$6 Billion gets wiped out the cryptocurrency market

[Shenialna123]

I heard a news about,
$6 Billion gets wiped out of the market capitalization the cryptocurrencies between November 7th and November 9th 2018( within 48 hours).The valuation of this highly volatile market fell from $220 billion to $214 billion within this period.

So, what do you know about this, and what will happen to the price of the bitcoin ?

[pooya87]

So, what do you know about this, and what will happen to the price of the bitcoin ?

it has nothing to do with bitcoin price and that is not dollar that is being wiped out of the market. it is a silly math that has no meaning when it comes to cryptocurrencies called market capitalization.

there simply is a huge amount of altcoins available (supply) and when the price of them go down a tiny bit the result of multiplication (supply * price = market cap) changes a lot.
so the only thing that your number shows is that there are a lot of total supply available!

[globalking]

I think This is the indication that bitcoin takeoff from here that the reason there are trying to create panic.

[o_e_l_e_o]

it is a silly math that has no meaning when it comes to cryptocurrencies called market capitalization.

Exactly.

I can create an ERC-20 token with a 1 billion token supply. I can then sell a single token to my friend for $10. Boom, my project now has a market cap of $10 billion! I'm a billionaire!

Wait. My friend has just realised that my project is a scam. He sells my token to another friend for a single satoshi. My project is now only worth about $60,000, and just like that, the marketcap of cryptocurrency falls by just under $10 billion in a matter of seconds.

Marketcap is a poor metric to be tracking.

[clonely]

The figure is very low compared to January. But I have to say this is very normal in the crypto money market. In a few days it could increase to 100 M $ ...

[Minhxx]

This is just a drop in altcoin. This is very normal and is caused by the fact that MarketC's x can not get information from it, and MarketCom is very poor.

[nicster551]

I heard a news about,
$6 Billion gets wiped out of the market capitalization the cryptocurrencies between November 7th and November 9th 2018( within 48 hours).The valuation of this highly volatile market fell from $220 billion to $214 billion within this period.

So, what do you know about this, and what will happen to the price of the bitcoin ?

Well, as you can see there are no major effects in the price of Bitcoin about it and I know that bull run would start not long now. So be prepared.

[lrvjvt]

I heard a news about,
$6 Billion gets wiped out of the market capitalization the cryptocurrencies between November 7th and November 9th 2018( within 48 hours).The valuation of this highly volatile market fell from $220 billion to $214 billion within this period.

So, what do you know about this, and what will happen to the price of the bitcoin ?

If such a news is enough to scare you, then you should sell your crypto and leave here.
For a qualified investor, you should pay more attention to the technology and application of crypto instead of these boring news.

[Gloverwrt]

The overall market capitalization covers all cryptocurrencies which ate listed on coinmarketcap.
And considering that the value of coins change rapidly, some are subsceptible to manipulations.

During the bull run of last year, the crypto market grew to over $800 billion dollars I'm market capitalization, mostly down to the influx of new coins.
It has little effect on bitcoin.

[Harlot]

The crypto market is a multi-billion dollar industry and a 6 billion dollar drop is nothing for a battler hardened trader. Just keep in mind that out of that 214$ Billion dollars only 3.778$ Billion belongs to Bitcoin which is small considering it is the market leader now in terms of market cap. To keep it short this drop isn't alarming or a big fail in the market as it is just regular fluctuation happening in the crypto's bear market on a day to day basis.

[bitfocus]

Are you talking about the price drop? well, that happens in any investment market and has absolutely nothing to do with crypto or Bitcoin.

[thuthanh]

Do not worry too much about this, it is normal to happen. It could cost $ 6 billion and raise $ 20 billion anytime. Being calm and waiting is the best way in the moment.

[dr_chen]

This is just a normal day in crypto market. Don't worry for seeing such movements which may be at these rates. Also, this prices only can be realized if holders accept to sell their cryptos at these prices. Crypto holders would not let some whales to earn money from them by manipulating market. They have done a lot of things for buying coin for the cheapest prices  and avarage prşces of top cryptos can't go deeper than now.

[BuyBuyBitcoin]

10's of billions of dollars have come into cryptocurrency market over the last 5 years.

Reading the news and following prices constantly aren't needed if you just hodl bitcoin for the long term.

[Lizzylove1]

It's normal for investors to offload their fund from the market, this doesn't mean they are wise after all or that they have a fore-knowledge of what is coming in few time. Maybe they are a group of coordinated traders. Bitcoin remains strong as we speak.

[kryptqnick]

I heard a news about,
$6 Billion gets wiped out of the market capitalization the cryptocurrencies between November 7th and November 9th 2018( within 48 hours).The valuation of this highly volatile market fell from $220 billion to $214 billion within this period.

So, what do you know about this, and what will happen to the price of the bitcoin ?

Pooya87 is right that the money wasn't wiped out of bitcoin. I believe the market lost 6 billion dollars worth of market capitalization. This means that some shitty coins with high supply could get their prices dropped, for instance. As the ccn states, bitcoin remained stable, which means nothing really happened with it.  Moreover, while 6 billion sounds like a ton of money, it is merely around 3% of the total crypto market cap, so it's more like a topic for news when nothing's happening but portals have to write something IMO. The situation on the market isn't good, but it is stable.

[Bardman]

Well, I wouldn't call it a ''highly volatile'' market now, it has been a pretty quiet market for months now. In my opinion this is not really good, the only way to attract people and investors again would be high volatility, because let's be honest, no one is going to use bitcoin as a day to day currency anyways, not even now that is somewhat stable.

[sunsilk]

This isn't really a news if there has been a chunk to the total market capitalization of cryptocurrencies. That doesn't mean that bitcoin has to feel due to that wiped out. If there's a sudden increase then this is also possible.

As you notice the market, there will be more of it in the future. Market capitalization of bitcoin depends on its own and if there are altcoins that are being wiped out with their market cap then it won't really affect bitcoin at all.

[satosibtc1000]

As I noticed the price is not affected. Just someone decided to leave the market and it does not mean that the price will change. Perhaps people have ceased to believe in cryptocurrency. But I think he made a mistake in his decision.

[tunapa]

This is not a new thing  . Funds are being moved in and out of the market at everytime.  Thanks one of the cause if price increment or decrement in different coins.  So this is no negative or a strange action.  It happens everytime you should be used to it.