The Season of Hodl
It is no doubt that cyptocurency has come to stay. This is because the various afflictions imposed on the crypto world in form of hate speech by various finance industry personalites and bans to ICO's and exchange by governments have not hindered the growth of cyptocurrency. Rather there have been significant progress. For example, the total market capitalization during early January 2017 was just 7 billion dollars and with all the hate speech and bans created the value of the total coin market stands at well over 500 billion dollars as at the time of writing this publication, depiciting an over 80,000% increase in just 12 months.
Although all these while there has been some up's and down's in the market price of various cryptocurrency which is a normal trend since the market is governed by buying and selling. The recent crash in prices of cyptocurrencies is not strange to the veterans in the field but newbies who has investments in different coin/token projects tends to sell out even at loss because of the fear of completely losing their total investment.
Although the main reason for this recent crash in market price of cryptocurrencies is unknown, some people have speculated that the approach of the Chinese New Year is the cause. The Chinese new year is slated for February 16 2018 and they have predicted that the prices of cryptocurrencies will soar once again after the celebrations but facts remains that predictions made on the crypto world are never exact. Sometimes not even close at all to be correct even after various professional technical analysis. A very simple example is the forth quarter of 2017 when the price of bitcoin soared from around 3,000 dollars to an all time high of 19,800 dollars per coin. All predictions and technical analysis failed in this regard.
The dramatic crash of cryptocurrencies has lingered for weeks now but explanations has been made to assure that this is not a bubble bursting. During festive periods people make alot of purchases (spending fiat money).The Chinese are no exception as they do alot of shoppings to celebrate the new year and watch out for the speculations of the new year. They sell their cryptos for fiat for these purpose. The market may be affected by this simply because the Chinese are early and major stakeholders in the crypto world.
Also another speculation is the plan by the South Korean government to ban cryptocurrency exchanges soon (just like China did in 2017) and the rumour hint by the Chinese government to outlaw cryptocurrency mining. So there is FUD (fear, uncertainity, doubt) in play here. Investors fear that their investments will be gone so they panic and sell even at loss. Uncertainty means the future is unclear, so no more or further investments on cryptocurrency. Doubts which is a mental state of feeling a lack of conviction in the future of cryptocurrency. But for old investors in the crypto world, crash is a normal and healthy thing and a good opportunity to buy more cryptocurrencies.
The DeepOnion Effect.
Of all the cryptocurrency to take a hit these recent times is deeponion.Deeponion is a new anonymous cryptocurrency (integrated with the latest version of the Tor network) using both proof of work and proof of stake in its mining process of new coins. $Onion surged to an all time high of around 19 dollars per $Onion even though this coin is designed to be freely airdrop to the general public (airdrops means freely given) weekly for 40 weeks since its creation in july 2017. The recent bitcoin crash in price also affect $onion as it was seen to gradually fall fro all time high of 19 dollars to about 5 dollars per coin. Although $onion is currently down some members of the deeponion community have seized this crash for an opportunity to buy more $onions because they know in no long time from now a new all time high could be achieved as the general market recovers momentarily.
The backbones of the deeponion project are a vibrant and hard-working founding developer (Deeper), a set of helpful and active moderators (Bykardinal, Doglover, Impressive, etc) and a strong supporting community of users (Onioners). These are the reason for the success of the deeponion project that started in July 2017 with no ICO o crowdfunding. Even though 18 million of the premined $onions have been distributed greatly, about 10 weeks of airdrops remains as 30 weeks has been successfully distributed.
To be a part of the deeponion community, visit https://deeponion.org/community/
official website, https://deeponion.org/
