Looking at the Crypto market capitalization index, it is very odd that the top 14 Cryptos are red, and especially during this festive season. It is only just recently that bitcoin received mainstream recognition, thus, it's behavior in the market during this period; that incubates high consumer spending arouse my interest. My main concern was the effect of high consumer spending periods on the price of crypto, especially the no. 1 bitcoin.
My working assumption is the holders are actively cashing out in a state of FUD and the extensive uncertainty of prices in 2018, given that we all treat the currencies with respect to annual price results akin to how companies announce their quarterly performances. Needless to say, bitcoin surpassed its $15000 by 2018 preemptive target to garner a staggering $19700 and the plummeted shockingly to around $13000 right now. To a notable extent, this shows that the festivities have taken a tole on my favorite crypto.
Of note is how BCC has recently been adaptable to an ordinary consumer because of its relatively cheaper rates compared to Bitcoin Core. However, based on the Market Cap right now BCC is even witnessing a harder pounding despite than BTC over the past 24 hours at -13.67% and -12.48% respectively.
In hindsight, the death of crypto is merely wishful thinking for the crypto cynics and naysayers the underpinning principle of our survival being the question, "Where will all the money people invested in crypto go to after their supposed inadvertent demise?" My two cents are that; with free information flow in the market and in spite of BCC being rather cheaper than BTC, and consumers actually noting this, both BTC and BCC have been tanking in the last 24 hours which can accurately be pinned on the looming festivities.
What do you make out of my argument? Do you have other explanations to explain the incessant red in the charts?
In Carl Fredirich Gauss's autobiography, surmised by this very amazing quote "To man is not vouchsafed that fullness of knowledge which would warrant his arrogantly holding that his blurred vision is the full light and that there can be none other which might report the truth as does his."
So feel free to share what you know, or don't. lol
