$6 Billion gets wiped out the cryptocurrency market - page 2.

nicster551

sr. member

Activity: 896

Merit: 253

Quote from: Shenialna123 on November 10, 2018, 11:13:10 PM

I heard a news about,
$6 Billion gets wiped out of the market capitalization the cryptocurrencies between November 7th and November 9th 2018( within 48 hours).The valuation of this highly volatile market fell from $220 billion to $214 billion within this period.

So, what do you know about this, and what will happen to the price of the bitcoin ?

Well, as you can see there are no major effects in the price of Bitcoin about it and I know that bull run would start not long now. So be prepared.

Minhxx

jr. member

Activity: 412

Merit: 3

This is just a drop in altcoin. This is very normal and is caused by the fact that MarketC's x can not get information from it, and MarketCom is very poor.

clonely

member

Activity: 490

Merit: 10

SEND AND RECEIVE MONEY INSTANTLY

The figure is very low compared to January. But I have to say this is very normal in the crypto money market. In a few days it could increase to 100 M $ ...

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: pooya87 on November 10, 2018, 11:32:53 PM

it is a silly math that has no meaning when it comes to cryptocurrencies called market capitalization.

Exactly.

I can create an ERC-20 token with a 1 billion token supply. I can then sell a single token to my friend for $10. Boom, my project now has a market cap of $10 billion! I'm a billionaire!

Wait. My friend has just realised that my project is a scam. He sells my token to another friend for a single satoshi. My project is now only worth about $60,000, and just like that, the marketcap of cryptocurrency falls by just under $10 billion in a matter of seconds.

Marketcap is a poor metric to be tracking.

globalking

copper member

Activity: 644

Merit: 0

POINTPAY

I think This is the indication that bitcoin takeoff from here that the reason there are trying to create panic.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: Shenialna123 on November 10, 2018, 11:13:10 PM

So, what do you know about this, and what will happen to the price of the bitcoin ?

it has nothing to do with bitcoin price and that is not dollar that is being wiped out of the market. it is a silly math that has no meaning when it comes to cryptocurrencies called market capitalization.

there simply is a huge amount of altcoins available (supply) and when the price of them go down a tiny bit the result of multiplication (supply * price = market cap) changes a lot.
so the only thing that your number shows is that there are a lot of total supply available!

Shenialna123

newbie

Activity: 6

Merit: 0

I heard a news about,
$6 Billion gets wiped out of the market capitalization the cryptocurrencies between November 7th and November 9th 2018( within 48 hours).The valuation of this highly volatile market fell from $220 billion to $214 billion within this period.

So, what do you know about this, and what will happen to the price of the bitcoin ?

Topic: $6 Billion gets wiped out the cryptocurrency market - page 2. (Read 353 times)