The coinmarket is in the worst of states since its advent. The currencies have been falling since 15th of November, after a period of stability. The currencies previously were stable at a market cap of above $200 billion but the bloodbath was triggered and the currencies fell step after step breaking support levels. Currently, the coinmarket is standing at its all time low bear market.
As shown by the above graph, the market has plunged step by step after a period of stability. This huge plunge in valuation has caused the investors to lose hope in the space. Ran Neu Ner recently tweeted the picture of one of his WhatsApp conversations with an investor who lost a fortune.
This is pretty much my days now… pic.twitter.com/Gc7wSForzL
— Ran NeuNer (@cryptomanran) November 27, 2018
The investors have started to lose hope but the analysts and enthusiasts are of the view that this is probably the time to hold on to the cryptos because much like a slingshot, crypto might boost pretty high. Anthony Parker, the founder of Cuberoot64 stated recently in his interview with BlockPublisher,
Even Gold, when it became a new asset class, had large market volatility. We need to give this technology time to bed in!
According to him, the fluctuations of the market shouldn’t worry too much because it’s a rather normal phenomenon. He stated,
Liquidity and user adoption/acceptance should reduce market volatility, but it’ll never be eliminated. Just look at the share market corrections we’ve seen in tech recently…markets will always fluctuate.
Thomas Power predicted the inevitable market crash multiple times before saying that the market would fall to 50% of its valuation and the prophecy has almost come true. He predicted that BTC would fall to $3,000 while ETH would fall to $100, both of which are almost true. But assuming all his predictions would come true, they had a positive side for the investors who are willing to hold BTC. He said,
… on course then for $100,000 in 2023, $500,000 in 2025 and $1m in 2038.