Weekly crypto review
The action over the last few days shows that there’s never a boring week at crypto!
In the span of a few days, bitcoin went from $9,000 to $11,300, dropped down to $9,600 within 5 hours, back up 10%, and crashed down to as low as $9,100 just 24 hours after hitting all-time high. Bitcoin ended the week back at near all-time high at around $11,000, representing an increase of 21% over the previous week.
Ether had a similar story – it went from $460 to as high as $515, crashing down to just under $400 a day later, and settle the week at $460, unchanged from a week ago.
Things got chaotic during the correction – OMG, NEO, and ETP crashed as much as 90% in minutes on Bitfinex and some margin traders were forced to liquidate their holdings at the lowest point. This shows that the crypto market is still immature and that it is very risky to trade on margin.
With the wave of newcomers into crypto, the overall cryptocurrency market cap is expected to continue its expansion. The question is, which coin will benefit from the money inflow?
We believe major currencies like bitcoin, ether or litecoin will be the winner for the short term, since most newcomers just buy what’s available on Coinbase. There is a steep learning curve for crypto and it will take a while before the newcomers branch out to other coins/tokens.
Don’t fall in love with your bags of alt(shit) coins – if you believe there are other better opportunities out there, don’t take too long to cut your losses.
Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-4-2017 ?
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://bitnewsbot.com/crush-crypto-weekly-december-2-2017/
Upvoted and Followed you. Pls help me resteem this for the victims of ISIS/Maute in the Marawi.
https://steemit.com/bitcon/@rashley01/let-s-help-people-of-marawi-this-christmas-click-here-to-know-how
This post has received a 3.30 % upvote from @upmyvote thanks to: @gex231. Send at least 1 SBD to @upmyvote with a post link in the memo field to promote a post! Sorry, we can't upvote comments.
This post received a 0.00% upvote from @UpvoteWhale thanks to @gex231! For more information, check out my profile!
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STOPhey @fex231 - I noticed that you have 50 STEEM deposited on smartsteem - not that you forget about it. :)
I did actually forget about it haha. But remembered a few days ago so it's all good! Thanks.
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STOPGreat post tnx for sharing I just upvoted check out my new post.
upvote resteem comment @glclipse
steeemitalltheway.
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