Did the Market REALLY crash?
Did coin market cap just crash the crypto markets? Did we lose 100 Billion dollars worth of market cap or is it just a change in the formula.
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That’s part of what makes it exciting wait for a dip to buy and wait for the peak to sell there is always another one around the corner
exactly, when a crazy, emotional event is happening it is usually best to do the opposite of the crowd, in this case it was best to buy when people were panicking.
Cryptomarket is insane. I like it:)
I attribute this to market health
I remember Dogecoin was like falling,,, falling.... falling
Then it surprised everyone. The big thing we need for investment is the ability for holding anything despite loss. and its the same thing we need to focus us. Choose a cryptocurrency wisely and stick with it despite falling price :)
If that's the case, it only means there are a lot of people who have no idea what they are doing (especially wannabe traders). We can't held a market cap website accountable for the voluntary actions of millions. Nonetheless, it would't hurt for coinmarketcap to give a homepage notice on the calculation change.
@fmalafaya You are right, coinmarketcap should've given some kind of notice may be even before implementing the change to give people some time to understand what it means. As the price plummeted so fast I think panic was sort of natural. I even questioned my own judgement (which I hold pretty highly :D just kidding).
Ah well may be we will all be more aware of this in future :)
Most of people were caught off guard, but most people are not full-time on this, thus not having the time to collect market info. Full-time traders have this capability. If you are a long-term holder this is just another day. If you are a wannabe trader you'll get burned!
dunno but 700 Billion market cap sounds pretty ok to me :)
Hi Michael,
I think coinmarketcap should not exclude Korean exchanges but it's their choice and people shouldn't be trading on the info this useful yet inaccurate tool provides anyway.
This was an unnecessary panic caused by weak hands and is actaully good for people who are patient and believe in crypto because it allowed them to get more with a nice discount. :)
Thank you for your videos,
Cheers.
It was a sharp correction that's long overdue. Especially for the altcoins which had gone up so much, so high. It's a shakeout of jittery holders. Especially those who had come in rather late to the party.
But those who had come in earlier are still way ahead and sitting pretty. With many alts, one should have gotten at least 200 % over the past 3-5 weeks. That's a nice cushion to sit out this kind of price correction.
This is what you need when you are in the cryptoworld.
Can't really get angry at coinmarketcap for doing this right? It's just an indicator. I'm actually happy with the adjustment as prices on their site are now closer to the prices of the exchanges that I use.
Well, if you are a hodl, you shouldn't be afraid of what's happening in the crypto markets. This is just one of the many days where we see double digits drop.