The Current State of the Cryptocurrency Market
Hello everyone, today we’re here to talk about something different. We want to go over what the entire market has been like recently, particularly the past six to seven months. Many of you have probably reveled in the bull run that lasted from the end of last year to January, only to have your hopes crushed with the bear market that has taken away your gains from last year.
Here we have a chart that presents to us the total market capitalization of the entire cryptocurrency market, starting on October 20, 2017 and ending at May 20, 2018, which is right now. First, to explain the chart to you, the blue line is the total market cap. The market cap was around 170 billion US dollars on October 20, 2017. We see a steep upward curve beginning on this mid-October day and steadily increasing until December. Then we fall a little and see a zig-zag movement until we reach the highest point in terms of market cap: January 8, 2018. Market cap: 828 billion US dollars. That is a 650 billion dollar increase in the time span of two and a half months. This was when everyone was excited about retiring with their cryptocurrency gains. Then, the fall happened.
After reaching its zenith on the cold January day, the market turned, and not in a good way. We see a drop, then a bounce, then another drop, and then another bounce and drop until we reach 296 billion dollars as the total market capitalization on February 6, 2018. In one month, the market capitalization plummeted by over 500 billion US dollars. That’s crazy. Talk about volatility.
After this event, the market decided to steadily increase, then decrease, then go up again. Now, we seem to be following a downward curve. As I am writing this blog post, the market cap is around 375 billion US dollars.
The massive gain and drop was a roller coaster ride, a very violent one. During this period, I saw many people invest more money than they could afford to lose. I’ve seen people time the market correctly and make big bucks, and I’ve seen some people lose their savings. As the cryptocurrency market is still in its early stages, as many say, it is that much more volatile. Make sure to invest wisely, my friends.
Though this is my opinion, the general sentiment seems to be one of cautious optimism for blockchain and cryptocurrencies. People are acknowledging the use cases of blockchain, not just as a means for making easy money but also as a disruptive tool. However, there are some concerns. Governments still haven’t come up with a complete regulatory system for the crypto market. Some are still skeptical about Bitcoin and other cryptocurrencies. And it may take some time for the people to understand the potential of blockchain technology.
I believe cryptocurrency is here to stay, and even though the past six to seven months have been a wild ride, good projects, projects like CyClean that have a meaningful impact on our environment, will stay. I don’t know how the market will move, but I do believe that solid coins will be with us for the long haul and make a difference.
** For more information about CyClean, please visit our website at cyclean.io.
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| Source: https://coinmarketcap.com/charts/ |
Here we have a chart that presents to us the total market capitalization of the entire cryptocurrency market, starting on October 20, 2017 and ending at May 20, 2018, which is right now. First, to explain the chart to you, the blue line is the total market cap. The market cap was around 170 billion US dollars on October 20, 2017. We see a steep upward curve beginning on this mid-October day and steadily increasing until December. Then we fall a little and see a zig-zag movement until we reach the highest point in terms of market cap: January 8, 2018. Market cap: 828 billion US dollars. That is a 650 billion dollar increase in the time span of two and a half months. This was when everyone was excited about retiring with their cryptocurrency gains. Then, the fall happened.
After reaching its zenith on the cold January day, the market turned, and not in a good way. We see a drop, then a bounce, then another drop, and then another bounce and drop until we reach 296 billion dollars as the total market capitalization on February 6, 2018. In one month, the market capitalization plummeted by over 500 billion US dollars. That’s crazy. Talk about volatility.
After this event, the market decided to steadily increase, then decrease, then go up again. Now, we seem to be following a downward curve. As I am writing this blog post, the market cap is around 375 billion US dollars.
The massive gain and drop was a roller coaster ride, a very violent one. During this period, I saw many people invest more money than they could afford to lose. I’ve seen people time the market correctly and make big bucks, and I’ve seen some people lose their savings. As the cryptocurrency market is still in its early stages, as many say, it is that much more volatile. Make sure to invest wisely, my friends.
Though this is my opinion, the general sentiment seems to be one of cautious optimism for blockchain and cryptocurrencies. People are acknowledging the use cases of blockchain, not just as a means for making easy money but also as a disruptive tool. However, there are some concerns. Governments still haven’t come up with a complete regulatory system for the crypto market. Some are still skeptical about Bitcoin and other cryptocurrencies. And it may take some time for the people to understand the potential of blockchain technology.
I believe cryptocurrency is here to stay, and even though the past six to seven months have been a wild ride, good projects, projects like CyClean that have a meaningful impact on our environment, will stay. I don’t know how the market will move, but I do believe that solid coins will be with us for the long haul and make a difference.
** For more information about CyClean, please visit our website at cyclean.io.
