Bitcoin has been slowly crashing in the market proving every exuberant investor that it truly is highly volatile. Yesterday’s Sentiment Analysis revealed that the community was feeling the bearish pressure and felt that the market could drop further.
From the past two weeks, crypto charters have got their analysis proven wrong since a lot in the community believe that traditional assets indicators would generally not apply to crypto assets as they do not fall in the category of “traditional assets”. Our Sentiment Analysis segment is a daily look at the current emotions of people involved with the specific token, be it investors, miners, influencers or skeptics.
Bitcoin has gone back to trading to its Feb 6th prices at $7300. Although there have been multiple articles clarifying that the Mt. Gox sell-off did not trigger the price drop, the markets have been skeptical and many believe that the Mt. Gox news has acted as a catalyst to the current dramatic drop.
Whenever Bitcoin takes a huge dip, all the other altcoins take a huge dip as well. This time, it was no different.
According to CoinMarketCap, Bitcoin is currently trading at $7400 with a market cap of $125 billion, dropping by only 7% in the past 24 hours while Ethereum surprisingly has gone back to trading to its early November 2017 prices to trade at $461 with a dramatic drop of almost 20%.
Ripple [XRP] is trading at $0.55 with a market cap of $21 billion and is currently at its December 2017 prices.
Caleb Mulder, a Bitcoin evangelist and a miner from late 2015 says,
“I just read a news that said, BTC could hit $91K looking at the past historic dip. One thing people forget is, there is no “crash”. Never happening, because I will be there to buy all the Bitcoins if it ever even reaches close to a 100 dollars.”
Raju Khanna, a Bitcoin fanatic from Ahmedabad says,
“It is depressing, yes, but I suddenly feel excited and pumped. Just got some more Bitcoins. Maybe we hit $6K but I think that’s it, huge buy walls will come in from there”
Dr. Chandler-Henry, a cryptocurrency investor from Calgary says,
“I may decide not to invest my additional $30,000 after all. I have lost $200k already so why would I want to lose more. I’m out of this game.”
In conclusion, out of the 23 respondents, a surprising 70% of them feel that the bearish grip could be over in the next 24 hours. They feel that prices could start bouncing back up and start consolidating at the $8K again, while the other 30% felt Bitcoin could see a further drop to $6K or even further.
$carface, a trader, and investor in cryptocurrency says,
“I’ll be honest – I’m super close to exiting everything, including cold storage and hedging into dollars. This is a slow bleed with no end in sight. I can’t imagine how newbies feel who bought the top.”
Joseph Cameron, an ICO advisor spoke to us and says,
“The grapevine informs me that some major ICOs are dumping their ETH for regulatory fears. If this is true then a some big chunks just got dumped. Really bearish on Ethereum for the next couple of days.”
Jacob, an Entrepreneur, Blockchain analyst and researcher says,
In conclusion, Ethereum folks were just distraught. Almost 65% of the respondents felt that the bearish momentum for Ethereum is still not over and could possibly see a break to $350. Some of them believe the rumors about ICOs dumping ETH to be true. There have been Twitter accounts over the past few hours that have suggested the same.
Karan Chawla, a Ripple and Cardano investor says,
“It really is a dump market now. Ripple is in the dump mood. It’s definitely going for the ride down to $0.45. Still going to HODL, no FUD bring me down.”
Cryptobuddha, a Twitterati says,
“The G20 meeting result will likely crash $BTC price even more.”
Lary, another Twitterati has a different opinion on the same says,
“You’re all gonna be pissed when the G20 announces Monday that the IMF is replacing SDR’s with $BTC and $XLM in the new world currency.”
Roland Wright, an XRP believer says,
“XRP is a token that is going to be number 1 soon. BTC, ETH and everything else will wither and die. Ripple is the only company that has so many partnerships. I think Ripple has hit bottom, I’m looking at an upward growth from here”
In conclusion, the Ripple respondents were divided with one half supporting the possibility of it rising against the trend and the other half just not interested in the token anymore as they believe XRP could possibly go even further down to early November 2017 prices.
Some investors are still very optimistic about the market and are clinging to the hope the market price will shoot up real quick and the golden days of Bitcoin will be back.
While there are some people who believe that the G20 conference will make a positive difference, some believe that the market will continue to drop and all the investors who are propagating HODLing will also start selling off.
The community as a whole seems positive about Bitcoin in the long run and believe that Bitcoin has faced such drops before where it took almost 8 months to recover and break to new heights thereafter.