Now that the entire cryptocurrency world has been met with a major wake up call, the question is how things will evolve moving forward. It is evident a lot of money has been pulled out of the total market cap.this does not mean there is less interest in Bitcoin and other currencies, though. The next few days will be quite critical for the future of cryptocurrency as a whole.
Cryptocurrency Is Just Fine Despite The Dip
It is never a fun feeling to see Bitcoin, other currencies, and digital assets take a few punches to the chin all of a sudden. As we have seen over the past few years, sharp price increases are often followed by even sharper declines. That is the natural order of the financial sector, and cryptocurrency markets are no exception to this unwritten rule.
That being said, it is quite important to take this recent price dip into consideration. Everything has to be framed in the proper perspective. The current Bitcoin price is a lot lower compared to what it was a few days ago. However, it is not all that different from the Bitcoin price about a week ago. Many people tend to overlook that fact, for some unknown reason.
The same applies to virtually every other cryptocurrency and digital asset on the market today. Everything has lost a lot of value over the past 48 hours, yet things are in virtually the same position they were in not all that long ago. Seeing major gains wiped out in a matter of hours is not a fun feeling, but it is only to be expected from time to time Growth is often met with minor setbacks, and that is what we are seeing in the cryptocurrency world right now.
These setbacks do not necessarily mean something bad is about to happen to cryptocurrency as a whole. Yes, things have been shaken up quite a bit, and prices may continue to slip down for a few more hours to come. At the same time, the Bitcoin market often rebounds a lot quicker compared to any other form of financial commodity the world has seen so far. It is impossible to predict what the future may bring, but things are not looking as gloomy as some people predict.
Looking at the Bitcoin markets right now, it is evident things continue to look pretty promising. When looking past all of the altcoin markets, Bitfinex’s USD market and Kraken;s EUR market are still generating over US$100m in volume. The Korean market on Bithumb is doing quite well as well, and GDAX and Bitstamp are contributing nicely as well. If these volumes keep up, there is no reason to panic whatsoever. That is easier said than done, though.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
