It is not a fun day for cryptocurrency holders, and the worst may not even be in the past either. It is evident there are a lot of major losses across the board, with some currencies even noting 21% drops in USD value. For Tezos, things are not looking great by any means, although most holders are seemingly unperturbed by this recent development.
Tezos Price Onslaught Gets Ugly
When Bitcoin loses hundreds of dollars in value, altcoins will follow suit. Considering how very few of them even have a value of $100 per coin or more, their losses will add up percentage-wise. Tezos is an interesting example, as the current lost 21% in USD value and 11.6% in BTC value over the past 24 hours. That is not a pretty sight by any means, but there isn’t any real improvement in sight either.
Tezos is one of the few currencies to effectively lose over 20% in USD value. It will not be the last one to do so in the coming hours, though, unless Bitcoin goes through a miraculous recovery process in quick succession. The year 208 will not end on a high for Tezos price watchers, but it seems doubtful anyone expected something different.
Tezos holders are not too concerned about this current dip. Or that is how it would seem when looking at the various Twitter users. Dat Nguyen is more impressed with Tezos being a platinum sponsor of POPL 2019. While that is commendable, there will not necessarily be any positive talk about this project right now, as the price always dominates discussions.
— Dat Nguyen (@DatNguy14944798) November 19, 2018
A somewhat similar sentiment is echoed by Tezos CryptoDelegate. Although that Twitter name indicates Tezos is a key project, he is more worried about ERC20 projects with no use cases. There is also the recent regulatory scrutiny regarding ICO tokens to take into account. It is evident the cryptocurrency is under fire from all angles right now.
I'm not worried about #XTZ. #Tezos is already new innovative tech with a bright future. I worry about ERC20 projects that are either vaporware or a placeholder for some high tech coin that may never actually launch.
— Tezos~CryptoDelegate 👨🍳ꜩ🍞 (@CryptoDelegate) November 19, 2018
Last but not least, Gran Cube has a bright vision for Tezos in the price department. According to this year, 2019 will be the year for Tezos in many different ways, although it seems unlikely anything major is happening at that time. Even so, the recent Bitcoin Cash hash war shows how fragile cryptocurrencies really are, and how easily things can be disrupted.
Tezos whirlwind is rolling next year. No need for fork or mining Tezos changes the world. Please choose Tezos as the base currency. Hash War is a stupid event. #XTZ #Tezos #BITCOIN #ETH #XRP #blockchain #Avalanche #coincheck #ETF #binance $ADK #coinbase #baking #token #crypto
— 𝗚𝗿𝗮𝗻 𝗖𝘂𝗯𝗲 (@GranCube) November 18, 2018
As is always the case, a lot of currencies will not recover until Bitcoin shows some promising momentum. Although some people will gladly state otherwise, XTZ needs Bitcoin to drag it up in value. Right now, that is not going to happen anytime soon, although the week is still young. No miracles need to be expected, though.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.