Chronobank - It’s time to buy TIME!
Bitcoin just shuddered, alts took a tumble and ChronoBank is about to announce some major new updates. Its a good time to buy TIME.
Bitcoin has always had a reputation for turbulence, and the last week has certainly confirmed those times are not yet over. After coming off an all-time high of just under $3,000 in mid-June, the market had stabilised around the $2,600 mark. On July 10, though, we saw a classic bitcoin move: a crash of around $800 or 30% over the course of a week, wiping many billions off its market cap.
Alts followed suit and more. In recent months we have seen a huge influx of money into crypto, predominantly bitcoin and Ethereum, but many alts too as speculators looked for bargains compared to these two major coins. With thinner order books, the alts are more susceptible to speculative bubbles. Most of the larger alts have posted all-time highs in recent weeks, as the total crypto market cap pushed above $100 billion.
Bitcoin’s sell-off was likely prompted by concerns about SegWit and the risk of a chain split, which could have been devastating to the virtual currency. Markets donÆt exactly react to news in the way that people often claim they do. Rather, news tends to give the market an excuse to go the direction it wants to anyway. Bitcoin and the alts were clearly overbought; this latest news was simply a catalyst. The results were brutal.
Bitcoin didn’t suffer too badly, all things considered. A 30% loss is significant and many traders would have been badly burned, but most alts posted far greater falls. Many crashed to just 20% of their recent highs. Traders reacted to the bloodbath, and naturally they quickly became as oversold as they had been overbought.
Over the last couple of days we have seen a sharp but reasonably healthy recovery. Bitcoin has climbed back above $2,000 and is currently sitting between $2,700 and $2,800. Alts have made gains on top of bitcoin. Nothing has approached the highs of the recent bubble again.
It’s always worth noting that these massive market swings are caused not by fundamentals, which are generally known well in advance, but by sentiment. The picture for most alts hasn’t appreciably changed over the last couple of weeks. This is why smart traders keep money, bitcoin or USD, in reserve for such occasions. These crashes are buying opportunities, and experienced traders can pick up coins that soon prove to have been extremely under-priced.
TIME is a good example of this. The token had established a level of around $20, where (with some fluctuation) it had broadly sat for many weeks. Nothing had fundamentally changed for ChronoBank when the bitcoin correction hit but, like other alts, TIME posted heavy losses. It is still well below the price it has averaged over the medium-term, always a good indicator of whether something is over- or under-priced.
Not only that, but ChronoBank will shortly be releasing some major new updates, strengthening the tokens fundamental position and cementing its value proposition. It should soon start to become clear to the wider market that TIME is a strong project with real-world application and revenues.
Markets are always driven by sentiment. There are investors who make a living picking assets that are trading lower than they ought to be in the short term, either selling them when they recover or keeping them as a long-term investment. This does not constitute trading advice, and you should do your own research, but we’re pretty sure that TIME is one of those assets right now.
TIME is trading on the following exchanges: https://coinmarketcap.com/assets/chronobank/#markets
It is also available via Changelly service: https://changelly.com/