Bitcoin value is currently at 2502.00 US dollars, means down about $500 from its peak of $3000 at 12th June. Accordingly, other cryptocurrencies such as Litecoin and Ethereum also face the similar decline in values. The thing is, overall cryptocurrencies trend has been gradually dipping from last few weeks.
It is really odd to put old security terms to unique digital currencies’ procedure, which makes it clear that digital market is approaching the conventional 20% failure. The bubble was the most repeated word used by the experts. In addition, two weeks before the peak of it, Robert Hackett also diagnose a bubble.
Some important features of a bubble in technology race are, it should be craziest, certain and unjustified in reality. Matt Prusak the famous strategist brings some example of “dump money”. Few of them are entertaining if you are not facing any losses right now. Prusak also points out the beginners in the bitcoin market.
Creator of #2 cryptocurrency Ethereum Dmitry Buterin has been watching for correction and tweeted,
For more details, Prusak also point out the BroBible’s post “What is The Etherum [sic] Cryptocurrency [sic] and How Will It Make You Rich AF?” which was with the spelling mistake, as the digital market was heading down.
Prusak elaborates many other proportions of crypto-mania but we’ll mention here one more. Through the course of lead-in, Ethereum’s value has been tracked by Ethereum classic’s values. While ETC is a fork whereas ethereum is a cryptocurrency with worldwide adoption.
“highly likely the price [of ETC] has been driven significantly higher by uninformed investors simply not understanding the difference between the two – similar to how adding “.com” to a company’s name in 1999 sent stock prices up on average 74%.”
Basically, this is the revolutionary stuff, long-term potential for buying opportunity.
Tags: bitcoin value, bitcoin market, bitcoin exchange