Color Challenge "Monday Red:" Crypto Markets in Free Fall
OK, so this is a somewhat tongue-in-cheek look at today's top-10 cryptocurrencies according to Coinmarketcap. Sorry @kalemandra, I know this is really a photography challenge, but it seemed strangely appropriate to do this...
There is a lot of double-digit red ink pretty much everywhere. You can disregard the green spot of Tether because it's basically a US Dollar index, and has no direction of its own.
I guess we can pretty much forget about our investments (for those who have such) providing any kind of "Christmas Bonus" this year... looks more like we're all going to get the proverbial "lump of coal" instead.
I'm not an investment expert OR a crypto expert, but the market action of the last 10 days or so looks a lot like the kind of complete loss of confidence that accompanied the "dot.com" market crash in the stock markets in 2000-2002.
As things "fell apart," pundits kept insisting that "it CAN'T go any lower," there would be "mini spikes," and then it would keep going lower. In fact, the markets for ANY-thing associated with Internet technology kept trending lower for 2 1/2 years!
The interesting thing then — as appears to be the case now — was that it did not MATTER whether you had QUALITY or CRAP.
You could be holding baskets of gold coins, and the valuation of your project would still get "a stiff haircut."
Makes me wonder whether we're looking at that pivotal "Everything crypto is CRAP!" stage where everyone goes "Sell, Sell, SELL!!!!" no matter what they own...
Good Monday morning, everyone! How is YOUR week starting off?
What do YOU think? Do you think the last 10-14 days represent a psychological point "no confidence?" Or do we have a lot further to go, still? Are we going to see "$1000 Bitcoin," as some skeptics have hinted at? Will we go back to "7-cent Steem?" (I was here for that!) before things get better? Is this an "elevator" to a much DEEPER basement? Leave a comment-- share your experiences-- be part of the conversation!
(All text and images by the author, unless otherwise credited. This is ORIGINAL content, created expressly for Steemit)
Created: 181119 08:57 PDT
I tend to agree, I don't think it will take 2.5 years, but to be clear, I see nothing impressive in crypto right now.
The players have gotten too used to speculation and not providing value, they are spoiled and entitled when it comes to providing value, leadership and anything that says... "put your hard earned money here"
Now that making money out of thin air is slowing down, the markets are going to have to get real about value and sound business.
I am hopeful we are going to enter the "next phase" of the crypto lifecycle... where true value investors come in and start buying the projects that have true functional real-world potential, with an eye towards long term gains, rather than trying to *"make money for a Lambo" in 30 days.
Quick, use this, before the tag police arrive:
BTW I'm not exactly standing by with a green photo, if you know what I mean.
Thank you! I feel much safer now!
Yeah, I think we have to wait a while before the green photos become color of the day...
I’m hoping a number of cryptocurrency do not make it out of this “depression” alive. We frankly don’t need more of the same old same old out there. As we have seen time again and again it is quite easy to just create a clone and suddenly get money and support from everyone hoping to be in on the next big thing.
Then again this is also the cryptocurrency market. Tomorrow everything could be up 3 times over and it was an amazing year lol.
The total cryptocurrency market is not that big once you put it into perceptive. There are people who are worth more than bitcoin. Not that many are publicly known but still.
I think we should not get a xmas bonus till the biggest issue is solved and that is mass adoption. Many payment processing companies don’t want go near cryptocurrency. The day you can go into a Walmart and pay with just BTC/ETH/LTC/Steem and not using a middleman to convert it into something else first would be the sign.
I don’t have the answers. But I think the buy low targets for me are coming up soon.
Yeah... it's been a rough one. I traded a small amount of BTC for STEEM some months ago... because SURELY "it CAN'T go any lower," I thought!
Well... I would have got 1, 000+ Steem if I'd traded it in today instead of the ~300 or so I got back then. :-(
But yeah... No Regrets! I had no intention of getting rid of my STEEM/SP when I traded the BTC, and while it may go lower still (if it hits 5c at Xmas, I'm buying a lot more :P), I have no doubt that it's going to be worth a helluva lot more in 2-3 years... and if nothing else, the extra SP helped me become SO MUCH more active... so there's THAT silver lining ;-)
wooeee, things are still going down and i have a feeling it will only continue! if we are in for .07 steem, perhaps i have a chance to get quite a bit of stake :) the way i see it, even if we are going through a temporary blood bath, it wont be permanent.
At least maybe certain people on Steemit won't do a "buying opportunity" post today! - yes, I think cryptos will go lower yet...
/ᐠ.｡.ᐟ\
I'm still new at this crypto game and I chose a coin that's controversial in deviding to invest in crypto. XRP. So far during this recent bloodbath it is holding it's own. I've read all the argument on it not being decentralized, on it being a security, unable to mine, and so on. However, XRP has a use case, has ousted ETH in amongst the fall, and even today with it' small decline I've read the bulls are gradually showing their horns and about to break out and away from BTC's influence . Either way it's all good for me. If XRP does go south, I'll stock up and buy more and wait for more banks to adopt their usage, if it heads to the moon I'll retire early and start a pottery studio to occupy my time. So, it's a win win. Only time will tell so for now I'm holding on for the ride.