Source: Using Pexels as C00 Copyright
As we have observed the downturn of the market at the weekend, as BTC is now trading merely around $6300 and the total
market cap is only around $220b; I can easily say we are at risk for the next downturn for the cryptocurrency.
At this time, as Bitcoin takes over 50% of the market cap, what does it mean?
It means that it is a wrong time to get into altcoins.
Indeed, as the capital from altcoins flew to Bitcoin, I expect a broader drop in prices in the market of altcoins. If you want to grab more decent altcoins like Steem, wait for the next dip of Bitcoin to execute the order.
No. It is just a beginning of a next era.
If you watch the news recently, Bitmain recently IPOed for $18b, making it one of the largest IPO of all time.
What does it mean, again?
It means that there is a huge potential profit in the market, and the smart money is pouring into a company that taking the lead in making money out of it. Kid me not, the one who has the most profit most stable is the huge mining companies. Even in a hard time, they can quickly reduce their productivity and when the time comes, they can sell their coins and earn huge profit.
By mentioning recent activities, I would like to confirm again I'm bullish on Cryptocurrency and the outlook of the market. However, it takes time to recover and to shake off the weak hands. I have bought lots of Steem recently and will continue to do so in that market downturn.
Wish you luck in the market.
