Dec 22, 2017 – May be known as the Black Friday of the Crypto World
Almost every one of the top 100 crypto currencies are down 35-40% this morning, Friday, December 22, 2017. This day may well be known as the “Black Friday” of the cryptocurrency world.
Waiting for more news to be released as to the reason that precipitated this huge fall.
The general idea is that most cryptos would rise after Christmas when many people share the news of their profits with their relatives. We are about to enter the sharp geometric increase of the “S” curve, where early adopters are in, and the masses (or “herds”) start to buy in. Maybe this price drop will motivate them to get in now and drive the prices up even more after Christmas.
Below is a screen shot from http://CoinMarketCap.com. Of the top 100, all are currently down except Kin and Agoras Tokens. Earlier today ETN (Electronem) was up a little, but it has dropped. For whatever reason, a lot of coins follow up the trend of the BitCoin, the original and “gold” standard of all the cryptos.
Last week CoinBase added “BitCoin Cash” which was a created when BitCoin hard-forked due to lack of consensus. Many believe that there will be a fight or race to see which will be “The BitCoin” adopted by the masses. Many are complaining that the original BitCoin is too slow and the fees are getting to high.
For real crypto fanboys, the best advice when this happens is to HODL – Hold On for Dear Life. Don’t sell, don’t panic. Cryptos all come back higher after each dip!
A second similar crash happened on January 16, 2018.