For those who are in the crypto market for several years will know this for sure that the current market position is not permanent. About 3 days back my entire crypto portfolio dropped by 25 percent. This is a huge change and especially people like me have all the eggs in the same basket which is Hive and when the price of Hive dropped, it created a slight jerk in my mind because I have made a heavy investment here without even thinking about any plan B.
Even though I know that down trend in the market and up trend in the market is good for the market, it is hard to convince my mind because right now the trend is very low. The biggest problem is when we are in a situation explaining things to people. I invited some of my friends to the crypto world and I even made them invest. After the recent crash, I find it hard to explain this to people. Even though I tell them that this is a normal thing in the crypto world, they are not convinced and they started asking me when will be the next best time to quit or take their investments out.
The crypto situation is not very stable right now and it is very hard to predict what is happening in the market and I don't even know how long it can take to make the market recover. People who are not following the market very well find it very hard to accept this. I have seen a similar down trend in the olden days too but something makes me feel that this is different. The reason is because during the old down trend, even BTC would go down and recover back but this time BTC is constantly increasing but the alt coins are struggling too much.
The positive vibes are always there hoping that we have seen price drop two times in the past and I have even seen the price going down below 10 cents and stay at 11 cents for a very long time. Even now we just need the patience to wait and watch the market gradually increasing. There should be some FOMO that should take care of this. Play 2 Earn games created a trend and huge demand for NFTs. We need similar use cases in the crypto world that can hold the price together. Let's wait and watch.
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Without doubt, the big focus on the crypto space has been on the top coins where Bitcoin dominates. I think this is making the altcoins industry volatile since big players are creating stability for it and undermining the alt industry. About explaining crypto to anyone right now, I don't think I would have such strength. Investment is risk, when you are pursuing+10x be also weary of -10x.
Because they are always looking for a lame and traditional term or whatever to ascribe to Bitcoin
People don’t wanna agree or accept or consent to it but rather they find Stone Age reasons do defame crypto but in reality bitcoin has stood the test of time, its more than a currency, its a life.
Thank you for such an amazing post.
#waiv #leofinance
Crypto volatility never gets easy to explain 😅 But your mindset is spot-on.
Anyway, we have been through worse and this too shall pass.
Well I feel anyone that's investing in crypto should know that there will always be risky moments, but people just want the big returns that's why it's hard explaining such to them
It takes a lot to actually stay at a time like this but this is when the faith of many is tested because no one really knows what the morrow holds. But consistency and perseverance has always proven to be of great gain in most cases.
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That's why it's better never to give financial advices to friends then they start calling you and whine for you... Anyway as always invest only what you can afford to lose
You've explained the volatility and emotional rollercoaster of crypto investments perfectly. Patience and resilience are key,markets will eventually recover, but staying informed and having a solid plan is essential to navigate the ups and downs.
this is also one of the reason why I quit introducing crypto to my friend. because when they are in profit, usually they will be silent, but when the are down, they become a little bit noisy, so better to keep them for me, so it is only me seeing the value of my holding on fire.
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For now, if I should advise people, I will definitely say they should take a massive break away from the crypto space