Following a crash of well-known cryptocurrency exchange company Coinbase, other cryptocurrencies such as for example Ethereum and Bitcoin have reacted to the events accordingly.
With
the technical problems that Coinbase have now been encountering using
their system, existing users have now been panic selling to be able to
escape the maximum amount of money while they can. This, consequently,
has additionally affected other cryptocurrencies and pushed them to
reduction in value as folks are massively selling as a result.
Coinbase opens up opportunities for other platforms
While
many investors aren't satisfied with the crash of Coinbase consequently
of the Asian frenzy, it may prove a great sign for the cryptocurrency
market. Considering that the escalation in the worthiness of the
cryptocurrency market, many investors have now been putting their profit
many other cryptocurrency platforms to be able to make the most of the
riding trend. Coinbase also rode along this trend when a huge selection
of investors decided to test purchasing their platform as well.
In accordance with a graph reported by Cryptorial,
it may be seen that since early 2016, there is a sharp escalation in
the amount of Coinbase users, up to after January 2017 (refer to the
graph below).
- Source: Naira Digit
This didn't bode well for Coinbase as their system couldn't
withstand the significant surge in followers. At the same time frame,
this sign shows just how much of a top demand cryptocurrencies have.
Although it might look bad at this time, the cryptocurrency market
should experience positive growth in the foreseeable future as a result
of surging investors.
Buying opportunity a dip
With
all the current panic selling occurring following the crash of
Coinbase, both Ethereum and Bitcoin present an chance for other
investors to jump in and invest.
Earlier this season, Bitcoin reached an all-time high and Ethereum saw steady growth. As reported by a regular graph by Cryptocurry,
it may be seen that if March, the purchase price skyrocketed up
sometime in the sooner section of May and transpired again. After that
it slowly regained its momentum but slowly went down. Ethereum, on
another hand, has maintained stability this season and is expected to
increase again later in the entire year (refer to the graph below).
- Source: Cryptocurry
Needless to say, this only shows a temporary decline in
value for some cryptocurrencies due to the panic selling that's
happening because of the crash of Coinbase.
However,
this will be a good chance for more established cryptocurrency platforms
like Ethereum and Bitcoin to obtain additional investors. This really
is also beneficial to the investors in an expression that even the newer
investors may take part in the ability of buying a medium that's lots
of room for growth. It can be an chance for Coinbase to boost their
system so they may focus on how many investors which is putting their
money into cryptocurrencies in the long run when the cost goes up.
With
the price tag on cryptocurrencies expected to go up by another tenfold
in 2010, it wouldn't be recommended to market everything just yet.
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