The panic at the crypto markets is gaining momentum. In the last hours, the cryptocurrencies have corrected massively again. The market capitalization of all cryptocurrencies is currently (20 November, 13.00 h Berlin) below USD 150 billion. The lead currency Bitcoin (BTC) corrected to below USD 4,500. An end of the slide does not seem to be in sight at the moment.
The hard fork at Bitcoin Cash was probably the trigger for this massive slide. Both coins resulting from the hard fork – BCH (ABC) and BCH SV – are among the biggest losers in the market and lead the panic machine. The new BCH SV lost nearly 40% in the last 24 hours and is currently trading at around USD 53.
The massive correction was long overdue. The crypto markets still have many corpses and/or zombies from the time of the ICO-Hype and the crypto-MLM’s in the cellar. Until these corpses and zombies are disposed of, there will be no sustainable upswing. You don’t have to be a rocket scientist to reach this conclusion. A look at past hypes is enough. After the bursting of the Internet bubble in 2001, it took Google until its IPO in 2004 to overcome this legacy.
It’s hard to be a crypto-believer these days but it’s worth a try!