This week for cryptocurrency markets was, to put it mildly, interesting.
Blood-red sea and the deep cuts of the charts, soaring above them vultures, made weak in spirit’s mouth. All of this action happened under the skeptics shouting “ we told you so!” that seemed to have used up a lifetime supply of his vanity.
Whatever the last two weeks of painful, those who bought Bitcoin in December or Ripple in January, most of them accept it as “necessary correction” and the opportunity to buy cheap coins.
Market psychology very exciting in the times of sudden price movements up or down. For example, the token destined for the global dental industry, had a market capitalization of a billion dollars just three weeks ago. Something had to change, and everyone knew what coins feel this crash the most.
Of course this is Bitcoin, which went from the pages of leading publications, followed by just apocalyptic headlines. As a market leader and the “face” of the cryptocurrency, he deserved the praise in good times and in bad blasphemy. And now for many cryptocurrency investors these are dark times. For those who have short memories and shallow pockets, the past week has dealt a serious blow, both financially and emotionally. But cryptodev who reached the peak of mania 2017, the current period is not unsettling.
First, they got into the cryptocurrency world before talking about money, and thus do not measure the success of the cryptocurrency at their price in dollars. In addition, they have all been through this and know that it is not to be confused with fleeting pain lingering illness. Cryptocurrency markets will recover, and when they do, the recovery will be strong and unexpected.
As well as times of oppression produce the best music, art and culture, a bear market creates the best memes. Humor has always been present in large numbers on cryptocurrency forums. Recently the most popular were the reaction of the pink warriors and talk about finding new jobs:
“This morning I sent an email to my former boss. I say this without irony,” admitted one user of the forum. “I feel like a complete idiot, and she hasn’t responded yet”.
I want to mention Crypto Feels site where under the gloomy music of the orchestra demonstrates the performance of the market in real-time. Comes out very funny!
It is difficult to find the coin that confidently takes its position. Even ETH, who survived the strongest storm this week, has succumbed to the red tidal wave, falling 30% in the last 24 hours. The less said about the surge (-40%), the better. The movement of the market in real time for those who have invested in altcoins, not a pleasant sight. For those who are watching from the sidelines, either because you have not bought, either because they have long switched to Tether, to monitor the decline is very convenient.
Speaking about the Tether, they are not the only cause of the surrender of the market and can’t even be called the main reason (although no one knows the truth). It is fair to say that the protracted uncertainty associated with the solvency of the Tether and a subpoena, does not help.
While some users thanked the criticism under the pseudonym @Bitfinexed, which first highlighted the situation with the company, others harshly criticized it. It was also suggested that the situation on the market is to blame for events such as “RAID” controllers in the Japanese headquarters Coincheck and Chinese New year.
Looking at all the hysteria, including glee and the obligatory FUD, it is worth noting that the cryptocurrency markets, currently estimated at $ 350 billion, had a market capitalization of 200 billion in November 2017. What goes up, must come down, and when the capitulation give way to consolidation, the iron hands will start to recover and accumulate.