Game Over?

[logictense]

And... we are back below 60 billion...

The ultimate end of all altcoinery. A fucking game over... As can be seen from the chat below, the Alt Cap just collapsed below the crucial resistance-turned-support line, and we are afoot for further slump.

However I have no idea if further collapse even makes sense... Ask yourself, if it is even feasible to trade. Leading Alts have got peachy fundamentals which are hard not to notice. Each time you drill the Big Web for cryptonews, you stumble upon "A mainnet has been launched...", "A new partnership has been concluded...", "A new in-house smart-contract mechanism is on its way..." types of headings... Yeah but does it all make any sense? Look where the crypto is at. As can be seen below, the support lies far, far below. It is so fucking far below that the likelihood of reaching it real fast becomes very, very high. We got a sustained support at 3 billion! Suppose, we subside "only" 10 fold from the current point, in which event EOS would be worth ~ 20 cents; ADA would hit 40 satoshi; BTS would post a new ATL within 17-20 satoshi range; and DASH would slide to 0.0003 BTC.

yeah...

However, the point I am making, is not about the prospect of massive negative gains to be posted within a broad specter of Altcoins.

The point is, there is totally no connection between what happens to crypto right now and COVID-19. There are no essential ties between traditional markets, DJI etc. and crypto.

Why do we plunge then?   Selling bitcoin / altcoins right now is equal to driving a car with square wheels. Does it make any sense to manufacture a car with square wheels? This is to draw a parallel between two equally absurd scenarios both of which become bizarre, arched representation of your average traditional mindset eaten away by panic.

The punch line is, logic just can not be found. Or, its non-existent. "Somebody" has taken massive short positions on bitcoin and the whole of crypto lately. "Somebody" is none other than exchanges themselves. Arthur Hayes & co, then CZ cartel, then Coinbase, then large miners. Retailers aint got no money to pull shit on a scale like this.

Whats next?

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[Balladtony77]

EOS at 20cent? I will gladly buy many, I'm not that scared because the market is falling hard now, the risk part is investing in new altcoins, if top altcoins goes deep down I will gladly buy many

[styca]

Support and resistance points are utterly irrelevant right now. Obviously these are not normal market conditions. Stocks and shares are in freefall globally as a result of the Coronavirus. Crypto prices are down but this has nothing to do with crypto. Economies will recover, as will bitcoin and alts. We can't expect crypto to be immune to external events. Give it time. Not game over at all.

[carlisle1]

EOS at 20cent? I will gladly buy many, I'm not that scared because the market is falling hard now, the risk part is investing in new altcoins, if top altcoins goes deep down I will gladly buy many

yups and like 2018 when  the market capitalization falls 100 billion $ in which the lowest for the past years.

but in the 3rd quarter of 2019 market cap climbs up to more than 600 billion$ again so why bother now?
i think this is the best time to accumulate more currencies specially those high potential currency that has lower value today.

though market is starting to recover now again and climbing to 150 billion$ again.

[Marckolind]

Game over? LOL

Give me a break... Read this: https://www.reddit.com/r/CryptoCurrency/comments/fhn38a/chinese_ponzi_plustoken_which_owns_1_of_all_btc/

Here's why the price dropped so hard. Relax, and use this opportunity to buy low. It's that simple.

I'm personally buying a TON of BLOCK below $1, since I want to accumulate 5k coins for a service node, which will be the greatest passive income once people start using DEX's more (due to regulation, and KYC enforced on every exchange). I'll basically cash in on all the fees associated.

Again, take a chill pill man, we'll be fine!

[Yaunfitda]

On the contrary, I think there is a correlation between traditional markets and crypto, it is because of the current corona virus scare that is spreading across the globe. And this is real, people died, many new cases are discovered everyday putting a lot of pressures on everyone including investors on the global market scale.

Moreover, crypto asset is very different, it's volatile and it is based on speculation. That's why it nosedive in the last 48 hours, because everyone is wanting to be on the safe side, they still prefer to have cash just in worst case scenario. Food are the main priority here, so people are stacking as much as they can and they needed fiat, that's why their is a massive cashing-out.

[Rosilito]

On the contrary, I think there is a correlation between traditional markets and crypto, it is because of the current corona virus scare that is spreading across the globe. And this is real, people died, many new cases are discovered everyday putting a lot of pressures on everyone including investors on the global market scale.

Moreover, crypto asset is very different, it's volatile and it is based on speculation. That's why it nosedive in the last 48 hours, because everyone is wanting to be on the safe side, they still prefer to have cash just in worst case scenario. Food are the main priority here, so people are stacking as much as they can and they needed fiat, that's why their is a massive cashing-out.

Agree to this man. Besides we couldn't say it that this massive event currently happening has no relation at all with the market condition right now, when in the first place crypto market is a mere speculation of connecting events. And unfortunately, COVID-19 is the most obvious one that we could say, a major factor? And I bet you would do the same either; cashing out your assets for them to buy them off of a foods, hygiene necessities or whatsoever that urgently need in this crisis, especially when the virus is near at your place, in my opinion. But if the virus effect or the panic itself ain't a thing with this market condition right now, if it is being natural I think it is absurd.

[Doranile432]

Either it's the Ponzi scheme or Coronavirus I don't want to debate much on that, why can't we just take this nosedive happening right now as a opportunity to have more coins and tokens on our bags?

[logictense]

On the contrary, I think there is a correlation between traditional markets and crypto, it is because of the current corona virus scare that is spreading across the globe. And this is real, people died, many new cases are discovered everyday putting a lot of pressures on everyone including investors on the global market scale.

Moreover, crypto asset is very different, it's volatile and it is based on speculation. That's why it nosedive in the last 48 hours, because everyone is wanting to be on the safe side, they still prefer to have cash just in worst case scenario. Food are the main priority here, so people are stacking as much as they can and they needed fiat, that's why their is a massive cashing-out.

theres another issue though... which is muuuuuuch worse than Corona itself... that 90% of you people are severely misinformed. You see the headlines, you think 'whut, oh boii, shits real... ahhhh.. what do i do?? the virus will flatten us all out!!' <- This shit is so fucking typical... Media puts it like this is another existential threat...

In the meanwhile, 2009 flu had, like, how many lethal cases?? Like, between 200-575K cases in total. Head over to wiki if you dont know that.

And corona took how many? 4k deaths reported worldwide, and this accounts for %3 (1 in 33) who eventually succumbed

so you say everyone buys essentials, foods etc. how about 300-600 btc buy orders being sold into in seconds on binance, just to pop up again, rinse and repeat, all orders of the same size.. 10k btc traded in 10 minutes.. with 1-2 $million orders filled in a jiffy. so, normies dumped all of that to buy food? hahah

man this is gonna be fun... unless it becomes too sad

[Febo]

Game Over?

It will be game over for many coins. Alt coins already had a 2 years bear market that ended in December 2019. Now when bull market should start we will be hit with recession and general uncertainty in economy. It will negative influence crypto for at least a year. Maybe several years. People will forget many coins even exist.  Coins with strong community and people in that community that are not here to make profit, but chance something will just simply continue to work  and develop their coin further.  In 2022 we will for sure have much more clear picture.  But for many coins will be game over until then.

[stomachgrowls]

EOS at 20cent? I will gladly buy many, I'm not that scared because the market is falling hard now, the risk part is investing in new altcoins, if top altcoins goes deep down I will gladly buy many

yups and like 2018 when  the market capitalization falls 100 billion $ in which the lowest for the past years.

but in the 3rd quarter of 2019 market cap climbs up to more than 600 billion$ again so why bother now?
i think this is the best time to accumulate more currencies specially those high potential currency that has lower value today.

though market is starting to recover now again and climbing to 150 billion$ again.

Dont know why do people still got panicked into these kind of market situations? yet we've been on this situations for how many times after all the years here on crypto.

When the market do drop hard or do have that sharp dump then they do say up things like its the end of crypto market, go out while its still early etc. etc.

Covid-19 reason or not, im pretty sure that recovery would always be there and for those whose wise enough will surely see this as an opportunity.

[Reatim]

Either it's the Ponzi scheme or Coronavirus I don't want to debate much on that, why can't we just take this nosedive happening right now as a opportunity to have more coins and tokens on our bags?

Actually this is what we are doing now mate because instead of treating this as failure let us look on the brighter side as we cannot do anything now but to go with the flow.
And one thing guys since this is downtrend,why not try to look in other altcoin as well?like ethereum for other options?

EOS at 20cent? I will gladly buy many, I'm not that scared because the market is falling hard now, the risk part is investing in new altcoins, if top altcoins goes deep down I will gladly buy many

EOS is the top currency in China so grab more of this if the price will go down to 20cents.

But also look at the other altcoin as all are dropping now.

[shoreno]

Either it's the Ponzi scheme or Coronavirus I don't want to debate much on that, why can't we just take this nosedive happening right now as a opportunity to have more coins and tokens on our bags?

Actually this is what we are doing now mate because instead of treating this as failure let us look on the brighter side as we cannot do anything now but to go with the flow.
And one thing guys since this is downtrend,why not try to look in other altcoin as well?like ethereum for other options?

EOS at 20cent? I will gladly buy many, I'm not that scared because the market is falling hard now, the risk part is investing in new altcoins, if top altcoins goes deep down I will gladly buy many

EOS is the top currency in China so grab more of this if the price will go down to 20cents.

But also look at the other altcoin as all are dropping now.

you can do something like countering the dip ( e.g buying )  , if you will go with the flow and do nothing then expect that the value will go down more evenly  .

maybe thats what you wanted to happen ? seeing low price but for me no , im already sick of it and this is already too much  ( not normal anymore ) but this is not a sign of scam imo because cryptos have a purpose  , few of them maybe . anyway , i didnt know that eos came from china , i thought it was korean based but still even both countries are involved ln the virus , i still dont think that the dump is cause by it

[slaman29]

I'm not really a believer of conspiracy theories usually but I actually think you're right to a certain extent and it wouldn't be such a big conspiracy theory because we know to some extent it actually does happen (the cooperation between big exchanges and whales). Retail people even as panicked as they could be still don't own much, ETH whales all own a third of supply for example.

IT's not just covid though it's just bad panic from so many things all together. People in Asia here are losing their jobs and salaries. So people will liquidate crypto. Alts first to go.

[Samayuki]

No matter what the market will recover, if what is happening right now e.g Coronavirus happened years back it would have done some huge damages but now crypto is more than just a startup technology

[Botnake]

We are back below that marketcap but the game is not over, as if we didn't experience this before, bitcoin was below $4000 when there's a heavy correction after the crazy bull run, we are not at that level yet and in fact bitcoin has been recovering very fast now, so most likely when bitcoin dump below $5000, that was already the dip that everyone should take for an easy profit.

[semobo]

Crypto has no relations with the traditional markets still we people are getting panic due to the stock market crash so they are selling their crypto assets and to have money to buy their essential things needed if there is an emergency medical condition world wide.

Wait game is not over yet,you can see that market crashes stopped and trying to move on from the red.

[styca]

The reason is definitely the Coronavirus. There is no need for concern that the drop is due to crypto itself, it's not. But there is a strong chance that we will see further drops as the Coronavirus takes hold in Europe and the US in the coming weeks.

[JCviggen]

The reason is definitely the Coronavirus. There is no need for concern that the drop is due to crypto itself, it's not. But there is a strong chance that we will see further drops as the Coronavirus takes hold in Europe and the US in the coming weeks.

the problem is that this drop can be very long because of this coronavirus. we don’t know how much longer all this madness that is going on in the world will continue. it could be a year or two. it will be very bad for the market

[Jating]

Game over for some shitcoins, yes, there able to sustained the bearish trend of 2018-2019, but the recent corona outbreak will really sink them even more.

But for those altcoin in the top 10? I think they can still survived in this kind of scenario, this is just my opinion though. Bitcoin has been going into a lot of waves of selling and buying, and this could be true for the best altcoin out there, but for shitcoins who are already dying? maybe this is the final nail in the coffin.