Are Crypto Currencies Heading Towards A 90% Correction?
Warnings are in full swing for crypto currency enthusiasts as they predict that the crypto currency markets are heading towards a 90% correction and might be in for a mass-market wipe out. It is being believed that the crypto currencies are going to experience what is called a heavy correction of as much as 90 percent, in a mass market wide wipe out. The predictions and warnings were given out by GP Bullhound, a technology investment bank.
Moreover, it is also being said that there might be heavy panic amongst those people who got the crypto currencies at high prices. Things are not looking good for this volatile market that might be in for a big blow. However, not all is lost as Markowsky also said that once this phase is over, the growth dynamics might change and the growth, for the survivors, will be immense.
If the crypto currency market does wipe out, it would be suggestive of the fact that the crypto currencies could suffer a massive blow. The wipe out could affect the worth of these currencies to a great extent. According to the report by GP Bullhound called “Token Frenzy: The Fuel of The Blockchain”, the crypto currencies might be heading into a ‘winter’ phase but things might turn out to be better once this phase is over. Their report talks about the existing state of the currencies, the technology that they use and the initial coin offerings as well. They also talked about the future of the currencies.
One of the major predictions of the company is that the crypto currency market will experience as much as a 90 percent correction in the coming year and it is being predicted that very few companies will survive once the phase is over. However, those who do manage to survive will experience long term growth and high levels of growth.
As of now, there are as many as 1000 crypto currencies in the market and new ones are always being rolled out. So far, Bitcoin remains the largest crypto currency in terms of market capitalization.