A record high price rise of the top 10 crypto currencies sees a fall. The total market cap which was $635 billion yesterday has fallen down to $550 billion (at the time of writing). Considering the pattern of the last 24 hours, only ripple sees a favorable growth.
What could be the possible reason? Is it just the volatility thing that's working in price of cryptocurrencies?
Or, is it that a large part of the people involve in the trade going slow?
And, because I am inquisitive about learning as to why this has happened, it would b great to hear from any of you.
People are cashing out before it's halved again
Which means nobody is trading at this moment. Is that so?
Most of theses coins have very inelastic supply and that causes huge price fluctuations when demand changes. This market also has small liquidity if you really think about it, so that also adds to the volatility. It's an emotional misunderstood, hyperactive, and paranoid market. This is to be expected and has happened several times in the past months.
This is a beautiful information. @diezeldiddy
Because the majority of altcoins are forks of the original Bitcoin, and Satashi Nakamoto's Ideal strategy of a peer to peer decentralized currency has been prostituted by wall street banksters, who have obtained enough Bitcoin to begin margin trading, and the greedy fools who have participated by enabling the banksters by investing in Bitcoin IRA's, mortgaging their homes to buy Bitcoin in a futile attempt to obtain wealth without work or prudent investing- have given the wall street minions the ability to shred Satoshi's Ideals for the sake of short term profit- Watch Jeff Berwicks video explaining the upcoming "Lightning fork"- to speed up Bitcoin transactions and reduce fees- because the 1 MB block isnt large enough to allow processing speeds to increase in a sustainable manner as Bitcoins growth is exponential and unable to handle the scalability issues. A 10 MB block was suggested, but not implemented, which is why Litecoin price has surged, as the SCRYPT mining process does not have the scalability issues as Bitcoin which uses SHA256 mining process. Essentially- Bicoin has gone from a decentralized peer to peer currency to a centralized banking controlled currency via the implementation of the "lightning Fork". I hope I didnt sugar coat that too much.
Sugar coat, Eh! No. :D
But, I love what you wrote here. Thank you @marcoagarcia3rd