The entire market plummeted yesterday. This year, the cryptocurrency market also offered discounts like other platforms. From 10:30, the cryptocurrency market started the 618 promotion, with discounts on all markets. During this period, all currencies fell like a needle in the sky, causing many people to go bankrupt.
However, after a big drop, a correction is inevitable. In fact, from another perspective, it is a good time. As for why the big drop occurred, let's take a look at the possible reasons. From the market news:
Recently, some early investors suddenly sold a large number of virtual currencies they held, causing market turmoil. Specifically,
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First, a large ETH investor who had not moved for a long time sold about $35 million worth of ETH.
Second, Grayscale, a well-known investment company, also made significant moves, transferring a large amount of BTC, including transferring more than 400 BTC to one platform and transferring a total of about 2,200 BTC to new addresses, with a total value of about $145 million. These large-scale sales directly led to a sharp drop in market prices.
Third, the approval of ETFs has led to changes in the market’s liquidity transmission model. In the past, the entry path for incremental funds was generally “stable currency - BTC, ETH - altcoin”, but now incremental funds from traditional markets are more inclined to directly invest in BTC through ETFs, which also makes it impossible for funds to continue to be transmitted, resulting in a lack of liquidity in the altcoin market.
Secondly, the continuous massive unlocking of "VC tokens" has brought about continuous selling pressure, resulting in a "supply exceeds demand" market structure - if you look closely at the circulation changes of some altcoins, you will find that although the prices of some tokens continue to fall, the circulating market value continues to set new highs.
Let’s talk about Filecoin again. It has hit a new low in nearly half a year. Is it still possible to invest at this time?
FIL coin was one of the currencies that skyrocketed in the past. After the last round of bull market, FIL now has mixed reviews. Those who look at the ecology and technology in the long term are of course full of confidence, and the more it falls, the more they buy. Those who speculate on short-term contracts and lose money are naturally full of abuse, but it still does not affect the current average price of one coin of about 5 to 6u. The current drop to 4.1u is also a good opportunity. There should be no problem in the later correction to about 6u. After a period of deflation, the price will naturally rise again. At this price, whether holding long-term or short-term, you can get a considerable return.
In general, Filecoin is a currency that needs to be tested patiently. We can also see that there has been good news about the Filecoin ecosystem, which proves that the official has been actively building the ecosystem. All we need is time and patience. When the wind comes and the ecosystem has been settled for a few years, it will definitely take off. As long as it is not washed off, when it reaches its expected goals, it can release part of it in batches to the right people. Be patient in testing the currency. It depends on whether you can bear the loneliness.
