This year has been a terrible one for the cryptocurrency market. To decline from a market cap of $800 Billion to $200 Billion is very disturbing.
All the gains from the last quarter of 2018’s price rally which saw the market leader Bitcoin’s price hit $20,000 briefly are all gone. It is now sold around $6400 with a market dominance of 52.4 per cent.
Even though this is a very relative new market which is less than a decade old, it still raises a lot of concerns. As a matter of facts, it makes it difficult to convince newcomers and entrants.
For an industry to lose about 75 per cent of its total value is scary. The depression has made it one of the difficult year to remember in the tender history of Cryptosphere.
When it seems the market is out of the hole, then, it plunges back again to take away the smiles on the faces of market players. Three days ago, Bitcoin price rose to $6500 and felt like the market is gathering momentum.
As at 10:00 Hours GMT, top 10 on CoinMarketCap has just one coin in green. Concerning the first 100, eight cryptocurrencies appreciated and everywhere is scarlet red.
Moreover, with the overall nine currencies that made gains, none could rise above 2.6 per cent. However, none of the coins depreciated up to 10 per cent and the biggest is eight per cent.
No End In Sight
Whatever it is, the reality is that the crypto market is experiencing a long winter with no end in sight anytime soon. We are already in October, a period we normally record price rally taking off and yet the market is still taking a leap.
But some people will say it is too early to take a position on whether the depression is coming to an end or not since October is in the first week. Then again developments in big markets like India and China make things look dismal.
That said, let us adopt the wait and see approach and critically observe what is going to happen if the bitter and long crypto market winter would end at the last quarter of 2018. CWS will continue to update you.