I will share a small analogy that inclines the crypto market to bearish further.
As a result of the update, ETH holders received ETHW coins as an airdrop (this type of drop is called a hard fork). It has already been dumped from $60 to $30.
A similar situation occurred on August 1, 2017, when bitcoin holders received Bitcoin Cash (#BCH) coins as a result of a hard fork. Against the backdrop of the then bull market, this altcoin managed to grow up to $4400 by December 2017!. Let me remind you that its current price is $119.
This only confirms the fact that few people need such altcoins, and their further fate is a disappearance into oblivion.
Most Ethereum holders simply sell the received ETHW coins, because they do not see any prospect in it.
Well, do not forget about the fact that since the beginning of September, miners have been draining the ether itself.
Results of the first day after the ETH update:
- SEC warns it could be securities
- The price fell by 14%
- ETC (Ethereum Classic - miners are actively switching to this coin to replace Ethereum) hashrate reaches ATH
- The mempool (the place where transactions are confirmed on the blockchain) seems to be stuck, but no one knows because there are no nodes
- Four validators control everything
- 66% of validators are large exchanges and funds. What kind of decentralization can we talk about here, if most of the coins are run by uncles who, by decree of the authorities, can drain the coins.
- ETHW has already fallen by 82%.
I won’t lie, I watch other crypto channels, because it’s interesting to compare their analytics with mine. In the area of $21.6k, many have already begun to believe in growth again, that the bottom has been passed, and then bitcoin returns to $30k, $40k, and so on. They attached all this, of course, with all sorts of indicators or patterns that a reversal had begun.
For my part, I saw a completely different picture, where there was no need to paint anything like that, since everything was visible here at a glance.
Any outcome leaned towards the fall of the market.
Posted Using LeoFinance Beta
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