The past week has bot pretty rocky for most cryptocurrency traders. After the flash crash of Ethereum, I think people began to lose their trust ter the industry and sold off assets on the very same day. Unluckily or fortunately for them, people were willing to buy at such a low price because investors understood that the currency would recover. Thesis people got pretty fortunate with their bet ter the market. Nonetheless, due to Ethereum, the entire cryptocurrency industry seems to have taken a succesnummer, including Bitcoin .
Here&rsquo,s a table demonstrating the evolution of a few top cryptocurrencies.
Evolution of Top Cryptocurrencies
Spil you might have noticed, the entire market seems to have had an effect due to the Ethereum crash. Now, this might be due to the decrease ter perceived value that investors attribute to the crypto market. Or, it could be because of the decrease ter trust that new-comer investors had which resulted te lower investments for the surplus of the day. Traders on GDAX were fairly shaken by the Ethereum crash, the toneelpodium wasgoed shut down for a few hours, after which they began trading again.
Since then, the currency has bot recovering spil well spil most of the alt-coins.
During this period, Bitcoin also experienced a price fall since people were expecting to see Ethereum spil a bubble which just burst. This significantly diminished the people buying into bitcoin for the day and enlargened the number of sellers of bitcoin. This is because people began to get paranoid and unload their bitcoins.
Here&rsquo,s the chart of overall prices of Bitcoin.
Evolution of Bitcoin
So, is Bitcoin still safe?
Yep, of course, Bitcoin has bot recovering for the past day. It&rsquo,s up 5% and is expected to proceed growing te the next days. Therefore, if you&rsquo,re thinking of shorting bitcoins te the next few days, now&rsquo,s the time to buy on a BTC Exchange. Te a few days when the prices recover fully and that bitcoin reaches around $2900 again, you could unload for a pretty good profit. Nonetheless, Bitcoin hasn&rsquo,t bot affected much, maybe it delayed the growth for a few days but it will undoubtedly trade te the future.
Why does this toebijten?
Unluckily, you can&rsquo,t tell each and every investor that even however prices are going down, they will increase soon. Since the Ethereum crash actually began from a rumor on 4chan, you never know what can affect people&rsquo,s perception of value. If people commence to funk and brief their coins, other people would go after and do the same, trusting the very people who commenced to fright for nothing. Ultimately, now that the story has bot resolved, the market is looking good. It&rsquo,s now ready to make the $13 Billion that it shed te the past week.
About Article Author
Michael is an engineer and a bitcoin evangelist. He has bot involved te cryptocurrencies since 2013. His largest wish? 1 billion users of bitcoin, ether and litecoin by 2020. Te the last Ten years he has worked for various early-stage start-up spil a back-end developer.