The cryptocurrency market continues to fall.
This year has been a real disaster for most of us. I wish I had learned how to play a bear Market instead of just HODLing with abandon.
Source: Pixabay.com
I could have made a lot of money if I had pulled some currency out near the beginning of the year, and then reinserted it right around now.
Having said that, Bitcoin has now fallen below $7,000 with Steem at $0.86, EOS at $5.42 and Cardano at $0.09.
Despite what anyone says, there's no one that can really tell you which way the market is going to go at this point. Rumor will of course affect direction as will news.
Most people will tell you that you should diversify your coins. These same people will often tell you not to be a Bitcoin maximalist.
While I would generally agree with both points, people that were Bitcoin maximalists are definitely in a better position than people that invested in things like Cardano or XVG.
I don't know about you, but I certainly remember when XVG was looking pretty sweet at $0.26, now it isn't looking so good at $0.01.
So is hedging your bets by diversifying your portfolio really a good idea at this point?
I certainly wouldn't put any Fiat into coins that are below the top 50 on Coinmarketcap.com no matter how good of a return you might expect from them.
If was going to put some Fiat into anything right now it would probably be SBD. It is currently sitting below its $1 peg at $0.96.
Of course, Steem is also looking pretty good at $0.86.
I still think hedging your bets by diversifying your portfolio is a good idea, but at this point I would probably be most inclined to put my money in Bitcoin, Steem, SBD, or EOS.
Safe investing!
PS This is not advice.
Just opinion.
Everything is shadowing the bitcoin market regardless of actual value. For me steem is one of the best long term investments but due to the lack of knowledge between most investors and the media it's either bitcoin or not bitcoin. I'm just going to hold my positions for now since the market has fallen so much but if it happens again I will know better and can play it smarter.
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I tend to agree.
It's going to be an interesting year one way or the other. All the bitcoin hype has gone so now we can see how the markets really lie. Hopefully alts start to gain value on their own merit rather than just a reflection of bitcoin. And if that happens it has to be STEEM.
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"I would probably be most inclined to put my money in Bitcoin, Steem, SBD, or EOS"
Like you say, noone knows when the bear market ends, but when it does, those are the coins I like too.
I think at the very least those four are going to do well.
Think about this, man. If it has any value at all, it is a way better deal at $0.01
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Oh there's no denying that fact. However, I really do wish that I had known it would go down to $0.01 when I was interested in it at $0.26.
I find it to be an incredible (as in I have trouble believing it) fact that when something happens with bitcoin, the price of steem, litecoin and a thousand other projects goes down. NOTHING has changed on the fundamentals of any of these projects because some dusty wallet decided to sell 3/4 of a billion dollars worth of bitcoin!
It is incredible! Unbelievable! It stretches all credibility in the market system! WHY????
Anyways, I just keep trickling in the few fiats I can every month, so dips actually help me. I like my steems.
Peace and Abundance to you!
I'd really like to buy a bunch of Steem right now.
Everything seems a bit uncertain though. and money is definitely tight.
It does seem that the market moves when Bitcoin moves. However, when Bitcoin slowly goes back up the market just stagnates.
It seems that it takes a huge bull rush to move the alts and we have no guarantee that we will ever see another huge bull rush like we did last year.
Diversifying seems to be the only way to go. Bitcoin market is rigged just like any other that deals in futures.
Diversifying is always a good idea. To tell you the truth though, the coins that are likely to pump are the ones that are involved with scheming just as you suggest. You really have to know when to pull out with those.
I say let them keep falling! The lower the price, the more we can buy!! ahhahhahahahahahahh :)
/endcrazylaughter
Yeah i am hopeless about that market now a days.
Great.