Altcoin crash shows that cryptos are still in the hand of speculators, there are few true investors. It means altcoin BULL will have similar intensity.
Steem's price against BTC is in free fall. It looks like speculators are leaving Steem in troves to follow BTC's bull run. BTC can go to moon, but it may not go to mars in this journey. When BTC momentum will fad, same traders will jump the ship of BTC with no love.
They may jump into altcoin ship that will trigger another temporary bubble in altcoins.
Crypto pro-traders are looking for asymmetric gains in this bubble and bust. However, it attract lots of noob traders at the very end of the bubble who will loose money due to lack of patience. How many noob traders have bought BTC between $15K-20K. Then how many of them converted them to Steem ($9) or Smartcash ($1.8) at peak.
Then their portfolio lost 99% of value. It made their mind insane and they sold out their BTC at $3200, Steem at 25 cents and will curse cryptos for life.
However, real goal of Steem is not to make traders rich or ragged. It's purpose is to build decentralized community and inspire huge amount of contents. Some of the contents will become gems and enrich people for eons.
However, asymmetric gain and loss make the mission, some may say interesting, some may say discouraging.
In case of true believers, they can keep buying in these low price to lower their dollar cost average. They should also sell some of the portfolio at near peak too.
However, this bubble and bust makes daily earners and dependent of Steem blockchain vulnerable. STINC splashed money during bubble and struggling during the bear run. On the other hand, due to either luck or smart decision, @block.one collect billions through EOS ICO and thumping their war chest and dashing little brother Steem.
Therefore, I should say similar to @videosteemit: How I Learned To Stop Worrying and Love The Price Drop
Peace
@dtrade
Cryptominer, trader and blogger since 2013
When the NASDAQ collapsed in 2001 it took almost a decade and a half to reach that peak, if you account for inflation even longer. The past couple of years it has been nothing but FANG this, robots that, deep learning, etc. the euphoria is back! So are some of the fools who lost their shirts.
Cryptocurrencies and Altcoins are even more speculative than pets.com was-at least tech companies can be highly profitable. Most of these tokens don't even have a profit mechanism and are only worth something because people buy them. I don't think the money is ever coming back to most Altcoins. Some of these scammers have moved onto the next scheme.
Follow the smart money
If anyone tells you that the crypto market is free from acute speculation and rampant manipulation, you ain't see nothing yet.