Since its inception almost a decade ago, the number one crypto asset, Bitcoin, and the entire crypto sphere it produced has always faced streams of doomsayers who claim the virtual asset industry is dead or headed for obsolescence.
Throughout media outlets, continual publications appear to indicate how the cryptocurrency boom is over. Yesterday, a renowned crypto analyst, Kevin Pham, who is also known by his pseudo-Twitter name @_Kevin_Pham, joined the naysayer’s bandwagon to claim the death of cryptocurrency.
Using his Twitter page, crypto analyst, Kevin Pham published a tweet that dated 8th October 2019 saying:
“Crypto” is officially dead. I’m calling it. Screenshot this.
Without giving any further explanations to back his claims, Pham maintains the world is experiencing the last days of the crypto market.
At present, various crypto news outlets that track the progress of virtual currencies claim the crypto landscape is inching closer to its death bed as more than 1,000 crypto assets have been pronounced dead to date.
For instance, Bitcoin has reportedly died more than 300 times since its inception despite its previous peaking achievements. Since hitting the glorious 20,000 US dollars market price in 2017, Bitcoin’s current price dip appears to be wiping out all its virtual fortunes.
Currently, what the market is experiencing in regards to Bitcoin and the crypto market is a little bit of price increment, a little bit of price dip. Following the recent market trend, the market is flooded with crypto-gloom news that is designed to paint the once-promising and budding industry in a bad light.
The question in so many people’s minds is whether cryptocurrency is headed for the grave along with Beanie Babies and other speculative vestiges of mania.
According to our desk, the current crypto slowdown should not be interpreted as the deathbed of the crypto industry. The world is still witnessing the initial stages of this remarkable technology wave that is yet to touch the spectrum of possibilities.
Oh wow, another ‘hot take’ from Kevin. He is so interesting and smart. pic.twitter.com/quWrB5qW4M
— Phillip Seymour ₿itcoin🐂⚡️🔑 (@BitcoinPhillip) October 8, 2019
According to our analysis, the crypto analyst is misinformed to claim crypto is officially dead. We believe cryptocurrency and Bitcoin are technologies that will not fade any time soon despite the narrow opinions that are fashioned to disregard the best parts about virtual assets.
Today, Bitcoin is the leading crypto asset in the world and has more than a decade’s worth of experience in the market has survived worse periods such as the Silk Road fiasco, the Mt. Gox compromise, and widespread negative market speculations. Ten years after its introduction to the world, Bitcoin is worth four figures despite its current poor market performance thanks to its volatility nature.
At present, Bitcoin and many crypto assets in the market are at the dreaded death cross. The dreaded death cross is the term that is used when a crypto asset’s short-term moving average moves below its long-term moving average. When noted on the charts of a crypto asset or fiat currency, the dreaded death cross indicates the extension of a downward trend on the footpath of an asset.
On careful observation and to the disappointment of many crypto followers, the total crypto market capitalization is showing signs of inching closer to completing the dreaded death cross. If things continue as they are, the market could be returning to its harsh crypto winter season that is sure to damage the crypto industry.
Death Cross Does Not Mean Crypto is Dead
According to the United States calendar, every 2nd February is a celebration day known as Groundhog Day. As the tale goes, if the Punxsutawney Phil groundhog manages to see its shadow, then the county is in for an extended winter period.
A similar superstition suggests that an extended winter period might be on the offing across the crypto market if the death cross is witnessed in the industry. However, the dreaded event should not be translated to mean that the crypto industry is on its death bed or is dying.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.