At the moment, the coin market is facing of the most deadliest bloodbath events of the crypto history. The market cap has hit its lowest after a market shattering plunge in the currencies’ valuations and market cap. The market cap has dropped significantly, from the previously seemingly stable value of $200 billion to merely $145 billion.
The graph shows the amount of plunge in the short period.
All the currencies were unusually stable for the past few months, the analysts even starting predicting that the currencies would finally be qualifying as a store of value rather than just investments. With more stable coins and fiat coins sliding into the market, the liquidity seemed to be increasing with volatility decreasing significantly. The market cap managed to float over $200 billion while bitcoin stabilized to $6,400 range. The recent twist of events turned the whole market upside down. Tether is once again in trouble with the lost peg, but in their defense, aren’t all currencies? BTC broke below both support levels $6,400 and $5,350 and it is now being predicted that it would land at $3,000.
By the flow of the market it is clear as sky that the currencies are moving towards their rock bottoms which is being predicted at $3,000. The prophecies presented by Thomas Power over a month ago now seem to be coming true that the currencies would face a 50% fall across the board, which would bring BTC to $3,000, ETH to $100 and XRP to $0.25. Upon asking Thomas where he sees the market going now, he said that it would continue going south for now. Adding to his predictions he said,
There would be a 50% fall likely by the end of 2021. While the recovery period would be 2022.
Hence, according to the crypto enthusiast, the best time to invest is when BTC would hit its rock bottom of $3,000. Upon asking that if he sees the $3,000 hitting soon, he said that the market is correcting fast. The main fall would happen in 2021. Further predicting the next bull run, he said,
Fiat collapse commences Spring 2020, which would last 18 months. Crypto comeback can’t begin until Fiat collapses.
For that, he also had an advice for the crypto investors that they should hold their Bitcoins. Once the bull run comes back, the sky is the limit.
At this moment, the crypto investors have become hopeless from the space and have sold their currencies. Huge sell offs are happening and people are once again becoming skeptical about the space.