Cryptocurrencies Dropping Heavily in Price... WORRY? No... HOLD them Bitcoins and Litecoins!
Hello everyone, this is Denox speaking once again! Just want to tell you my quick thoughts on this.
I have not been researching much at the state of the crypto currencies lately since my mind has been on Hurricane Irma which thanks to God it did not hit Puerto Rico as hard! But I still pray for those in Cuba, Florida, Haiti and the Dominican Republic that are still threaten by Irma. And those already devastated like Antigua, Barbuda and the US Virgin Islands...
But this blog is about the current state of Cryptocurrencies. I noticed that a lot of people are freaking out after investing a lot on Bitcoins, Litecoins, Ethereums, etc. because for a while now, almost everything has literally been in the red.
Most of the coins are going down in value which is also good for us investors cause we can buy at the low. BUT.....
There is like this fear going on that they will keep going down, especially those new in the crypto market. Just know that to many of us investors that has been in the game for a while... this is normal!
Bitcoins went up to nearly $3000 before it plummet down to $1800, everyone panicked and sold off their bitcoins, but then you see after August 1st it skyrocketed to the $4000 mark, went as high as $4900 late last month and went back down to $4200.
No need to panic really, this happens when the value of the coins goes sooo high that many day traders sell off the coins they bought at the low, making a huge profit at the time. Also the people panicking that its going soooo low that they sell off all their coins and leaves the crypto market entirely before they "lose" all their money they invested.
As for me... after seeing Litecoin going from $3 in Jan of 2017 all the way until $80-90 nowadays, and the potential of lightning network being implemented soon on Litecoins that will further increase the price even more... I am holding on to all my lites!
Same with the bits! From being a bit under $1K in Jan of 2017 and now being almost $5K as of Sept 2017, I'd say some of these cryptocurrencies like the ones in the top 10, especially Bitcoins and Litecoins, are WORTH holding for the loooong term!
To me, when it comes to these Cryptocurrencies, I want to dream big! That I can be financially free within the next 3-5 years and if my investments will ensure me that in the future, then I am holding on to my crypto investments cause I see big things happening to Litecoins and bitcoins in the future.
If you are investing on a coin that you believe has big potential, hold it for the long run. Because remember, even if the prices goes down, you are only losing money if you sell off! Keep that in mind.
Hope this post encourages you to think twice before selling off your invested Cryptos until you see its rising to the point that you feel you will be financially free this way!
Until next post, take care, God Bless and stay cool! Bye bye!! :3