Nano (Nano) may have fallen by a huge margin in the last 24 hours, but that should not trigger you to sell. If anything, you should be looking to buy more. We all know that the altcoin market has in the recent past moved, in tandem with the price of bitcoin.
In essence, anytime bitcoin falls the value of the altcoins market falls too. Nano (Nano) is no exception to these price moves. This then leads to the question, why is the market falling, are the crypto market fundamentals getting weaker? The answer is NO! There are bigger emerging issues that explain this fall.
Well, for a start, there is the fact that in the recent past, countries have been passing crazy laws aiming to regulate the crypto market. The latest was an announcement by the U.S that cryptocurrencies would now be subject to the same rules as other securities, such as stocks and commodities. This means that cryptos are now subject to taxes that were hitherto unheard of in this market. As a result, the market sentiment has turned bearish, as investors try to figure out the impact that these developments might have on the market.
Then there is the emerging story that authorities have found the people who hacked MtGox and confiscated their bitcoins. The story is that the U.S authorities confiscated the private keys of these bitcoins and is disposing them at a throw away price. That’s over $1 billion worth of bitcoin entering the market all at once. If this is true, then the whole collapse makes sense. This is even worse for Nano (Nano) since it was stolen some months ago. This means investors have lower levels of confidence in it, relative to other coins in the crypto market.
So what bearing do these news have on the value of Nano? Well, the issue of regulations will have one major impact, and that’s weeding out ‘shitcoins’ from the market, and Nano is definitely not one of them. This coin has some of the fastest speeds for any crypto, has very low transaction speeds, and is among the most scalable. This makes it relatively undervalued at its current price levels. You can expect its price to surge significantly in coming months, as investors move to take advantage of its current low prices.
On the issue of MtGox bitcoins flooding the market, this is a temporary issue and the market will ultimately rebound. Since the altcoin market has shown a historical pattern of following bitcoin, you can expect the value of a fundamentally strong coin like Nano to rally once the price of bitcoin starts showing signs of a bullish reversal. In essence, anyone who gets into the market right now is guaranteed to gain a big deal as the value of Nano grows. In fact, Nano (Nano) has the potential to hit its peak time highs of over $30 once the market rebounds.