It's a volatile week. Our previous chart showed a continued collapse in the price of Bitcoin, yet, we're not close to being stable or safe. The entire cryptocurrency market must be restructured. The market needs a reset and these abandoned and dead coins need to vanish before cryptocurrency can even be considered to trade again. Get out, even if profits are small or slightly upside down. Its going to come in for a total reset. This market does not share the fundamentals of the past collapsing of Bitcoin. Back then, Bitcoin was on very few trading platforms and Bitcoin was essentially alone. Today, Bitcoin is listed in with the stock market, and is competing with over 2,068 other coins. Here are the facts:
- Bitcoin is not as safe as once described: Its been hacked, stolen, and manipulated.
- Bitcoin is not as fast as once promoted: It can take up to 72-hours in some cases for transfers.
- Bitcoin is not as cheap as compared to Forex transfers.
- Bitcoin is losing footing with companies that once accepted it as a form of payment.
- The cryptocurreny market is a bubble, it needs a massive restructuring. The bulk of the 2070 coins are abandoned, dead, or scams. They must be removed, de-listed to regain investor confidence.
Get out, wait it out. No, we're not saying "hodl" we're saying sell and wait till there is some sort of reset of the cryptomarket. The dead coins must vanish because investors are over saturated with coins to invest in. When there is too much of something, it becomes worthless. This is true of any asset. Only precious metals are truly limited, thus can grow in value. Crypto can fork a million times, multiplied by the number of "limited" coins.. you can see how this "decentralized" cryptocurrency starts looking an awful lot like fiat currency. Infinite supply. Be smart, invest smart and see the signs.
Original Chart
