Market Analysis

​Cryptomarket faces extinction in its near entirety

​Cryptomarket faces extinction in its near entirety
Aug 15, 2018 by Rico Wise

A storm is coming towards the cryptomarket, as a result of which only 10% of currencies and altcoins will survive. Such is the forecast of Ted Rogers, the president of Xapo. He claims that the approaching carnage will give the experienced financiers a perfect chance to save some money on investments in Bitcoin, while making a big income.

According to Rogers, the cryptocommunity finds itself in the middle an event that would bring extinction to the so-called cryptoassets, which had been foreseen by many specialists before that. He believes that only 10 percent of the entire cryptomarket will stay in the end, and this “purge” might be happening now. Meanwhile, it is a good chance to purchase more BTC as its price got lower for a brief period.

This prognosis of Rogers completely lacks optimism and comes in a tough period for all the dominant digital currencies, when most of them, except for BTC, have dropped by 80% at the very least.

Truly, 7 of the top-15 digital currencies have dropped over 90% from their highs: XRP, ADA, MIOTA, TRX, DASH, NEO, and NEM. The other five, which are ETH, BCH, EOS, LTC and XMR have dropped over 80%. The other three dominant digital currencies, such as BTC, ETC, and XLM were more lucky and dropped less than the ominous 80%-barrier. However, BTC has still taken a serious hit, falling down below a 70 percent level, while the other two digital currencies both have quickly reached the 80% level.

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