It's been a while since I've provided a general overview of the crypto market, so it's about time I shine some light on where we're at and where I think we're headed. Although my optimism towards blockchain technology continues to be strengthened, the general market attitude has continued to decline, and it's only going to get worse. We are still very much in a bear market as prices continue to slide. Most of the top coins were teetering on the edge of the resistance/support cliff for a few weeks, which many hoped was a sign of stability. We've now broken through that support level and are doomed for an unavoidable price plummet.
Emotions continue to play a major role in the market and industry battles continue to cause major market instability. Although the market craves stability to prove to the world crypto is a viable 'store of value', it is evident that the cryptocurrency market is still very much a Wild Wild West setting.
Things became even more hostile last week as as the battle revolving around the Bitcoin Cash fork, boiled out of control. Both parties vying for control are industry heavyweights and have vowed to fight to the death, willing to sell all their Bitcoin in order to fund their efforts. According to my calculations, this could amount to as much as 1 million bitcoin that have already begun to be flooded into the open market, not to mentioned the fear and chaos this instills in other investors. The negative effect this will have on the industry as a whole will be catastrophic, and will lead to many altoins going to zero (which was bound to happy anyway). As the chaos continues to unfold in the days and weeks ahead, I caution everyone to hold on to your hats, as we're in for a wild and volatile ride.
The long term potential for this industry remains unchanged, but the road to getting there is an unpredictable one. There's a lot of positives and tech advancements coming from many projects, but unfortunately for the short term, I believe those will be overshadowed by the negative market sentiment.
As always, input/comments/feedback is welcome.
