After a rough couple of days on the cryptocurrency market, it seems that most coins have begun rebounding today.
Early Thursday, news broke that India was planning to ban cryptocurrencies. As usual, the media altered what the Finance Minister actually said and scared a group of cryptocurrency investors. Arun Jaitley made a statement saying that India “will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.” In no way was he saying that all cryptocurrencies were being banned but people read the misinterpreted media reports without doing any research of their own and panic sold, again.
Will the large panic selloffs end anytime soon? Probably not. With a new influx of unexperienced cryptocurrency investors, these things are inevitable. This is the new “wild west”, after all.
If you are one of the individuals who have panic sold recently, please do your research. There will be regulations that are implemented, as governments continue scrambling to keep up with cryptocurrencies and Initial Coin Offerings (ICOs). However, things can be easily misinterpreted and spun differently in the media. So, please listen to the actual interviews of the top executives making these announcements and come to your own conclusion on its potential effect on the market. If your only intention is to make quick money because you’ve read stories of others becoming millionaires within months, you have to have much thicker skin than most. A little correction on the market is to be expected.
With all that said, the market is recovering and putting most at ease. These are the top aLTCoins making a rebound today.
Source: CoinMarketCap
There isn’t immediate news for each of these coins, as to why they have quickly rebounded. It may just be that the enthusiasts behind these coins have “bought the dip” and added more to their current portfolio. Currently, ADA is leading the top 10 with the most gains in 24 hours. It is selling at $0.43 a coin, up 20.53%.