 50% drop in value of all cryptos. However, if the total market value drops below about $58 Billion (half of the former high of $116 Billion) then we may see the value continue to dip under $58 Billion.
In my opinion...
The total market cap may fall below $58 Billion but will exceed $100 Billion again within 45 days of doing so
Most quality coins will reach their previous highs within 45 days
One day soon we will surpass $100 Billion in total market cap permanently, making now an amazing opportunity to buy.
Bitcoin is the safest crypto-currency to protect your wealth. It has the longest and strongest price support than any other crypto-currency.