The crypto market is still reeling from the latest “correction” and volatility, as Bitcoin and altcoins continue to seek to recover all their value lost since the start of the correction. The volatility in the crypto market is at an all-time high as Bitcoin and altcoins continue to lose value from the start of the correction.
While Bitcoin is seeing the largest percentage of increase in terms of value out of the top 100 cryptocurrencies, there are a number of alternative cryptocurrencies that are also seeing a significant increase in their market value. One of these cryptocurrencies is Woyager Token (WOYAGER). Launched in 2017, Woyager Token is an ERC20 token with a total supply of 100,000,000 WOYAGER tokens in existence. Woyager Token’s website describes itself as “A transparent multi-level affiliate platform, that is a long term oriented cryptocurrency based on Ethereum smart contracts.”
While the crypto market is still trying to recover from a tough week, February is starting on a positive note for some currencies. Bitcoin is back over $7,000 after a brief drop to the mid $6,000 range, Ethereum is trading above the $600 mark once again, and EOS is up to just above $5 after being as low as $3.The cryptocurrency market carnage that has now engulfed the entire sector will likely go down in history as one of the most important moments to remember, whether prices recover or continue to fall. Reminder: The cryptocurrency market has crashed after a week of bad news, with Tesla CEO Elon Musk and the Chinese government bringing discord to cryptocurrency miners, causing bitcoin (BTC) to fall to $30,000. This is the largest monthly drop in the value of BTC in monetary terms in history, as it has fallen by more than half from its all-time high of $64,000. Where bitcoin goes, altcoins do what they did. Across the board, there has been a huge sell-off, so much so that the entire market capitalization of the cryptocurrency market has fallen since FY12. The month of May fell from more than $2.5 trillion to just under $1.5 trillion, a drop of nearly 60%. Galaxy Digital founder Mike Novogratz believes the ever-evolving market will take some time to consolidate and stabilize, as bitcoin continues to experience a high degree of volatility – while still gaining a foothold. When we look at the reasons for the market turbulence mentioned above, it seems that there are many factors at play. For starters, crypto broker Genesis Global Trading noted that many recent large bitcoin sales have largely been the result of forced liquidations and leveraged closures. Moreover, the recent price drop could be due to investors changing their investments after it was revealed that China is reportedly banning its citizens from accessing cryptocurrency exchanges and trading with digital currencies.
What to do with volatility?
What is happening in the cryptocurrency market and how might the sector as a whole develop in the short to medium term? Joel Edgerton, COO of crypto-currency exchange bitFlyer, told Cointelegraph that he believes a perfect storm of negative stories – such as Musk being bearish on BTC, Binance facing possible US regulatory sanctions, tax sell-off season, etc. – has caused a lot of concern. – has flooded the cryptocurrency market and caused great anxiety, especially among smaller traders: This failure is compounded by the high leverage of unregulated exchanges. Any buy at a decline is like catching a falling knife, forcing buyers to step aside and wait for the bottom. We will have to find a bottom and price before we see stability. Jack Lu, founder and CEO of interoperability-focused blockchain platform Wanchain, also noted that the market for digital assets has been growing fairly steadily over the past six months, so such a correction seems only a matter of time. He believes that once the sector has overcome this latest currency crisis, it will regain all its lost value and reach new highs in this bull cycle. Konstantin Anisimov, CEO of crypto-currency exchange CEX.IO, believes that while the reasons for the recent decline may be diverse, the market is showing an unusual maturity to actively fend off any future bearish volatility – a trend that was absent in previous bullish periods, according to Cointelegraph : The sector is trying to shake off China’s mining dominance, and individual investors are distancing themselves from the impact of Elon Musk’s tweets to allow the market to react freely to the many fundamental events that keep popping up.
Will the market continue to grow as expected?
Another question to ask, especially in light of the recent stock market crash, is whether the cryptocurrency industry can develop and grow as it has over the past year or so. In this regard, Lu pointed out that the decentralized financial market has developed rapidly in recent times, with the overall value of this segment established and the number of applications growing exponentially. Moreover, he pointed out that with the growing number of blockchain interoperability solutions now making their way into this space, it seems that the decentralized financial market will continue to grow and attract the interest of many new investors around the world. In addition to the DeFi sector, the cryptocurrency market has also created a boom in non-gaming tokens, an area that many experts believe will continue to evolve and grow in the future, especially as more and more artists, musicians, and content creators embrace these new digital offerings. Finally, it should be noted that blockchain’s potential is not limited to cryptocurrencies, as a number of countries, including the Bahamas, Cambodia and China, have tested or launched their own central bank-backed digital currencies in recent months. Thus, the cryptocurrency industry is rapidly moving beyond a speculative investment vehicle, as the vast majority of tokens cannot be described as currencies or investment vehicles and instead can be useful tokens for various purposes or collectibles.
Is there any reason to be wary of volatility?
According to Daniel Peled, co-founder and president of Orbs – the public blockchain infrastructure – the current slowdown is consistent with what has been seen in previous bull runs, when there were also large short-term declines, he told Cointelegraph : There may be additional downward pressure in the short term, partly because there will now be negative media hype, but this too will correct itself in the long term. The best way to protect yourself from the hype is to stick to consistent and rational strategies, such as monthly dollar cost averaging. He also stressed that investors should keep in mind that the cryptocurrency market has always been volatile and it is important to look at the fundamentals, not just the asset price, to understand the market. Based on key fundamentals, including BTC adoption rate, continued innovation in the Ethereum ecosystem, hash rate, inflows and outflows, we are still in a bull market, he added. Kevin Liu, co-founder of MetisDAO, a decentralized second-tier autonomous organization protocol, told Cointelegraph that just like the current volatility, the 2017 bull market also saw several large corrections followed by triple-digit gains, essentially suggesting that nothing unusual is going on right now. So amid all this excitement, it makes sense that price swings are an expected byproduct of large price movements, but staying calm can keep you from making bad decisions. Therefore, it is preferable that people make well-informed decisions based on technical/fundamental data rather than on rumors or predictable reactions.The crypto market has been experiencing some major swings this week, with the value of Bitcoin, Ether, and altcoins fluctuating wildly. Many altcoins, such as Dash, Ripple, and Litecoin have seen their values fall by as much as 30–40% in the past week, and the trend has continued into the weekend. The volatility first began to pick up on Thursday as Bitcoin and Ether began to experience significant plunges in their values, which some analysts attributed to the Bitcoin Cash hard fork. However, the volatility continued into the weekend as Bitcoin’s price tumbled $1,000 in just a few hours. Experts cite several factors for the ongoing volatility, including fears that the market will be subject to further regulation, and that. Read more about altcoin picks and let us know what you think.
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