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Business & Economy

Cryptocurrency Market Downturn Will Take Out Lesser Coins

Tuesday, August 21, 2018, By Daryl Lovell
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Bitcoin and other major cryptocurrency prices have plummeted in the last few days, making it a tough week for the crypto market.

is an associate professor in the School of Information Studies at 黑料不打烊 who has taught several courses on blockchain management.

McKnight says:

鈥淚t is not just the Turkish Lira that has taken a bath of late; many crypto-coins are down almost 50 percent over the past seven days.

鈥淏itcoin remains the leader of the cyber-pack with a current聽market cap of聽just over $100 billion today; while many lesser coins have lost much more of their ‘value.’

鈥淪till, 58 coins have a market cap of over $100聽million. Are these relatively liquid coins worth investors – excuse me, speculators – taking a chance and piling in at this time? Should we buy cryptocoins at 50 percent off?聽Hard to say.

鈥淲hile many lesser emerging market currencies have also been hammered by the downturn in the Turkish Lira, the downturn in cryptocurrency markets in 2018 will聽take聽out some of聽the lesser coins. These include many聽scams/bad ideas, and likely, some new, innovative coins struggling for their place in the market, who would,聽could or should have gone to market in 2016.

鈥淚 expect most聽of the 1833 will only live on聽immutably beyond 2018 on the 鈥榃ay Back Machine of the聽Internet鈥 archive before long, as the reality of the brain-dead easy (for geeks, students, and scammers) creation of a new coin becomes better understood.

鈥淏ut that is normal in a time when new technology and markets are emerging.

鈥淚 also am confident that by 2019, it will begin to be obvious to many of the currency speculators that they have been focusing their time, money, and speculation in the wrong direction. Real, sustainable blockchained聽market value can be, and is being created in part with the use of blockchain technologies for decentralized trusted data management.鈥

 

To request interviews or get more information:

Daryl Lovell
Media Relations Manager
Division of Communications and Marketing

T聽315.443.1184 聽聽M听315.380.0206
dalovell@syr.edu |

820 Comstock Avenue, Suite 308, 黑料不打烊, NY 13244
news.syr.edu |

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