Very few cryptocurrencies out of Top 100 Coin Market Cap list were in green on Tuesday morning. The carnage was as brutal as the Rwanda massacre some 27 years ago.
Many analysts are of the view that it was evident the month of July was going to be a crucial one. They assert this as a result of the caustic ongoing Bitcoin network scaling battle.
As we get closer to August 1, the crisis has worsened, with three main battling fronts. We now have SegWit, SegWit2x and Bitmain's UAHF.
Most of the industry experts acknowledge that this is a difficult moment in the history of cryptocurrencies, but despite the ongoing crypto massacre, the central theme is that investors should hold on. Some even say that now it is the best time to buy.
Murray Barnetson, an ICO consultant, agreed it is a rough road that could still get worse if a real panic set in but holding is the best option.
Another expert, Edward Cunningham, of Bitcoin Powpow, maintains:
"We have all known that July was going to be a bumpy month due to the BTC possible split drama which only adds to the ICO's dumping for liquidity - let's hope beginning August the trend changes and heads North. In the meantime, hold as best you can."
Priyabrata Dash, another ICO expert, has similar sentiments which are that the scaling bruhaha explains the overall downward trend of all major cryptos. However, he argues August may be positive.
Samuel Dwomfour, president of Ghana Blockchain Institute, thinks it is a better opportunity for those who have not been able to buy to lay their hands on some. "I'm not perturbed at all. This is the time for all those who thought they have missed the boat to get on board," he states.
“Now is probably the best time to contact friends and family who are interested in buying Bitcoin,” Markus of Bitcoin Powpow suggests.
Major cryptos standings
Meanwhile, the bloodbath continues unabated. At the time of going to press, the market leader Bitcoin was sprawling on the floor with an 8.82 percent fall, which is even the least on the top closing its price at $2,297.
IOTA is at the receiving end more than any other crypto on top 10. It sank a magnificent 27.63 percent. It was followed by Ripple which threw away 22.82.
Ether's woes are not yet coming to an end either. The Smart Contract King caused its holders a deficit of 20.70 percent.
NEM and Ethereum Classic are down 23.76 and 18.41 percentage points respectively. After Bitcoin, Litecoin recorded least slumped rate of 11.36 percent.
Indeed, all is not well! But we are optimistic things will be better after the unnecessary scaling war is over.
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