The entire cryptocurrency market is down with “panic-selling” and “fear” taking over the market. Bitcoin was down to $7600 on the morning of 15th at 06:06 am. Since then Bitcoin is back to trading at $8400, gaining 800 dollars within a few hours.
The bearish pull started on the 5th of March, the moment Mt. Gox trustee’s Bitcoin selling news broke out. Coupled with the Binance hack attempt, the market was left reeling under the pressure of big sellers. Chart indications showed Bitcoin could touch a low of $7000 and possibly break lower than the February low of $5900.
“Illiterate” media and “uneducated” journalists, as the crypto community call them, started selling “FUD” and created an environment of panic. There has been multiple technical analysis by veteran trading experts that have been proven wrong multiple times in the past few months. Many argue that is because traditional charting techniques do not apply to the cryptocurrency markets and would not come under the bracket of “Traditional” assets.
Many from the crypto community also argue that technical analysis for a lot of other altcoins are more or less the same since they follow the same price patterns as Bitcoin.
We in our sentiment analysis segment try to cover the current sentiments in the market from various people involved in the specific crypto markets; these include investors, miners, market analysts, journalists, skeptics, and influencers.
Ripple at press time was trading at $0.67 to a token with a market cap of $27 billion and is still ranked at number 3 on coinmarketcap. Ripple had temporarily dislodged Ethereum from its second position when it hit its all-time high touching $3.65 on January 4th 2018.
David Hoaz, a Ripple investor who bought $10,000 worth Ripple last year in May when the prices were at $0.05 says,
“If someone was holding a gun to my head, I’d probably not sell my XRP. I know there are XRP haters but remember you are here to make money. Who cares if Chris Larsen gets rich, if you get rich along the way. I am holding on till it goes back to above $4”
Andy Miller, a psychologist from Cape Town who is also a crypto investor who doesn’t like Ripple says,
“I don’t care about Ripple, but this is what I follow to protect my investment. Every investor, however ‘veteran’ has always had an embarrassing panic selling moment. The only way to avoid it is by talking to a fellow investor. Do not believe the FUD, be realistic though. XRP honestly, despite the gazillion partnerships is bound to fail in this decentralized world.”
John Logan, a veteran forum member in the XRPchat forum says,
“HODLs need to brace for a long haul. There will be no profits to reap, no cash payouts, no Vegas parties. XRP will not increase in price for a long time. Its a solid company, its a great product and like Brad claims its internet 2.0 but you will not see any ROI for years if you entered the marked in Jan.”
In conclusion, Ripple HODlers and skeptics alike believe that the future is bright for a “long-term” investor but things might not be so bright for people looking to make quick money as a big “uncertain” emotion still lurks in the market with multiple negative news stories breaking out regarding the Mt. Gox
Stellar Lumens [XLM]
Stellar Lumens at press time was trading at $0.22 with a market cap of $4 billion and is currently ranked at 8th on coinmarketcap which ranks token according to their market cap. Stellar had multiple positive stories breaking out in the past couple of weeks including getting added on Koinex, partnering with KeyBase and Stellar enabled money transfer platform which is to be launched by BluepanNet.
Tommy Smith, a sports journalist currently in Omsk who is also an XLM investor says,
“2018 seems like one of those initial Bitcoin years where everything was just consolidating. I think we will some action only this year end. Nothing happening now. XLM is the sleeping giant, it gonna be a huge! Its previous high of almost $1 would be dwarfed in the next couple of years”
Ken Wong, a VC from Hong Kong says,
“Jed’s vision and commitment is commendable. XLM is a token that can contribute so much to the market, its just getting started. We are still BTC reliant but that would change soon. Once bears are done, we should see XLM as one of the potential bull run leaders this year”
Mark Hughes, a Market analyst from Brisbane says,
“XLM is over-hyped, I wouldn’t bet on it. Maybe for the short term once markets pull out from the negative trend there could be a small gain. In the long run, I don’t think Stellar has promise. It could even traded $0.infinity”
In conclusion, apart from people with extreme opinions, Stellar Lumens is definitely a token to watch out for this year. Many also believe that XLM could be a NEM, showing a sudden gain and going against what markets were doing. But an emphatic 70% of respondents feel the market is still heavily bearish and could expect a little lower values before prices go up again.
Tron at press time was trading at $0.029 with a market cap of $1.9 billion. It is currently very far away from its all-time high of $0.25, which like most other token was achieved in the early part of January 2018. TRON has been in the media recently as well with the news about their tech expansion, the partnership with BitGuild and addition of TRX in multiple exchanges.
Kelvin Lee, a Bitcoin and altcoin miner from Cayucos says,
“TRX is one silent mofo, there’s serious fomo to be expected when this shit rises above the rest. Justin Sun is entertaining and we need this entertaining, funky token in the industry. I believe Tron along with Ripple, Monero, Dash and Litecoin could be the next game changers”
Freddy Clifton, a TRX investor says,
“Ahhh, I feel sad.. It’s fuckin 3 cents. Looks like it could be 1 cent. The problem with getting in the market so late, you lose money. I learnt it the hard way but over time I have been learning about Justin and Tron’s foundation. It seems promising. I will be a hodler.”
In conclusion, Tron supporters feel, TRX could be bottomed out and should be changing the trend soon. Surprisingly against the regular trend, TRX believers a good 65% say, TRX will break the Bitcoin price pattern and move to a bullish swing soon.
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