Many Cryptocurrency Markets, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple and others have dropped 15% or more in the past 24 hours. Some seeing a dip of more than 20% today. While this level of volatility may be extreme it is important to remember these markets are very new and have grown at a tremendous rate. The Cryptocurrency market cap one year ago was approximately 16 Billion. Today, after the dip, it sit over 500 Billion. This dip was spurred by mounting years that the South Korean government may issue bans or tighten regulation on Cryptocurrencies. This reaction is very similar to when China stopped Initial Coin Offerings and limited Exchanges in September 2017. The cost per 1 Bitcoin, on September 1, 2017 was $4,700 and dropped by 25% after the actions from China. Within 3 months from this event, Bitcoin reached a new high that exceeded $19,000 per Bitcoin. This represents a growth of more than 500%, post China ICO ban / Exchange regulation.
Do you view the dip as something to fear or a buying opportunity?
*Note – We are not financial advisors and do not provide financial consultation. Please seek out professional financial advisors and complete your own research when making investment decisions.
Litecoin has been making a splash in the cryptocurrency market this week, increasing value by nearly 45% in one week. LTC (Litecoin) hit over $90 per coin on September 1, 2017, before pulling back to land around $77 on September 2, 2017. A big contributor to the increase is around a new payment system called the Lightning Network and the successful testing of using Litecoin on the Lightning Network . The Lightning Network will allow for even faster, lower cost micro-transactions (think a cup of coffee) using existing cryptocurrency (Bitcoin, Litecoin).
