Crypto currencies take yet another tumble into one of the bearish markets we've seen in a while. Lets talk about our friend Bitcoin since its dramatic increase in the beginning of April 2017 with an average of $900 to an astonishing $3000 in value. All within the course of 4 months. I think its fair to say, many would have also wished to participate in this prosperous rise, but those who entered on Bitcoin technology within the past month have lost 30% of their investment due to an extreme correction within its USD value.
Below is a chart analysis of BitCoin's current price $2,042.16 falling from its highest value ever of $3,026.33
[2017-7-15 23:21:00]
When analyzing Bitcoin's price action it becomes evident why a major decline in value had to occur. Bitcoin's value increase has been incredibly steep for 16 consecutive weeks resulting in an imminent down fall and correction in price sooner than many had thought. When is it that the bullish market comes back to reclaim its thrown is the question everyone is asking. Although price movement is in a downtrend we still see a major increase in volume transactions on TradingView's charting system and lots of 'buy' orders filling in on exchanges. As my economics professor and academic adviser would religiously say, "Nothing is good or bad, but thinking makes it so" -Micheal Connell. The quote was taken from Shakespeare but perfectly describes how the markets should be taken as. Nothing more than a game of cat and mouse between the bullish sector and the bearish market ferociously attack each other. Since BitCoin was the first decentralized crypto currency to be launched in 2008, the entire crypto community of ICO tokens and Crypto currencies follow the mother of all cyrptos: BitCoin.
Which in return explains the fall in most crypto-coins like dash, ethereum, and ESO dropping over 42%, 58%, and 78% respectively. Is it possible to see a massive turn around in all of crypto currencies within the near future?
Absolutely yes!
Although Bitcoin and many cryptos are falling down the bear trend, it seems as if LiteCoin (LTC) is the untouchable. LTC remains consistent with low volatility while also not being effected by BitCoin's price movement as much as others. Why is it that EOS and Ether are devaluating by more than 58% along with dozens of other cryptos, but LiteCoin has only declined by 25%? What ever the reason may be, it would be wise to move funds to a slower devaluating currency (reducing the percentage of loss) rather than leaving assets in a highly volatile currency. Nevertheless, if you are a long term believer in these currencies, you should buy at drastic dips that occur caused by speculation, decline in volume, or periodic downtrends within the massive block chain technology. I am a strong believer in block chain technology, decentralized currency, and artificial intelligence which lead me to believe that crypto currencies will rise for their unique and beneficial !
Below are 2 chart analysis of LiteCoin's lifetime & recent action. If you think you know why LTC remains in the shadows & hidden from these downtrends , leave a comment in the comment section below! :)
When doing further analysis, it's easy to see that LTC doesn't have much volatility from $50 to $40, and seems to move independently from Bitcoin's actions which brings up a reasonable question: "What does LiteCoin have that others dont"? What is it that Crypto currencies have in general that allow for its value to grow periodically? Lets briefly discuss how the use of cryptography could potentially save our economy and the way our financial system works.
1.) Fraud Protection: Crypto currencies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge backs. All crypto transactions are irreversible and incredibly difficult, if not nearly impossible to hack/ or steal.
2.) Immediate settlements: Purchasing property or land typically involves some third parties and hassles like lawyers, banks, delays, and payment of fees. In many ways bitcoin and the crypto currency blockchain is similar to a large property rights database secured by well written code and smart contracts.
3.) Identity Theft: When you give your credit card to a merchant, you give him or her access to your full credit line, identity, location, amount transferred, and any other personal information that may jeopardize your persona. Crypto currency uses a “push” mechanism that allows the crypto currency holder to send exactly what he or she wants to the merchant or recipient with no further information.
4.) Decentralization: A global network of computers use block chain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user basis with no third party involved.
5.) Universal & Accessible to Millions: Since cryptography is not bound by the exchange rates, interest rates, transactions charges or other charges of any country; therefore it can be used at an international level without experiencing any problems. This, in turn, saves lots of time as well as money on the part of any business which is otherwise spent in transferring money from one country to the other.
Thanks for reading, I will try to write at least 2 blogs a day for my steemit community!
As always, stay encrypted, stay in trouble, don't get caught.
-RichIntel
Disclaimer: I am not an Investment Advisor, and this is not investment advice. This for entertainment purposes only!
*If you'd like to read my previous blog on EOS and Exodus adoption click on the link below.
https://steemit.com/cryptocurrencies/@richintel/petition-for-exodus-to-adopt-steem-crypto
Sources:
1.) http://www.coindesk.com/bitcoin-price-drops-near-2000-crypto-markets-fall-toward-70-billion/
2.)http://www.huffingtonpost.com/ameer-rosic-/7-incredible-benefits-of-_1_b_13160110.html
3.)https://www.dashforcenews.com/crypto-bloodbath-erases-10-billion-day/
4.)http://www.express.co.uk/finance/city/829134/Bitcoin-price-news-bubble-burst-crash-cryptocurrency
