The Crypto market is crashing... Now BTC= 7400$ & Eth=400$
What happened to BTC?
1.Thousands of people came into the Crypto field and started buying in Dec/Jan. So the market hyped unbelievably.
80% of them have 0 technical knowledge about Cryptocurrencies.
90% of them does not believe in Bitcoin.
20% of them have absolutely no idea what a cryptocurrency is and how the market behaves.
70% of them just wanted some quick profit.
2.Some idiots bought and sold for quick money and dumped the market.
3.Some people got panic and started selling.
4.Whales saw this early and slowly sold part of their holdings. Now they are buying at low prices.
What happened to Eth and Ethereum tokens?
1.BTC going down = Eth going down
2.People with 0 crypto knowledge started investing in ICO's.
3.People with 0 crypto knowledge started doing bounties.
(Those are the spammers in Bitcointalk)
4.That two kind of people started dumping ICO's for quick earnings
5.Scam ICO's and useless ICO's came in to play.
6.Because of the ICO flood, ICO's became less profitable.
7. So some ICO investors lost their faith.
So Eth and most of its tokens crashed.
What happened to Other coins?
BTC going down = Every other coin going down
What will happen next?
1.Whales who sold for higher prices will buy slowly at low prices and will become 1.5* rich.
2.Some people will leave the Crypto market.
3.Believers will HODL.
4.The market will slowly recover.
Bitcoin and crypto in general is still pretty much in a early speculation phase. The market is tiny and of course guys with bigger pockets take advantage of it.
This is happening now since the beginning and will continue until we reach a certain level of value, which in my opinion is probably in the low to mid 6 figures for Bitcoin.
So with the next bull run we'll maybe move up to 50k or 60k and then go down to 10k or 15k again. But every time we go through these cycles we will make a higher low.
So either you have patience to hold for 10-20years at least, or you try to time the market and sell a bit on the way up and buy back in times like now, where the price is low. See the advantage of all that dumpage happening and buy some coins instead of complaining. This is why bear markets exist. To give you the opportunity to buy for a cheaper price. And furthermore it washes out all the weak, shady and scammy projects and the whole space gets more hardened and robust.