The cryptocurrency hit a new low on Wednesday, and the index tracking cryptocurrency MVIS CryptoCompare Digital Assets 10 fell again. It has plunged 80% since January, which is 78% higher than the Nasdaq Composite Index after the Internet bubble burst in 2000. The decline is even worse.
Like the predecessors of the Internet stock market boom nearly two decades ago, cryptocurrency investors are betting on new technologies that seem revolutionary, and now they are painfully accepting the test of reality, especially the so-called “tokens”. Investors in second-line cryptocurrencies are even more tragic.
"This plunge has fully exposed how big the bubble in the cryptocurrency market is - we have warned about how serious the bubble has been," said Neil Wilson, chief market analyst at Forex trading platform Markets.com in London. "The cryptocurrency market is most likely to develop into a big one now it is most likely that Bitcoin will dominate the world."
The second largest virtual currency, the US dollar, led the decline on Wednesday. As of 07:50 New York time, the decline has reached 6% to 171.15 US dollars, a drop of 40% this month. The value of all virtual currency tracked by Citicoins fell to $187 billion, the lowest level in 10 months. From the daily line, we can see the continuous heavy volume falling market; but eth to USD just started to rise, and immediately a large group of people ran out to sing ETH, Ethereum, polarization, or it was with the wind. From the perspective of the 4-hour MACD, the DIF has a clear pick. Although it has not broken the 0 lines, it still has a good upward trend in the short term. The net outflow of the main market for 24 hours was 41.2 million yuan, and the net outflow of retail investors was 227 million yuan.
After yesterday's strong adjustment, the [URL deleted] bitcoin future was again pushed to the support level of $6,200 and finally took the opportunity to pull up to the $6,500 position. However, as of 6 pm, the potential energy turned lower. The 2-hour MACD was above 0, but the fast track DIF was lowered to wear the slow-line DEA, indicating that there will be a small correction in the short-term. The net inflow of 24-hour main force was 588 million yuan, and the net inflow of retail investors was 516 million yuan.
Like the predecessors of the Internet stock market boom nearly two decades ago, cryptocurrency investors are betting on new technologies that seem revolutionary, and now they are painfully accepting the test of reality, especially the so-called “tokens”. Investors in second-line cryptocurrencies are even more tragic.
"This plunge has fully exposed how big the bubble in the cryptocurrency market is - we have warned about how serious the bubble has been," said Neil Wilson, chief market analyst at Forex trading platform Markets.com in London. "The cryptocurrency market is most likely to develop into a big one now it is most likely that Bitcoin will dominate the world."
The second largest virtual currency, the US dollar, led the decline on Wednesday. As of 07:50 New York time, the decline has reached 6% to 171.15 US dollars, a drop of 40% this month. The value of all virtual currency tracked by Citicoins fell to $187 billion, the lowest level in 10 months. From the daily line, we can see the continuous heavy volume falling market; but eth to USD just started to rise, and immediately a large group of people ran out to sing ETH, Ethereum, polarization, or it was with the wind. From the perspective of the 4-hour MACD, the DIF has a clear pick. Although it has not broken the 0 lines, it still has a good upward trend in the short term. The net outflow of the main market for 24 hours was 41.2 million yuan, and the net outflow of retail investors was 227 million yuan.
After yesterday's strong adjustment, the [URL deleted] bitcoin future was again pushed to the support level of $6,200 and finally took the opportunity to pull up to the $6,500 position. However, as of 6 pm, the potential energy turned lower. The 2-hour MACD was above 0, but the fast track DIF was lowered to wear the slow-line DEA, indicating that there will be a small correction in the short-term. The net inflow of 24-hour main force was 588 million yuan, and the net inflow of retail investors was 516 million yuan.
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On a serious note, those who entered really early like almost 10 years ago reaped all the rewards from that trend. Sure there is something to earn from lots and lots of them but you can't just compete with majority of those who have lot of bitcoins and so on.