It has been a roller coaster of a year so far in cryptocurrency. There have been many ups and downs. Some TA specialists here have been claiming it go up nearly every single day. But for some people the market has been only in the red as they got in at the very top.
Many so called analysts kept saying the bull runs are coming back. Just a few more days or another month before the markets turn around. Hardly anyone spoke about taking profits at the top, risk management or figure out a strategy for asset allocation.
I've even come across statements asking people to go all in with their investments in cryptocurrency. Some of these people have undoubtedly suffered in these past few months.
Today there's a lot of interest towards cryptocurrencies across the world. Probably more than the last decade combined. Developed markets such as the US have shown interest from institutional investors while emerging markets such as India are trying to push back on this growing rage towards virtual currencies and decentralisation. There is some chaos but then that is generally a good thing! No?
Steem for example is one of the fastest growing projects in this space. The currency itself started its early days in the 3rd spot on the Coinmarketcap list. Today it's down many paces to 30th spot at press time. However the blockchain technology is at the top with the most number of daily transactions in the world of blockchain and cryptocurrencies.
Many small and big investors have stood the test of time. The rapid rise and fall of the currency has everyone at the edge of one's seat. But frankly that's the nature of this game we're all in. There's really no other way.
Personally speaking during the most recent Bitcoin rise towards $10,000 I was under the impression that the downward trend would've been completed. It has been a slippery slope these last few months for most people and even many today feel like it doesn't seem to get over!
I'm frankly starting to get bored of the market action. This coupled with bid bot use on Steemit, minnow investor influence over the reward pool has shrunk over time.
I came across this screenshot below that was shared in a FB group few days ago. I suppose there is some truth in it after all.
Steem has risen and fallen with Bitcoin. Many times it has fallen for no fault of its own. BTC continues to dominate the market movements. It hasn't been a easy time for many users here. Because Steem tends to be a large part of the portfolio of many users of our platform.
It would be safe to presume that for many users of Steemit UI, Steem may have been their original gateway to cryptocurrency.
I know for fact that it holds true for several users that I've on-boarded in the past two years and many users from India in general. They've had no experience with crypto earlier but have experienced a good run with Steem. However, this 5 month roller coaster combined with protectionist measures in case of India has tested patience of several users, and caused several more to flee this space.
With a new week approaching and Steem price down below $2.60 today, I felt this post would be a good discussion and food for thought. It brings new challenges and opportunities.
Frankly, in my country, there's so much uncertainty with regards to the laws around cryptocurrency. But some economies are faring much better with regulations in effect and open-minded government. Steemit has users from all over the world and makes for a great place for discussion on matters such as this.
So dear readers how do you really feel about cryptocurrency markets today? Have been able to weather the storm? How are you managing to pull through this downward phase incase you are heavily invested in cryptocurrencies.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Bear is a buy opportunity for sideliners to get in. Its the phase of getting new money into the game. Its a part of the cycle. Dont play the wrong card(sale in a buy opportunity)
I believe in the technologies such decentralization, blockchain, transaction speed, and so on, but to say I would put real money into investing I would not. The boat has sailed for 1000% gains. I just use the tech and learn it as I see it has a bright future.
Crypto market sometimes work in a strange way, so the only thing I believe in the crypto market is to HODL.
A bear market is crypto clearance sale. Get em' while they're hot!
I fully agree with you. People who can hold and have patience will emerge benefitted. All remember one thing - You came here to do trading/gamble or investment in the technology of future. If answer is first then book losses and don't return. If answer is later then remain invested. However, do research about projects before investing anytime.
It would have been foolish to believe that these markets would go untested. Just like the dot-com era of the early 2000s, there will be many that will not survive the culling.
That is not a bad thing.
We should have all made a large payday last December! If not then hodl.... I can say for certain that my family and I had a great Christmas last year and I am a lot less stressed this year.
very important and very helpfull post this is friends.
I am from India and despite all government regulations here, I am not gonna quit.
I believe cryptos will be the next big thing after the “internet” boom in 1995. Investments in cryptos will be fruitful in long run and the day will come when it will be widely accepted and free of harsh govt. regulations.
Rather I was thinking of investing more in cryptos. What do you think is it the correct time to invest?
Crypto currency market always fluctuate in a irregular manner,and no one can exactly says when it will rise or go down.Thanks for this awesome and informative post sir.Gonna resteemed it for sure.
Crypto market sometimes work in a strange way
What do I feel now? I lost hundreds of dollars. For the first time in my life I invested in cryptocurrency but it didn't prove profitable for me. However, I am glad with my investment in Steem. It has not disappointed me.
Have patience,it will give you profit
I have very few coins in my portfolio and Steem is my main source and we already know that the Cryptocurrency market is volatile no matter how much speculations or appreciation we have around the world, until the pump and dump game will dominate, in my opinion market will be driven by the few. Last week we saw an pump but now once again we fallen into the red market. We have many positive aspects in Crypto market but until the real movement will start, we have to wait for some time and particularly for Steem we have to wait for the Q3 and Q4 once we enter into SMT's, and positives are few countries are planning to launch their own coin and want to make that coin as legal tender money, in my opinion this aspect is really positive.
In my opinion we are still waiting for the storm of Consensus because the Consensus meetup was really successful and in my opinion in few months we can see the effect of it.
Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂
Hi, @firepower, i like your comments, but i'm excited with current market, it would let me earn some money, but I am also prevented. I would like you to review my last post on the subject here.
The market is proving to be difficult for everyone, for the past 5 months we have been on a rollercoaster, and frankly speaking it's starting to get boring, the market today isn't encouraging but I believe things will definitely change for the better towards the end of the year
Well I just started this month in Steemit and I was really excited because it was going to be my first cryptocurrency investment. I can't deny I feel a little bit dissapointed but I know it will rise up again.
Haha the post by Akatakpo is super funny. I had a hearty laugh:)
I really never knew about crypto until steemit and whatever i have are from my steemit earnings. No hard money invested here, so who am i to complain? 😅
If we forget about short timeframe charts and focus on the daily Bitcoin chart we can clearly see downtrend has been losing strength in the past weeks and days. The big players have been distributing their assets getting benefits and volumes have been decreasing.
We are about to touch bottom but the main difference between today and mid last year is this time, institutional big money will join the party creating a much steep bull run.
As there is a huge correlation between Bitcoin and the rest of coins, most of the top ones will follow immediately.
Today, we are on a much better position as there are plenty of cryto exchanges offering ways to buy compared to a year ago. Media has spread crypto news and almost everybody has heard about crypto today, while a year from now, many people didn't even know what you where talking about.
My personal opinion is: Forget about short term and thing long.
I don’t mind the up and down so much.
It does seem though, that when it goes back on the rise, it becomes easier to power up.
I’m enjoying being here and looking forward 5-10 years when the prices stabilize.
And you are right, most of my investments are in steemit.
I am seeing the same situation happening like last year, it was also red market and it took a while to see investment come into fruition. So I guess, might as well HODL for midterm.
We are so spoiled, I swear... I had someone tell me... unless my portfolio 10x in a week, I say its all BS.
10X?? Come on... We need growth, we need it, but it needs to make sense, it needs to healthy... if the market remains braking people's ankles on the way down, we simply won't get to where we want to get to.
For those who demand the bull run I say, drink a cup of cement and harden up, no one said this was cake.
Watching and try to understand what happend while i´m leraning more about cryptocurrency. Thanks for sharing!
Good post. This is an important discussion. Personally I'm a long term investor and hodler. For me, Steemit is a hobby - somewhere to weather my thoughts and discuss with other people. A better place than Facebook and also a place where you earn a little bit of Steem - which IMO will be an important currency in the future. As we are seeing, the economy of Steemit is changing. People arent rewarding content creators much anymore. They are using bots to reward themselves. I mean, why should I reward some blogger with good content so that they can cash out Steem? That's counter productive for me as an investor right? I want people to keep their Steem. So bots came along. People pay themselves steem for hodling and powering up. And now projects built on Steem blockchain will use delegated SP to fund their projects and receive airdrops - so basically holding Steem as a long term investor will make you eligible for investing in many many projects on Steem without risking anything.
As for crypto in general I think there are too many issues still to face. Most people invested in cryptos are young and inexperienced. They are new to markets, and they sell low and buy high. Whales are manipulating, and your average 19 year old crypto investor is just throwing their allowance or student loan after the whales.
Then there is regulatory issues and framework and all the internal conflicts and scams and scam artists and you name it. It's a mess.
But behind all that there is a technology that I believe will change the world. It's out there. Crypto currencies and blockchain is existing. It cant be un-created. It's alive. And it will grow. It's such a ridicilously small market yet.
So for me personally, all this happening now, prices falling etc is just short term noise. I'm expecting a lot of my investments to reach incredible prices in a few years. As of now, it's still all about Bitcoin - but that could change this year.
I'm not one for short term predictions, but if I'm going to make any - I think EOS launch June 2 will be a date to look forward too.
Nice opinion.
I am just waiting for Steem to get to $2.1. Am investing all in it, I don't fear for a bit, this are short term issues, Steem will definitely pump up in the next few weeks.
So at all don't fear, we are getting somewhere high again
Be careful man. Hope you mean all in as in all in with money you can afford to lose. 2,1 Steem is historically high. It could go much much lower.
you feel at 2,1 is still very risky for a few month investment(up to 5 months).
I so much believe it will increase before july.
just my opinion anyway.
Thanks for contributing
wait, wait, wait... Patience is all we need and will always be like this, I still believe in it and always will! Just give it some time...
Honestly @firepower Iam not heavily invested in them so I am not following as closely.
But I do feel lucky to be a part of Steemit and own some SP .
Overall I see Crypto as very positive for the future of Society :)
According to predict report BITCOIN could jump up above $30,000 in value in 2018. So no panic, Never giveup just wait and watch
source
My question for you is will SBD hit the 13$ mark again??
From market liquidity and volumes possible for someone to pump it up to those levels. But unlikely it will stay there as everyone will dump. So for prices to stabilize someone needs to be buying as well. I don't see a point in holding SBD personally. When it pumped to those price levels SBD circulation was a 5th of what we have today. So there was demand at the time. Now not so much.
So any idea how demand can be created??