Welp!
I haven't had time to follow the market gyrations the past few weeks but it's safe to say that we've been heading in one direction and one direction only. Ned's announcement today also adds a little to the fear and panic surrounding all things crypto.
Looking at Steem prices, they're about the level we were when i first joined Steemit back in April 2017. So ignoring the wild market fluctuation this past year, nothing much has changed, really. But that's impossible to do, of course. If Steem prices were back to their peak levels, our accounts would be worth around 26x more than they are worth now.
Maybe, maybe...
Will we ever get to the all time highs again? The problem with the market is that there is no sustained buying as prices go higher. Instead, it looks like peoples orders are getting filled as the market dips or shorts taking profit, which provides some relief for a while before the next sell wave hits.
Just going to keep my crypto for now. Not exchanging it to fiat but not adding any positions either. Just like the Nasdaq in 2000, this is probably going to take 5-6 years to settle. A lot of projects are going to fall by the wayside soon, leaving only the strong ones to ride the next wave. Hopefully, Steem will be one of them.
Agreed. Crypto markets develop faster than traditional stock markets so I think it won't take that long. However, I believe we won't see a sustained move upwards at least until the end of 2019. If you hold any crypto now is the worst time to sell. If you can just sit this one out. Better times will come eventually!
Yeah, no point selling now at these terrible prices. The biggest risk i see is some of the smaller coins going cold and disappearing.
I think this bear market did a lot to weed out some poorly performing small caps. Probably this is what we needed because over the last year so much crap accumulated in the whole crypto space.
Indeed. There's too much money wasted on crappy projects.