March 7, 20183min1703

Cryptomarket, the state of it and is it cooling?

Since the cryptomarket all-time high, which it reached on January 7th, followed a correction which was dropped the whole cryptomarket value for more than 65%. That is from 835mrd to 265mrd in just under a month. This correction, although very big and hard to handle. Is actually nothing new in the cryptomarket. It has experienced even bigger drops. With Bitcoin dropping for almost 80%  back in 2014 when Chinese first banned crypto. Yes, for the first time. It seems it has a love-hate relationship with it. But let’s leave this for another day.

 


 

Where is the cryptomarket at the moment?

Now it seems like we are in a kind of equilibrium, where cryptomarket is still finding its footing following the “crash” but hopefully it will find a new upward trend. This is very likely with the revolutionary technology behind it, which is hard to imagine that would ever disappear since it is open-sourced, on the internet and spread out on millions of different computers. But in words of a 007 ”Never, say never.” consequently everything is possible. 

 

If we move on to answering the question and we take for example the Ethereum. More precisely their wallet addresses. We’ll be looking the number of new addresses and draw some correlations between it and cryptomarket situation and answer the question in the process.

If we take a look at the picture taken from etherscan.io we can see that cryptomarket definitely lost some of the momentum, which is only logical effect of the massive 65% correction. Majority of the investors who entered the cryptomarket in December have a bitter taste for blockchain technologies since they must have lost money.

 

The numbers are supporting this statement since the number of new addresses came from all time high of +340.000, down to local low of +70.000. But since then the number is rising again. Yesterday, March 6th, +84.000 new wallet addresses have been created, which is definitely a good sign. 

 

 

Source: https://etherscan.io


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