IMHO price is going down because of impatient holders who want to participate in another DarkShadowMarijuana pump, hoping to make some 0.02 BTC profit and buy some candies. I will not be surprised if the price falls down to 6-8k satoshi. I consider myself as a good trader, but following those waves could be VERY dangerous. I am sure that many people lost money by selling VIA (or another good coins... like SFR for example) and then buy some new DarkDark or DopeMarijuana coin at their peak. Like I said many times in several threads - people are sheeps in general.
i think this past week it's been more the mune and blocktech ICO's people are dumping to get into.same thing happened when the ethereum ico started. alot of usually stable coins have been diving. hopefully people make some btc on those and get back into VIA.
ICOs are sucking volume out of the market though of course. If Ethereum didn't do enough damage, ICOs have become more prominent during these past few weeks it's almost unreal. I wouldn't be surprised if its the same group of devs pushing out ICO after ICO these past 3-6 weeks.
But as damaging as ICO's are lately in an already bearish market, its really the BTC downtrend thats causing the most damage. Had BTC remained $550-600 per coin, the alt scene would still remain prominent. This is what is hurting the alts the most. Shitcoins aside, legit coins with a real future including Viacoin have taken huge dips lately. It's not a standalone thing. Aside from your typical pump & dump/scam coin, its literally all red across the board. It's the current market situation, not a specific altcoin.
It all boils down to which way you think crypto will be heading. If you think BTC is going to seriously tank, it might be best to go back to FIAT. If you think this bearish BTC market will reverse (at least double for BTC), then all legit alts will recover with it and then some. Pure speculation as to where BTC is heading.
before
