This year was certainly not a good time for cryptography. In fact, during the first two quarters of 2018, we have seen how the entire market alongside its king, Bitcoin (BTC), has struggled with well-defined jumps that have pushed the prices of different currencies to worrying levels. In this sense, both enthusiasts and investors were waiting for a moment when things began to change, one of the generalized market trends.
And to say the least, we all felt calm when the situation began to improve a few days ago it seemed like the market was giving a turn, which, of course, was reason enough for all of us to celebrate that the market was still proving once to be resilient. However, the sad part of the story is that it was just a momentary thrill, which is currently shaking the whole community.
The market capitalization has plummeted to a value of 192 billion dollars, one of the lowest values that the market has had during its existence.
However, we all need to remember something similar happened in 2015 when the market broke down by bringing down 80% of the market capitalization and reached a value of 170 billion, a situation that somehow gives us a relief considering the fact that at that time the sector managed to survive … but what can we really expect to happen this time? We see an introspective of what is happening with the market right now!
Public opinions on the cryptographic market
It is true, we have already recovered from this kind of losses, and it is also true that the market simply tends to be a volatile environment. But this time we will really recover?
Well, one of the crucial factors that we need to keep in mind is the utility of the virtual currency we are holding. As long as the currency we possess has a purpose and an individual utility, we can count with certainty that the currency will increase once more as people continue to buy money to use it.
This is something we can be certain with cryptographers like Bitcoin (BTC), which actually proved to be one of the most used coins for shopping.
On the other hand, the landscape is completely different for the altcoins. It is likely that some of the existing altcoins will succeed in creating a strategy to survive, but the sure thing is that we can be sure that Bitcoin will make it.
In relation to this, Vitalik Buterin co-founder of Ethereum and Bitcoin Magazine, said recently that the crypto strategy must change to see a different response from the community.
According to him, we are not in a place where we can not have a growth of 1000 times more current prices. He said that instead of creating hype, the industry should focus on building coins for real purposes.
Vitalik's statements are intriguing considering the fact that Ethereum (ETH) has dropped 34% per cent in the last three or four days, and that ICOs are the first utility of the Ethereum network, it seems that people are no longer investing in ICO because this is not profitable in the long run. To say the least, it can be considered a risky thing to invest in Ethereum right now.
As for the topic, many users on Twitter have expressed interesting opinions about the situation. @Apompliano tweeted a message saying that despite the decline in market prices, people continue to believe that they will recover very soon. But this is not really true; we must accept and "truly believe that cryptography is over" to see a recovery.
Crypto prices continue to decline but people still believe that the price will quickly recover.
There is no blood in the streets.
It will be a recovery until people forget the last race and really believe that the crypt is over.
– Pomp 🌪 (@APompliano) 8 September 2018
On the other hand, another Twitter user has posted a message that is worth paying attention to. The message read:
The British pound is the oldest fiat currency existing at 317 years. The pound was originally defined as 12 ounces. of silver. Now it is worth less than 0.5% of its original value. In other words, the most successful currency has lost 99.5% of its value
– Dan Hedl (@danheld) 8 September 2018
The utility can be guaranteed in coins like Bitcoin, people from all over the world can actually buy Bitcoin and then use it as freely as they want, so we can surely be sure that the currency will continue to grow and will recover soon.
On the other hand, the story is completely different to the altcoin … It's not a question of market finish; it's just a question of the number of offers that does not really have a purpose. In my opinion, the fourth quarter could be the moment when the market (first Bitcoin, apparently) takes off again. So stay tuned.
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Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct a thorough research before investing in any cryptocurrency and read our complete disclaimer.
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