Bitcoin (BTC) and ether (ETH) are trending down slightly following the slump from the recent rally. Top cryptocurrencies are seeing a mix of ups and downs, according to data from Coin360.
After its surge to $9,000 last week, BTC is down by 1.67% on the day, and is trading at just $7,676 according to CoinMarketCap. The leading cryptocurrency has fallen in market capitalization by about $10 billion since May 30, with a market cap of approximately $136 billion at press time.
Investment advisory group San Francisco Open Exchange (SFOX) released a volatility report on June 6, saying that the crypto market has transitioned from “mildly bullish” to “uncertain.” SFOX cautioned that the bullish growth in May could have been unsustainable growth due to investor FOMO (fear of missing out).
Further Read:
https://cointelegraph.com/news/major-coins-see-red-following-reports-that-fomo-fueled-mays-rallyI am actually not anymore surprise with this assessment because FOMO has always been there as far as cryptocurrency is concerned. People are greedy and we don't want to be left out with a good opportunity to earn some hard cash -- a big reality whether you are into bitcoin, gold, stocks or anything that is presented as a way to gain something. So what is new?
Should we then conclude that bitcoin is now facing a bleak future just because the rise has been only because of FOMO?