The prices are falling for most of the cryptocurrencies and they are showing a huge loss in the last 24 hours. The total market capitalization has gone down to the $400 billion mark. At 2:10 PM UTC, the total market capitalization was seen to be at $392 billion.
Bitcoin [BTC] is nearing the $9000 mark as at the moment it is seen to be trading at $9015.64 with a market capitalization of $153 billion. The coin, till now, has had a loss of 3.32% in the last 24 hours as it continues to be in the red zone.
Both EOS and TRON appear to be falling in the last one hour picture but it has not reversed the day’s gains and it still looks green. TRON had recently moved up to the 10th spot but it could not hold on to the spot. It dropped down by one spot and is currently at the 11th spot. Ethereum [ETH], is also seen to be nearing the $600 mark and at 2:27 PM UTC, it was seen to be trading at $611.17.
A group of investors, analysts, skeptics, miners, influencers were interviewed to gather the crypto-related sentiments about the current market trends and the possible outcomes of the coins. The opinions of experts are recorded and presented as it is to ensure that our readers get a wholesome picture.
This segment is carefully structured after taking into consideration the sentiments of people from around the world. This analysis is focused on Cardano [ADA] which is currently ranked at the number 7 spot in the rankings.
At 2:33 PM UTC, Cardano was seen to be trading at $0.268 with a market capitalization of $6.9 billion. The coin has had a loss of 13.32% in the last 24 hours and it broke the $0.30 level. Cardano, at the present moment, is seen to be trading at the day’s lowest levels and the bears seem to be completely in control.
The coin had reached $0.32 levels before it started a downside correction. The coin was seen to have broken the support at $0.29 which was followed by the breaking of $0.27 support. The consecutive support breaks by the coin indicate a strong bear pull for the coin which should be tackled by an upward reversal. The coin had a break below the major bullish trend line which had a support at $0.29.
Maria Alexander, a Marketing supervisor from Granada says:
“ADA’s drop can be taken as a signal to buy according to my analysis as the coin will bounce back. During the first term of this reversal, the coin may reach the targets at $0.38. The next two bullish terms will take the coin further up reaching as far as $0.48 and then finally to $0.59. So I strongly advise you folks to buy before you fall into the FOMO.”
James Brendon, an altcoin miner from Sintra says:
“Despite the fall, there is a buying pressure for the coin and the indicators are showing signs which are not in favour of the coin. The next support for the coin is crucial to avoid further declines in price. While most of us were expecting the coin to gain, the coin is reversing more than it is gaining.”
Albert Bass, a financial advisor from Calgary says:
“The only way for Cardano to move out of this current trend is if the buyers are more generous. People should not lose hope in the coin and they should look to HODL till we see a sell signal. The coin should at least be able to consolidate above $0.25 which would give it a chance for a breakout.”
To conclude, 54% of Cardano respondents are not sure about the coin’s future as they feel that the current trend is affecting the overall performance of the coin. Another 46% of Cardano respondents, however, feel bullish as they feel that the drop is because of some technical factors which will be resolved soon.
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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
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,
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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