The truth is, we can easily put this dip into perspective by telling you that many altcoins are at the same price they were just a month or two back, but this doesn’t make this sort of dip easier to take. Whatever your position was in the market yesterday. You would have taken one hell of a hit over the course of the last 24 hours. Many predictions were focusing around on what the new low would be but it would appear that most of the estimations didn’t predict the sell-off would be this extreme.
It’s safe to say that the presence of Elon Musk within the crypto space has gone from hero to significantly worse than zero. The sell-off after his tweet was very predictable, but it was possible to put a positive spin on such events as several altcoins were holding up and if Bitcoin found some stability we were still very bullish on the surge of crypto for this year but the truth now is we all have to hope that we have seen the worse of it.
Cardano for example was trading at $2.30 at one point last week and the dip affected the market so much that the coin was trading at $1 (very briefly). This would have been viewed as unbelievable just two days ago. Litecoin and XLM also dropped over 100%. At the time of writing buying the low of this dip would already see you with a very nice profit but we can only hope that there is no more significant drop-off.
At the time of writing, the market cap of the crypto markets is at $1.5 trillion. This means that an incredible $1 trillion has been taken out of the markets in the last two weeks. Unless you are the lucky few looking for a new entry point, crypto holders will hope that this amount of money being taken out of the market signifies that the only way is up.
