I write this as Wednesday; August 15th just comes in. If you haven’t heard about it yet (which we highly doubt) the whole crypto market had an epic crash that saw almost every coin lose a lot of value.
Crypto skeptics and haters had a field day posting ‘I told you‘ in every forum they could, and the mainstream press had its fun as well. After the debacle, Rippe’s XRP, Tron (TRX) and Cardano’s ADA are recovering some ground already, but some of the coins are still trading in the red.
So what shall we say to the prophets of doom that have been trying to spread hysteria and FUD around ever since Bitcoin went live nine years ago? Simple: this is a blessing in disguise.
The cryptocurrency market has been under the influence of a bearish trend since Bitcoin peaked last December 17th. It’s been either slow or going down all year even though so many great blockchain projects have made insane amounts of progress.
Bearish runs are not a bug of any market; they’re a feature. And they’re not tragic (more on that later), they’re merely a stage in a cyclical process that always has alternated between bears and bulls, and that will keep oscillating between both processes as long as free markets exist.
The current crypto bearish run has been long, but before it can finish, it has to bottom out. That’s just the nature of the beast so, in that sense, a drop as till yesterday’s is a sign that we’re getting ever so close to the inflection point in which the new bullish run for cryptos like Bitcoin, Ripple’s XRP, Cardano, and others will start.
What causes a bearish trend
The main reason behind any bullish run in any market is irrationality. It happens when ignorant or impulsive speculators take over the trade from real experts. They go by perception and fear thus creating speculative pressure. Competent investors, on the other hand, can detect value and avoid speculation instead of reacting to irrelevant news or appearances. That’s what’s happening right now.
Is it bad? No, it isn’t. However, It’s not good either. It’s just the way things go. Sooner or later a bullish run will arrive and, after that one, another bearish trend might follow.
How worried should you be as a crypto aficionado or as a HODLer of Ripple’s XRP, Cardano, Bitcoin or any other crypto that has a real vision behind it? Not that much. At this point in the time, the market is suffering as a whole, every asset has been going steadily down for months, and there’s just no point in wasting energy in worrying about it.
If you are holding Bitcoin, or Litecoin, or whatever digital coin of your choice, it’s been losing value since last December. But every other single currency has gone down as well. If you were holding any given asset that is losing value at a time when most other coins are rising in price, that is the time to worry, and that’s not what’s going on lately.
The thing that matters now is that prices are low and that affords us all the chance to buy at low prices and then sit back and wait until the next bullish run comes around while we plan on buying a yacht.
The current one, in particular, could be the opportunity of a lifetime as many really useful and exciting blockchain projects such as Cardano, Tron, Stellar Lumens are very young yet, they cost cents per token, and will never be so cheap again. Even Ripple which has been around for years is fluctuating in the forty cents mark.
One last thing: it’s a very well established fact in market analysis that new bullish runs arriving after a bearish run take the market to levels higher than those of the previous bullish run. Good news is on the way. It’s a time for rationality, patience, intelligence, discipline and, above all, to buy cheap.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…