Bloody Sunday in The Markets

Should it be a point of concern that almost all the coins in the top thirty on Coinmarketcap.com shed nothing less than 10% of their values? I am aware that Bitcoin sets the pulse of the market. If Bitcoin sneezes, every coin catches a cold, but just by looking at these charts, you will not be very wrong to say that Bitcoin's sneeze did not give all other assets a cold, it gave them pneumonia instead!

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Even the much-vaunted EOS that was expected to post a significant upward progression after its launch yesterday, shed almost 14%.

Scary times. I have a recurring nightmare of waking up one day to find that the market tanked more than 80% the previous day, thus confirming that it was all a bubble and wasn't ever real.

To quit being paranoid or not, please tell me what is happening!

To me, I don't see so much of an over-reaction from bitcoin, but just marching in step. The shapes of the other coins' history is incredibly similar to that of bitcoin. My guess is that when coins are posted for trade, they are set at a price in bitcoin, so have no choice but to mirror its activity. Sure they're 1–3% more reactive, but that is likely just due to lower trade volumes.

As for it all being a bubble, that argument will be with us for a long time yet. As a snapshot of the cryptocurrency's functional value in the market place compared to its price, sure, it looks like a bubble to me. But as a foot in the door for a future where the world operates on cryptocurrency, it's a bargain with huge potential. So it all depends on future functionality.

It is a bit like how when a large area of land is bought up by a mining company with the permits to mine, real estate developers come in and build whole estates of housing and sell the houses for twice the price that houses in that area recently went for. And they sell quickly with everyone saying its just a bubble. Then the mine opens, miners move in, and a town grows where nothing used to be. All of a sudden those 'bubble' properties have doubled their value again as people need accommodation for its functional value. But if the mine does not go ahead, then those very same houses were an investment bubble.

So yes, they are scary times, and if you're heavily invested, you've got reason to wake up concerned. Much of blockchain technology is not up to the job of daily use by the whole of the world's population. A lot of problems need to be solved yet. And the chances that the coins and tokens already in existence will solve them before a new one comes along are low. So worry. But the chances that someone like you, who is active in the community and has their ear to the ground will miss out, are also low. So enjoy the ride.