Bitcoin sheds over 10K in 3 hours
And here we go again! Bitcoin, always famous for collapsing the entire cryptocurrency market in one fell swoop has done it again. Over a 20% loss, 1/5th of Bitcoins price dropped inside of just a few hours last night. Tack onto that yesterdays 5% from Open and in the last 2 days there was a Peak Drop of 25%. This makes a near 40% drop from the ATH at $69,000.
To make matters worse, not a single token inside of the T-100 is in the green today. The minimum lost was 7% in the last 24 hours from LEO. These numbers are changing all the time and that is why we will now move into talking about the BUYBACK.
Let’s take SOL for example. SOL had a peak drop so far today of 20.15% or $42.65. SOL, as of this writing, has already pushed 21.33% or $36.05 from the Low. These leaves SOL only down around 3% and actually on pace to break even or go positive later today. Seems crazy, right?
The nature of everything dumping just because Bitcoin dumps is a frustrating part of trading cryptocurrencies. What does one have to do with the other? Well, the short answer is nothing at all. The long answer is everything. Regardless of what the answer is, it has never stopped it from happening. And this is where Opportunity comes from.
These are called sympathy plays. Essentially, something else dumps because it is somewhat related to the main dump factor but in all reality, there is no reason for the asset to dump. What did SOL do to deserve a 20% dump? Did something happen on the network? Was there a breach in the protocol? Did a developer mess some code up? The answer is NO across the board. But Bitcoin Dumped – so it took SOL and the other 10K crypto coins along with it. Because SOL had no reason to dump, the ability for SOL to erase the loss can be quite easy. When trader and investors let the dust settle, realize it had nothing to do with SOL, they start to buy the asset because now they feel it is undervalued. This requires an intelligent community and traders and investors that are committed to a coin. Some coins will find it much harder to recover as quickly, if ever.
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