2018 Cryptocurrency Price Correction Very Similar to the Biggest 2014: Enthusiast Theory
For the last two weeks cryptocurrency token assets have been sold rigorously with the bears having their saying. Truth to be told the trip to deep-dive the market has taken since its all-time highs in Dec-Jan. It is by no doubt very frustrating for new comers and even for those longer in the game as the whole concept seemed very promising and gold-crazing hyped in the beginning.
However, Twitter user @galaxybtc – Galaxy has noted out in a price-history analyzing chart-pic that a very similar altcoin decline took place in 2014 with the values dropping for -86% in 266 before the jump took place. Galaxy continued comparing with today’s price situation and how we are getting near the bounce point as we are at -85%.
Biggest decline in altcoin marketcap was in 2014 -86% with a total duration of 266 days before a massive bounce.
Many do support the idea that the present value movements [decline] is a long on-going price correction from the tremendous gain we witnessed at the end of 2017. Knowing how blockchain is fairly new, its real use and adoption in general has yet to be seen. Once it hits mainstream level it will be very difficult for any regulation or opinion to tank the development of the tech or the prices.
In an interview for CNN: Replying to Vitalik Buterin‘s now famous saying that blockchain cannot grow 1,000 time more knowing how blockchain is very popular now, Joseph Lubin – Ethereum Co founder countered noting out how the technology will effect all areas of social, political and economic systems. Keeping in mind that it will take time until that certain level is hit, what we have seen until now could be just the beginning.
“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.” – V.B.
“Vitalik is brilliant, but I would have to disagree with him on that. This is a technology that’s going to impact how economic, social and political systems are built over the next few decades. So we’re really just at the start of this. There will be so much evolution.
The technology is still fairly immature. But there’s going to be so much evolution in this space and everything that’s an asset right now is probably going to have representation as a crypto asset at some point in the future. So there’s just so much growth ahead.” J.L.