A smooth and gentle market turned red again this Saturday night when Bitcoin, Ripple and other cryptocurrencies dropped dramatically over a 2 hour period. Bitcoin was comfortably trading at $7600 when this sudden drop pulled the prices back down to $7100.
Another report stating that the “Bitcoin whales are still active” has according to many analysts cast a shadow of doubt over many amateur and longtime investors. There are also many that call the current drop in prices a fake drop as it does not have the supporting trading volume like it had in early January this year.
Sentiment Analysis is a segment which is published occasionally after crunching numbers and data to consolidate the sentiments received through various channels. People from all walks of life including journalists, investors, techies, gamers, and miners have been asked regarding their sentiments regarding specific tokens and hand-picked comments are filtered out below. This is purely opinionated and the conclusions are just a final set of “Yes” and “No” after consolidating the entire data.
Bitcoin at press time was trading at $7230 to a token with a market cap of $124 billion and witnessing a drop by 5% in the past 24 hours. The current market dominance is at 38.7% and generally is inversely proportional to the growth in prices in the market. Bitcoin is one such token where the trading volumes are diversified with the biggest share going to Binance’s USDT pair which just makes up for 5.18% of the entire transactions.
Gordon William, a Bitcoin miner from New York says,
“We are always hearing about Bitcoin is about to break out, BTC is mooning, crypto is going to heaven, etc. Can everyone just stop it? Stupid articles every day about some dumb chart analysis. I mean come on, it’s the same damn thing over and over again. Trust me everyone is just waiting. When the show hits the road again, like when it started last year November, that’s when people will join in. I’m just very skeptical now, yes, coming from a miner. We will do 20K again for shizz but not just yet.”
Reebu Cherian, a software engineer from London says,
“The blockchain good, crypto bad sentiment will never work. You need a healthy crypto market for positive blockchain momentum and Bitcoin is that catalyst that can take it forward. Today’s drop just makes it hard for Bitcoin to recover but we just need that volume back in play. A good healthy daily volume can tip the scales and even a $2000 gain in a day is possible like on the 6th of December last year”
Peter Lu, alumni at Berkley and a developer of a blockchain startup in the music industry says,
“We have been in this $7000 range from the 23rd of May, looks like we could be here for some more time. A stable crypto market is good as well, we will have more brokers, websites accepting cryptos soon. Imagine a headline – Amazon/Apple/Walmart accepts bitcoin. Damn, could you imagine what that would do? For now, I think we are in murky waters; I personally believe Mr. McAfee’s prediction and I think we could see a gigantic pump post-October this year”
In conclusion, an unexciting 45% feel that Bitcoin will not experience any pump soon as the markets are still not ready for a bull run. Another 55% are very sure that by this year-end Bitcoin will surpass its 20K previous high.
Post the successful launch today, EOS at press time was trading at $12.11 with a market cap of $11.2 billion and still at the 5th position witnessing a massive 12.2% drop in the past 24 hours. The launch was plagued with a lot of allegations regarding the partiality and “centralized” nature of the voting around the time of the launch. In the end, according to the community the “FUD”ers failed in their plot to disrupt the integrity of the entire process.
Jerry Wong, a Risk Analyst at a major bank says,
“Wait for it and Boom, it drops. This is going to be the biggest upset. The current bearish market is just going to add to it. Everyone’s going to cash in. I’m calling this right now, we will see it go down to $10 at least. I believe EOS is transformational but there will be a drop especially since the short-time investors will pulling out”
Roland Goldberg, a shop owner, and an EOS investor says,
“This online voting and offline voting caught some people off guard and you know how FUD works. This is history in the making, we have the first decentralized main net launch. I don’t really care about what the market does, EOS has huge potential, people who can’t see this, please go sell your stuff so I can buy them. We will see irrational chart behavior for a few days but that’s just because of the activation; EOS is definitely going to be in the top 3 soon.”
In conclusion, despite the current confusion with people demanding the Ledger Nano support, a good 59% feel positive about the entire Main Net launch. They feel that EOS could be easily hit $18 and above in the next few months. The other 41% felt that there will be a significant selling pressure soon especially with the confusion in voting and people generally cashing out.