Ride the crypto waves
Ride the crypto waves
I think the best name for this time is “The FUD Period” because the whole market was brought down thanks to the mass media bullshit that kept on hitting us, one after another in the hope that they will destroy this market but this is just the beginning.
Eventually, the prices will go back up because the market always remembers the all-time highs and even if now it might look like it’s the end, in fact, it’s just a new beginning.
I wrote a post about two weeks ago where I was saying that it will go back up anytime soon, considering that the strikes we received weren’t that big, and even if it went back up to about 600 billion new FUDs hit the news. Since then it went on a slippery slope to as low as 350 something billion.
Disclaimer: Keep in mind, this is not financial advice, I have no idea what I'm talking about, never trust anyone blindly, do your research.
Let the market speak for herslef
At the moment I’m writing this, BTC it’s at slightly under 8k, ETH is at $800 and Steem at $3.23, it’s a bloodbath out there, but if you would’ve asked me a few months ago, I would’ve said that these prices are fantastic.
Remember that Steem stayed at under $1 for ages not so long ago with a market cap of a few hundred million and only about 1-2 million, sometimes even less than that in daily volume. The hell, at some point even DogeCoin had a bigger market cap than Steem, that’s how bad the situation was. Comparing to those times, Steem is still doing surprising considering that it’s in the 26 place with almost 100 million in daily volume.
It’s just about the way you look at things, if you compare the current prices with their ATH, then it may seem like we are in a massive crash, but if you compare them with the prices we had exactly two months ago, then we’re at even.
If you look at the tremendous “crash” from September, the charts are very similar to what’s happening right now. In one and a half months, the market went from under 100 billion to 180 and when the “crash” came, back to under 100 on 15th.
That’s precisely what’s happening right now, the market went from about 320 billion at the beginning of December to as high as 830+ and now, two months later after the correction we’re back down to where we were before, about 350+ billion.
Do you want to see what came after 15th September when the market corrected? It doubled in one month to 200 billion, and two more weeks after that it went to 300, then 400 and 800, in a matter of a few months.
I think that’s precisely where we are now, the market corrected itself, we are back at the figures we had before the colossal pump, and because the bulls always remember the ATHs, we are going back up there and even past that.
Conclusion
You shouldn’t sell right now, no matter what because you will regret it. I sold Steem when it was at $1.8 considering it an amazing price, I don’t regret it, but I could’ve made a lot more money. Now it’s the time to buy because it may soon go back up or it might keep on falling, who knows.
I really have no idea what I’m talking about; I’m not a crypto guru or anything so don’t think I’m right.
This is just looking at how the market reacted at former “crashes” and what happened after that. This time might be different, but it might happen the same as before.
I firmly believe that at some point soon it will start to recover going back up at 500 and 600 and once people have confidence again, it will go to 800 and eventually past that. This is just my opinion; it’s possible that I’m wrong so you should do your research.Things move fast in crypto; if we’re on red today, we might be on green tomorrow and double up next week.
My portfolio is looking so poorly right now, it’s more than 50% down but to be honest, I’m not that worried. Knowing that it will go back up gives me certainty because I have lived this again a few times before this “crash,” and I know that being scared is not a good strategy.
Anything can happen at this point, but we will all eventually be on the green and look back at these times laughing of how scary the situation looked like.
Now, I'll just enjoy my "break", write some epic stuff and work on my projects, taking my eyes off the market until it goes back up, good luck and do not sell.
Fun Fact: By the time I have finished this post (about 2 and something hours), the market went up 50 billion.
The source of the memes: 1, 2, 3, 4.
The market has rebounded every single time there was a crash. Even 1929, the very next day the market had rebounded and everyone who didn't panic was fine. Maybe not back to where they had been but not destitute. The Great Depression was more man-made than anything else, with those who still had their money holding on to it instead of providing jobs until the war forced them to hire people.
I agree, ride it out. Don't panic. People bag on Warren Buffett, but he's gone on record as stating he doesn't panic when the market drops. He buys more at that point because so many people are selling drastically low. He knows it'll bounce back up. And if anyone knows what they're doing it's Warren.
It's always going back up, and the great thing about crypto is that you don't have to wait years as it happened in the 2007 crash, the market recovers in a matter of months, sometimes even less. I think that we already have a big chunk of people in crypto that are already "grown up" and didn't scared and sold when the market dropped. :)
LOL ... not much to say but HODL :)
Hodl or buy the dip if you can. I already bought the dip at 500 billion thinking that it was a bargain, but I don't regret it. :D
... well, never regret a trade you made! you only loosing when selling at less then you bought ... I reccon you put your coins somewhere you dont even bother and look at the again in a years time from now... oh wtf: I´m a millionair - congratz :)
I don't see any force being capable enough to sink cryptocurrency anymore. They can only truth confuse the feeble minded investors. Those that really understands the crypto world knows that down time will soon give rise to a huge boom. Those who take advantage of this down time are the most fortunate.
Very correct. Prices of majority of the coins had a sudden spike, making investors filled with smiles. We patiently await this kind of spike again.
I think you are right, as long as we have matured investors in crypto that are not selling when the market is down, we will always have a point of support. Nothing goes to zero in crypto, not even Bitconnect, lol.
I think that the people who got into this market at its ATH are those that got scared and sold.
Always watch out for that dead cat bounce. I'll probably write a post on this, but I think I'm going to spend the weekend looking for rock bottom prices on top cryptos that I think they might hit and let the market come to me rather than chase it. If they don't hit than that just means I get to hold my BTC.
I made my purchases two weeks ago at around a 40% sale; now I'm only holding, waiting for the market to bounce back up because it will happen at some point. One trillion is coming. :D
40% sale ain't too shabby. You can ask my wife I'm as cheap as they come. In every store I walk in it's straight to the clearance rack of 70 - 80% off or I'm not interested.
My thoughts are the same. Steem is worth holding and crypto will take over the Internet. So I don’t feel scared or anything like that. People who have fiat can see this as another great opportunity to get into crypto.
Just our of curiosity, what coins do you have in your portfolio?
We're almost going mainstream, soon more people will join Steem and in a few years, you will be able to talk crypto with your hairstylist, lol.
I don't have many coins at all, BTC is my biggest holding, after that I have a shitload of Ethos and Steem. This is pretty much it, I only have a bit of Binance Coin only for the fees. I decided to get fewer great coins that are ready to pump. :D
Dude are you sure holding that much BTC?
Lately I have read it’s better to hold coins like eos, eth or steem itself... but what the hell would I know I only have steem LOLOL
I didn't check it in days because I was way too busy in Discord. It takes me a bit too much time. Today I should do a full scan of what is where and where it is going, but I am not a bit worried. The crypto is made to be volatile for a reason.
I'm always checking the market since I'm pretty invested in it, I can't take my eyes off it, lol. With everything that's going on lately, I barely have time for Discord.
I stuffed almost all tools I need in Discord and shared it with my pals. Some of my toys are pretty ridiculous, but it is fun to have something to do when I am on the coffee break.
Today I crammed crypto api inside google sheet I am using for various data, but I am plotting now how can I drag that too inside of the Discord.
I must admit, I was starting to get really really scared before reading this. Now I have more faith, knowing it's something that has happened before.
At first when I saw how drastic sbd had fallen, I thought maybe the $1 peg was being done again, but then I found it was all crypto in general, then the doomsday people started talking about crypto crash and then I got more scared. Now I have faith, though.
HODL and we'll come back stronger!
Yeah, I don't like how SBD is looking at all. Hopefully, it will go back up once Steem pumps again because it will happen soon. The SMTs haven't been released, nor Vice or Appics that are build on this technology so there will soon be tremendous growth.
Good luck. ;)
interesting article! :D