I'm going to jump right into this one. 20% is a significant drop. Imagine pools of people exiting the market and the late buyers panicing, trying to figure out what is going on. Yes, this can be scary but also good. The truth is, Ethereum and Bitcoin has to stabilise eventually.
This 20% drop can be a trigger for a bearish market. If it continues to go down, then you'll see consistent spikes where as people assume they have found a support price, when really they are just bots, pools and also late comers that recieved the news too late. The bots and pools of people are going to short the shit out of the market until the trend dies out. You'll know when the market is at base price when there is a large loop in the charts that literally goes up and slams back down to the same price.. twice.
Most ethereum supporters threshold are around or below $50 - 100. After the $100 threshold, you get medium loads of late comers that have bought in slightly late and also pool pumpers.
So, just wait until people start saying, Ethereum and Bitcoin are scams, give it a few months to a couple years, and the cycle will repeat. The next big cycle is going to create a trillion $$ bubble, that is gonna be within the next 5 years.
Ethereum is still up 25%+ over the last 7 days.
Although BTC is down 15% over that time.
Most coins are still down but i bet in just a week or 2 they will be back to pre dip.
I can see it dip, and spike up for one more hoorah, but people want to become millionaires or dont want to lose their money. And because majority of people dont understand the $100 billion crypto economy, they will cash out.
I think a lot of people are putting their money in cryptos as they dont want to miss out becoming a millionaire. But they aren't even interested in making 1000$ into $1100. They will hold on until it doubles, triples or hits $1M, they don't care if it goes up 20% one day and down 25% another. They want big gains and are treating it as a lottery. Nobody ever sells their lottery ticket.
Who would consider Ethereum or Bitcoin a scam ? When will people start saying this? Maybe 3 years ago people would but since you can buy a lot with Bitcoin, big companies accept it and there are proper companies and people within the Bitcoin community. Therefore I don't think anyone will believe its a scam. if anything some of the ICO's are a scam and people will lose a lot of money and others ICO investors will make a lot. When it comes to Altcoins or Bitcoins you might be too late to make 1200% returns within a month but some will turn into billion dollar 'companies'. People are making tons of money on a daily basis and tomorrow I'll post an article on how you can take advantage of some hypes.
Haha no offense, but lets not be naive. Out of the 7 billion people that live on this planet, how many of them own bitcoin or eth? Not many. You have new commers everyday. I understand you can make alot of money, but until people understand it, they wont invest. Therefore, they believe it may be a scam.
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