Fortune Favours the Brave - Crypto-Blood Everywhere!! Except maybe Ripple
Bitcoin has been on a 5-day slump, and seems to have had another massive correction (or sell-off) in the past 24 hours. Many of the other alt-coins are being dragged along as well, with the exception of Ripple, and a few other minor players on the market. Bitcoin has not had this many consecutive negative days in a long while. Those who are heavily invested into Ripple are smiling right now as it is one of very few which are holding their value, and not being dragged down by BTC.
Here is a screen-grab from cryptocompare.com a short while ago.
Down 17% in 24 hours and still falling, dropping below $14K. I bet the "Bitcoin is a bubble" folk are wringing their hands in glee, and the will be a lot of panic selling going on. The faithful will see this as a correction before another run.
They say fortune favors the brave, and those who believe in Bitcoin, and indeed the other alts which have been dragged down by the current downturn, will stick it out to the end whichever way it goes. Some will cash out their initial investments, and some will bail out completely, satisfied with whatever gains they have made. The ones who win big are always the ones who weather the storms, or know when the time is right to call it quits before the storm hits. IF and when Bitcoin climbs back up, those that stuck it out will be the ones smiling.
I'm not heavily invested, so can afford to lose everything I have put in. I'll be in it to see how far down (or hopefully up) it goes, but today I'l be closing my trading tab and wait to see what tomorrow brings. Is this just a passing storm, or is this the beginning of where BTC starts to get caught up by the other cryptos, and becomes just another crypto?
Good luck to all of you, whatever you decide to do with your crypto investments!!
Are you trying to get a new tag off the ground mate? I hope that it DOESN'T stick. LOL!
I am not rubbing my hands with glee but this correction was due. Consider me one of the faithful who will be waiting for the buying opportunity at the end of this blood-letting. But no way in hell will I be buying BTC.
HAHA!! I hope it doesn't stick too... Just made it up as I went!
There had to be some give somewhere along the steep slope. I think BTC days of being boss are numbered, and it'll be the other coins with real-life applications and services which will come to the fore... But what do I know..I'm still very much a student of all this.
We all are mate. But you are speaking common sense there and I totally agree!
I am in exactly the same boat... I've actually made 3 purchases through Coinbase only to have all 3 BTC, LTC and ETH fall further still since... and I've done exactly the same... closed all the tabs and I'm just not looking at anything. If I lose everything, it's not the best, but it's totally not a big deal.
I actually came into the crypto market when segwit2x was cancelled and the market was every similar to how it is now... BCH and BTC acting all unusually and everyone freakin' out... so I'll assume it'll have a similar result and will just hold tight.
I think you're right in your other comment... I think eventually BTC will be about 25% of the market... I kinda look at it as AOL... but I'm still sure the price will rise from where it is... it is the most famous limited coin after all.
I think you've done well with LTC and ETH, and who knows... BTC may bounce straight back up again, but there's no telling how long.
BTC will always have a good share of the market, but it won't be as far above the other coins in terms of value. I recon the gap is going to close fairly rapidly as the others rise, and BTC may move down slowly to meet them. That could still be years away though. I may also be completely wrong.
Hahaha, we all might be right, or completely wrong, or kinda right.
I couldn't believe it this morning then the crypto pages are just full of double-figures red negatives, even Ripple is down. The whole market cap is down $150Bish from pre-BCH/GDAX... which I kind of expected given going into Christmas... I'm sure most traders would have taken their money out completely and taken a couple of weeks off regardless of how well the market is doing.
I'm not stressed in the slightest.. the actual value of our coins hasn't changed, just the fiat pairing... and who'll care about that in the next few decades?
Sadly I was looking at the LTC sell resistance at 285 and bought some at that point, but looks like LTC and the rest of the top 20 (except Ripple) are just blowing past that and dropping. Good thing I still have some fiat left to try to see where this stabilizes before getting in.
Be patient my friends and wait for the good times to come around :)
Better days will come. I do think the storm will blow over, especially with the alts.
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