Here is a slight update on my overview of the market and where we are headed next. I could see finially that the market is maturing and each coin is establishing its way (as they always did) before the correction. First, I firmly believe that the current correction was influenced by Ripple after the coin corrected more than 70% in only a few days!
So what is really happening now? I have been tracking the market closely the past few days and releazied that each coin are currently trading without the influence of any. For example, if BTC is down 2% then ETH is still trading in the green side etc.
Also, as you can see, Ripple is down almost 7% now where other major coins are not correcting much - which is great!
Please feel free to share your thoughts in the comment section down and feel free to ask any question.
It's good to look for cross-correlations, but I don't see evidence of XRP playing a leadership role here, which I think is what you are saying. These coins just peak at different times and during the correction phase they have all been showing strong positive correlation.
bedarija
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no, just no. ripple had no impact on entire market. on 17th of January first ever BTC futures was settled and that is the reason why BTC fell and RPM followed him and not the other way around
bedarija
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@bedarija, i mean jezus you even said it yourself. first time ripple fell nothing happened to the other markets cuz it has no impact, and than when all coin fell for you logical conclusion is that now all of a sudden was ripple doing even though before it didn't do anything?
Nooooopenope
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@bedarija, Getting 39 likes on a post pretending all coins follow XRP, when they just follow BTC.
Interesting.
It is easy to understand.
It's all about market sentiment.
Ripple market cap was the second high when having its major correction.
A lot of institutional investors such as Hedge fund saw Ripple which had the second largest market cap was being dumped. To minimise their risk, they reduced their investment accordingly (i.e. sell XRP,ETH,LTC,BTC.... ).
This is a ripple effect catalyzing the major correction of the whole crypto market.
stuff
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Why would XRP have led this? Since November last year many (if not all) coins made irrational rallies upwards. BTC, Dash, LTC, XRM, etc: all saw unprecedented heights. XRP and stellar lumens followed a bit later (during which many coins already started their profit taking phase, such as BTC and LTC) and ETH was among the last to finish its rally. But the craze played out on all fronts. Looking at your chart one could argue that it is actually ETH that triggered the market-wide sell-off. But I think this was a market wide bubble pattern: displacement > boom > euphoria > profit taking > panic. There was some offset in the euphoria and profit taking between coins, with ETH being among the last, but it was when profit taking started to saturate the market all over that panic struck and landed us where we are now.