Has the Crypto Market Collapse Halted?
For the past few weeks, the cryptocurrency market has taken an absolute nosedive. Increased SEC regulatory activity combined with the Bitcoin Cash hardfork, and the Bitcoin ETF decision delay all seem to have contributed to the sudden drop. However, it is possible that the very worst is over for this recent market collapse.
Although it lost roughly 50% of its value in the past month, Bitcoin prices seem to be levelling off at around $3,200. Many of the other top cryptocurrencies are seeing their prices level off too in the past few days or so. This is encouraging. Hopefully it means that the worst is over for this current market slide.
Positive Market News
Despite the fact that most of the cryptocurrencies has declined in price dramatically in the past few weeks, there is still some positive market news. For example, Coinbase has added four new cryptocurrencies to its platform for trading. These cryptocurrencies are Civic (CVC), DistrictOx (DNT), Loom Network (LOOM), and Decentraland (MANA). Coinbase is also exploring support for XRP. So, Ripple could soon be added to Coinbase as well.
MANA and Decentraland Explained
If you have never heard of Decentraland, it is a virtual world in which people use a real cryptocurrency to buy assets such as plots of land. MANA is the cryptocurrency that Decentraland uses as a means of exchange on the virtual world. Decentraland is sort of like “The Oasis” from the movie Ready Player One. It is a virtual place where people can hang out, conduct activities, make trades, etc.
Despite the fact that Decentraland only sells virtual real estate, some of this real estate has become incredibly valuable. In fact, one plot of land even sold for roughly $150,000 (2,000,000 MANA). Decentraland is becoming increasingly popular. So, it is very interesting that Coinbase has decided to support MANA. Coinbase’ decision could help to increase the popularity of Decentraland and the value of the MANA coin. This is because a whole new audience of traders will now be exposed to MANA and to Decentraland.
It is uncertain whether or not Coinbase’ addition of MANA support will help to lift the market out of this slump. However, it certainly seems like a positive development for the overall market. Unfortunately for people who are heavily invested in cryptocurrencies, it looks like many more of these positive developments will be needed to turn the market around.
