FOMO

in LeoFinance8 days ago

dicesovernewspaper2656028_1920.jpg
There are panic and excitement in equal measures in the crypto community at the moment. Panic for those who are still noobs in the game who are yet to understand how the market actually works and excitement for the battle-scarred warriors whose heart have been cooked by years of bull and bear tussle and all emotions sieved out of it.

Fear of missing out is a psychological pull that is so powerful, it is unrivalled. People are scared to take risks on opportunities that haven't been validated by the general public when it is safest to get in, and when a bit of news blows around in the media and that opportunity gets some media hype, all of a sudden it looks good to these people and they all wanna jump in. WHY? Did it suddenly become a good investment? Arent you being unreasonable and illogical right now? What happens when the hype dies down?

The popular consensus by doubters after the 2017 Bitcoin dump after hitting $20k was - how long till BTC finally crashes? Fast forward to 2021 after multiple ATH have been reached and shattered, it seems BTC and crypto generally have little to no doubters. Even the old money billionaires like Bill Gates and Warren Buffets who had one or two harsh things to say about BTC one time have suddenly taken a neutral stand.

So, now that BTC is out of my reach, what else can I do?

BTC might be the poster boy of the cryptocurrency movement but in my honest opinion, it is an investment opportunity that has already peaked, although you are still sure to get some good return of profit if you still invest but why take that road? BTC at $50k is looking a little bit overbought and smelling like one giant trap and this is not me having little faith, this is me being cautious with 2017 in mind. The road to $50k took some mean giant strides and it is expected that there would be a correction because that's how the market works.

Now, what would a 40% correction in price from the current position mean to the portfolios of those who just jumped in because they think there ain't no other place to go but the moon? I am not predicting anything though, this is all hypothetical but think about it again, what would a 40% fall in price from the current price do to your portfolio if you have just gotten on the train?

Of course, you can still get crazy rich by investing in crypto and of course, there are projects that are yet to take off, projects that are still hovering way below their true potentials.

So what other coins can I buy?

One of the problems with BTC is since it is the poster boy of crypto, it is prone to manipulations and propaganda by billionaires and corporations (Elon & Tesla) and this doesn't bode well for the small-time trader/investor because the price movement no longer seems organic and you could just lose your whole portfolios just like that.

This reminds me of my 2017 experience trading altcoins where I fell to the hype of pump and dump groups and ultimately lost my portfolio to price manipulation.

Yes, the other coins you could buy? Well, let's see...

  1. BCH($490): Ever since the fork of 2017 and the birth of Bitcoin Cash, this project has continually grown organically and I would say, hasn't scratched the surface of its potentials. If you getting in now, rest assured that you are getting at such a good time, the price hasn't peaked, it isn't currently at an all-time high or all-time low. It is currently a very good project with an excellent community and multiple developer teams and investors currently involved in the landscape.

  2. BNB($218): This is another coin that seems to be going places and for the virtue of owning its own trading platform, I say this is one of the coins for the future. What I like about coin movements is, slow and steady natural progression but that's not to say that that's what makes a coin a good investment. BNB has a daily trading volume of about $200 Million and with a growing number of users thanks to the Binance Exchange, it is certainly a good coin to look at.

The other coins I would look to buy if I were investing are Litecoin ($177) and Ethereum ($1500) These 4 coins are the ones I would look to HODL for the long term because they are all solid projects and are currently within good price range, especially BCH which I think is undervalued at the moment, but that's a good thing for new investors.

Disclaimer: Everything written here is just my thought and in no way a business or investment advice or suggestion.

Posted Using LeoFinance Beta

Sort:  

Congratulations @cryptopacman! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 200 upvotes.
Your next target is to reach 300 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Hive Power Up Day - March 1st 2021 - Hive Power Delegation
Hive Tour Update - Communities