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Bitcoin [BTC], Ethereum [ETH], XRP, Litecoin [LTC]: A hindsight view of the prices from all-time highs

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Bitcoin [BTC], Ethereum, XRP, Litecoin [LTC]: A hindsight view of the prices from all-time highs
Source: Pixabay

The bull run of cryptocurrencies ended as 2017 came to an end. The coins that had pumped by massive amounts eventually plunged due to a market correction, which was the beginning of the bear market.

The bear run has taken its toll on the users and companies that were launched during the bull run. Several companies shut down, while others like Bitmain are struggling to stay afloat. The bear market also showed the true nature of certain altcoins as they plunged.

Bitcoin, the poster child for all cryptocurrencies, collapsed by a massive 81% from its all-time high, at press time. However, other altcoins weren’t so fortunate as they plunged by more than 81%.

A Twitter user, @CharlieBilello, tweeted:

From the list above, it can be seen that the second largest cryptocurrency, Ethereum [ETH], collapsed by a massive 91%, while the third largest coin, XRP, dropped by 92%.

Other cryptocurrencies like BitConnect were subject to lawsuits and termed as Ponzi Schemes by Texas State Securities Board.

Bitcoin Cash faced the same fate as it underwent a hard fork due to a disagreement between Roger Ver and Calvin Ayre. After the fork, both the cryptos, BCH and Bitcoin SV, suffered, but BCH trumped BSV in terms of price.

The Tron ecosystem has faced a lot of developments in recent times, but dropped by 92% since its all-time high. Some users in the community believe that the bear market would wash out the weak projects so that the ones that are truly devoted to cryptocurrencies remain.

The next bull run is awaited by the community and some users speculate that the prices would shatter the previous highs in the upcoming bull rally.



@jposhaughnessy, a Twitter user, commented:

“I fear BitConnect is going to have a hard time coming back from this.”

Another Twitter user, @FVNate, commented:

“It’s deep value, Jim! The price/book ratio tells you everything.
(I seriously heard someone present the P/B ratio for crypto.)”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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