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Author Topic: Are we moving towards the Global Crypto Currency Depression?  (Read 1372 times)
avikz
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July 11, 2017, 10:39:13 PM
 #1

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?

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July 11, 2017, 10:52:50 PM
 #2

970 currencies is way too many considering 20 or less of them have any real value. I dont just mean financial value I mean the value of the unique approaches to the technology each of the various cryptos take. Almost a thousand currencies, 99% of those are rip offs, scamcoins, or otherwise valueless cryptos.
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July 12, 2017, 12:12:46 AM
 #3

I don't see how can you ask if we're in a "crypto depression" when the exact opposite has been happening for months. Bitcoin has risen in price quite a lot recently and even a bunch of altcoins (especially some that are very well known, or are at least the most used altcoins) had quite a reasonable increase, price and volume-wise...
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July 12, 2017, 12:21:23 AM
 #4

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?

Most probably yes, we will observe another global crypto currency depression soon. But this won't last forever and permanent. The future of crytp currencies is still very promisin and bright, trust me.


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July 12, 2017, 12:40:58 AM
 #5

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?

That is true. There are so many crypto currencies at this point. But that doesn't mean each of those currencies doesn't have a chance to rise. Maybe there are top crypto currencies that is really soaring higher but those currencies have also experienced a depreciation. This wont take long. Crypto cyrrencies have so much to offer for us.

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July 12, 2017, 01:03:48 AM
 #6

I would better say about Global Crypto Currency Selection, but not Depression. There are, indeed, too many in the market.

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July 12, 2017, 01:05:43 AM
 #7

Depressions. No worries. Bitcoin will hit 300 dollars before you hit the dust!

PS: I'm talking US Dollars.

Go for gold if you want fiat money ?

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July 12, 2017, 03:21:59 AM
 #8

the altcoins has never had any significance, and only people who were pumping them kept quoting the total market cap and silly things such as bitcoin's dominance. and the reason for their dump isthis.

as for bitcoin, this is a temporary hiccup because SegWit will soon be activated on August 1st because it has a high support and then we will see a big rise with this period as its accumulating cheap coins period. and then we will have problem over the hard fork that comes a long time after that date.


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July 12, 2017, 03:39:10 AM
 #9

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?

Alts have never really mattered to me they never will, they are alts and they are bound to go down, as far as Bitcoins is concerned, it's a small fall, like I would have worried if it fell to say 1500$ but it hasn't, and like they say every fall is a buying opportunity, so acculumate and once this August 1st drama is all but over, we shall move on from this for good. Till then some corrections are bound to happen so that's okay, just keep buying at every fall.

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July 12, 2017, 03:40:26 AM
 #10

for starters bitcoin price can not always go up, it needs to come down too and then stop at some level and stabilize there. we had that at $2500.
and for now it seems like the "split panic" is dominating the market and causing the drop for the time being. and this is not the first time we get this type of panic after a big rise. looking at the history of bitcoin it is filled with moments like this.

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July 12, 2017, 03:42:53 AM
 #11

If you've been in the cryptocurrency world for a long time chances are you already know that these crashes are normal. As august 1 is approaching fear is going to continue to make the prices drop. Also, I think altcoins are heavily affected due to the huge number of ICOs being opened and also because you can't buy some altcoins with USD, only in exchange for bitcoin.

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July 12, 2017, 03:50:38 AM
 #12

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?

The market cap of all cryptocurrencies was around $116.5 billion in mid-June and today less than $78 billion today so yeah it could be said that cryptocurrencies are going through a temporary depression. Ethereum took the worst hit and it is expected, market is being flooded with ICO sell orders. Bitcoin and altcoin prices are correlated to some extent. Compared to altcoins, bitcoin is still more stable, there would be some uncertainty in the market until August 1.

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July 12, 2017, 03:54:38 AM
 #13

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?
I dont mind even there are thousands of crypto coins in the market since i do only select on those who do have potential its not actually depression since its a common thing that do happen on these kind of coins considering the volatility. If we are all seeing on reds then then thats the effect of the upcoming event for sure but expectedly this kind of decreasing prices would recover up after that.We should really not panic on this situation in fact we should see this as an opportunity to buy more cheap coins.



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July 12, 2017, 04:03:54 AM
 #14

the altcoins has never had any significance, and only people who were pumping them kept quoting the total market cap and silly things such as bitcoin's dominance. and the reason for their dump isthis.

While I agree that the coming depression is more an "Altcoin depression" than a "Crypto currency depression", I think the reason for the extreme spike of the altcoins was actually the uncertainty about Segwit. That gave some altcoins the opportunity to sell themselves as the "next Bitcoin without scalability issues", and then also we had the Ethereum ICO bubble - pulling most other alts with them due to the speculation wave, even totally insignificant clonecoins like BitConnect (WTF is that doing in the top10? It's a cloned Peercoin, nothing more!).

Quote
as for bitcoin, this is a temporary hiccup because SegWit will soon be activated on August 1st because it has a high support and then we will see a big rise with this period as its accumulating cheap coins period. and then we will have problem over the hard fork that comes a long time after that date.

I agree somewhat, I give it a 60% probability that Segwit gets activated until August without a chain split and then a rally to "da moon" (or new ATHs) begins. But there is also some probability that the Segwit2x agreement will fail. I think most "decentralization-oriented" Bitcoiners will then support the BIP148 chain and even if "Bitmaincoin" first gets a high hashrate, I think the Segwit/148 chain will win. But in this case I expect turbulences that can lead down to $1350 or even lower - if it then recovers, we can rise again to the present highs.

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July 12, 2017, 04:07:50 AM
 #15

As per coinmarketcap website, we have 970 crypto currencies available at this point of time. If we sort the list by clicking on Change (24h) column, I can see that price of only 13 coins were increased in last 24 hours. Rest all coins are facing the depreciation.

Even bitcoin price is standing at 2359 USD at this point. Are we moving towards a Global Crypto Currency Depression? What's causing this massive depreciation?

The market cap of all cryptocurrencies was around $116.5 billion in mid-June and today less than $78 billion today so yeah it could be said that cryptocurrencies are going through a temporary depression. Ethereum took the worst hit and it is expected, market is being flooded with ICO sell orders. Bitcoin and altcoin prices are correlated to some extent. Compared to altcoins, bitcoin is still more stable, there would be some uncertainty in the market until August 1.

Altcoins almost always follow the price of Bitcoin. As a matter of fact, the only one which did not during this last parabolic rise has been Litecoin. For some reason Litecoin actually went down while Bitcoin was rising, and then when Bitcoin started falling Litecoin climbed from $30 to $45 in a few days.
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July 12, 2017, 04:25:38 AM
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Hi this is John from san Jose. I have been mining for only 1 month with genesis. I have been trading currency pairs since 2007. I noticed last year they were offering btc/usd and btc/jpy  on my brokers site. So far I have not seen any other crypto/fiat pair. Also I heard recently that if the market cap goes over 50 bln then the central banks will be able to make some enormous purchases, bitcoin,with no one making more coins,Has no where to go but up. For these reasons I am getting into Bitcoin, thBTCey are just so far ahead. Good Luck to you all, JC
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July 12, 2017, 04:33:06 AM
 #17

I don't understand why the "analysts" are just concentrating on the extremely short duration. Take Ethereum as an example. It has risen from $2 per coin to almost $400 per coin (before falling back to around $190 per coin as of now), in less than two years. How can we call this as a depression or a recession? It is just a market correction.

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July 12, 2017, 04:41:11 AM
 #18

Bitcoin and Altcoin markets are mostly deregulated and there will be up trends and down trends. This is normal and how all markets work, not just digital currency markets. We are trending in Bear Mode currently because of the Bitcoin scaling uncertainty and most Bitcoiners, although they say they do not care about altcoins, mostly TRADE and suck the blood dry out of Altcoins in order to generate more bitcoin profits. It is a bit like a man saying he hates Ladies of the Night, yet he still frequents the Brothels to have fun there with the ladies. This is the love and hate relationship most traders have for altcoins. Only those who are really passionate about the technology and understand that having these altcoins is very HEALTHY for Bitcoin because more and more innovation comes and also competition technologically, that it is Altcoins that have helped the price of Bitcoin to grow. Even we are going through a small blip at present, I believe it is not as doom and gloom as some want to predict. We are just at the start of this blockchain technology and what it can do for us.

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July 12, 2017, 04:45:25 AM
 #19

ATM the majority of the markets on POLO are now in the green. Hope it's a reversal and not dead cats bouncing.


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July 12, 2017, 05:15:00 AM
 #20

It's called a correction, we had to much irrational exuberance and the market is just adjusting itself to a new market normal.
Timeline wise I expect the real market cap to be significantly higher than when we started the rally cycle but not near the peak we saw for Bitcoin around 3000 and other alts for a while moving forward.
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