A Positive Vibe in The Cryptocurrency Markets at Last! A Lot Still Needs to Happen & Projects Like Steem Deserve More Investment!

After a scary spell of almost two months, it was pleasing experience to look at the cryptocurrency markets and see some nice rebound. The crash after the December-January bull run has been slowly extending itself so far, resulting in most coins reaching, or going down towards, the values of November. Experts feel, and I agree, that there still is a lot of flushing to be done regarding overvalued coins with nothing, technology or real world use case,  strong enough to justify their current prices. 

Image Source: Canva.com (designed by me) 

Cryptocurrencies backed by good projects, however, are rebounding. Many have shown double digit gains in the last 24 hours or so. The market cap reached $275 billion before quickly rebounding to around $330 billion and it is showing stability at this point. Interestingly, the market cap was at the same level that it was at the end of November before rebounding. What it can mean that the correction may be over already. However, there is still a lot of adjustment needed in the market which essentially requires movement of investment from crappy projects and scammy p&d coins to the coins with good tech behind them. 

A screenshot showing the last time we had $275 billion market cap.

The current gains are not as fascinating as yesterday but a great feeling to see so much green nonetheless.

In the longer run, it will matter where the investment goes inside the vast and ever growing  blockchain space. Most of the coins listed in the Coin Market Cap website are just ERC20 tokens or tokens based on other blockchains. While many of these coins have good teams and technology behind them, most are created to make money and get piece of the crypto pie. They do not serve any considerable purpose. Many are outright scams!

For example, the biggest gainers of the day or week are almost always some unknown coins being pumped.

And then dumped.

I see a problem in the way Coin Market Cap website works though. It is awesome. Don't get me wrong. I love the website and visit it quite often. I has to do what I see as a problem because it has to track all the coins and the investment coming in. But listing all the xyz coins is a problem. Many of the coins listed on the Coin Market Cap outside Top 100 (not necessarily) do not deserve to be listed. But the explosive growth of crypto markets has seen a lot of opportunists create worthless coins and make some money. I think the listing on Coin Market Cap should be strict and there should be regular delisting as well to keep the space clean.

I have a suggestion for anyone who is reading. Build a website which lists only the legit coins in such a way that the market cap, price and volume etc. are not the only metrics to determine the ranking of coins. List only 100 coins on that website and do that based on a unique scoring system which may include points for liquidity, real world use, technological superiority, previous reputation of team members, achievement of roadmap milestones etc. I don't think Bitcoin will be the top coin in  such a listing system and I don't think Steem will be below top 20 like it is on the CMC website.

I find Blocktivity.info to be a great resource in the blockchain space. It tracks blockchains based on their performance and to no one's surprise, Steem is top of the list there. I covered a detailed analysis of Steem as an investment opportunity and it included reasons why Steem's current price and market cap is massively low as compared to the value it delivers.

The rebound is nice to see but the HODLers from December and January are still waiting for the prices to reach where they bought in and cross that point so that they can be comfortable about their portfolio. Not selling in January was a big mistake for me personally but not selling at loss in the worst crash I have seen in my ten months in this space is something I can be proud of. After zeroing all my investment in 2017, thus earning myself title of the worst crypto trader of 2017, I have held on to whatever I have and even if I sold something, I did at profit or bought back more at lower price. I think the lessons I learned by losing money have taught me a lot. As @lukestokes rightly said:-

You can't teach experience. 

In last few days, I have bought some coins at seemingly good positions. It was a time to get greedy because the discounts were too tempting. Having bought near the lowest prices has put me in a good position to cash out some money in the next big bull run and fulfill my 2018 goals needing financial support.

I am expecting a good run soon. Good altcoin projects like Steem and EOS etc will receive great investment soon I hope. There is a lot be positive about after a depressing period. It would be interesting to know what you have been doing in the crypto space lately. 

• How is your portfolio going? 
• What do you think about the current market situation?
• If you are hopeful, why?
• Is cryptocurrency market still a newer market in your opinion?

Share your thoughts in the comments below. Steem on!