Bitcoin, Ether and the Top 100 alternative cryptocurrencies (altcoins) took a beating Yesterday and was still taking a beating today with many in the negative with double figure percentages. Yet contrary to what Tuesday early morning numbers looked at, there are signs of a recovery already in our midst this early afternoon as you can see by comparing the 24h percentages with the 1h percentages.
Ether got slammed BIG TIME and has been taking it on the chin ever since last week when a severe hiccup occurred on Coinbase’s GDAX Exchange bringing Ether down from its $400+ perch to around ten cents (or $13 depending upon who you listen to). OH MY! It recovered within a minute or so, but we can’t continue walking around with eyes wide shut repeating “This event had nothing to do with the state of the market. This event had nothing to do with the state of the market.”
This isn’t the first time a “Flash Crash” negatively affected the markets. See Historical References from 2014 to just last week
According to data from CoinMarketCap, the cryptocurrencies combined market capitalization went from a high of $117 billion in mid-June to just under $100 billion today. Yes… the Total market capitalization has fallen by more than $25 billion! Once again, Bitcoin and Ether are leading the charge with altcoins following closely behind on the same trend line.
Bitcoin’s market cap has now dropped below $40 billion for the first time since the beginning of June. And it’s market dominance is hovering around 40-43% now. Just when you thought Ether was going to over take Bitcoin and dominate, the gap widens once again more noticeably in the last 4 days.
While Ripple (XRP) is still holding down the fort as #3 in the pecking order…
As P.H. Madore or CryptocoinNews wrote”
Keep Calm and Hodl On…
The historical charts show it’s more likely that things will rebound than not, so perhaps take some solace in that. Or just back out until you are comfortable with your hodlings again, thereby forfeiting later profits. The beauty part is, it’s all up to you. So chin up. Everyone’s still standing, everyone’s still whole. All that really happened today was some newcomers and bull traders got discount coins.
While this decline (just like the others) may just be a speed bump in the world of cryptocurrencies, it does leave some traders in a panicked state. Then there are those like myself who’d prefer to call it a shopping day!
I could care less what happens in the short-term because I have more faith in where cryptocurrency is going in 5 – 10 years so HODL some cryptocurrencies, folks!
Queen Wiki never recommend making emotional trade moves based upon 1 hour or 1 day or even 1 week market changes. We’ve seen this in the past week, the past month, the past year and years prior. And it is likely to smack you in the neck in the future.
I look at this as a good opportunity to restructure my holdings and to buy Bitcoin and some of the top 100 Altcoins while the prices are low.
What happened to the mantra and proven strategy of “buy low, sell high”? We see too many times that emotional buying results in selling low and buying high.
Enjoy your day! I am off to buy more altcoins and bitcoins and implement my re-allocation strategies ONCE AGAIN!
More to come!