Its no news that the crypto market has been bad this year, we have been down by large margins, many altcoins having dropped as much as 80-90% from their all time high.
BTC still manages to stay above its 5800 low it experienced around June/july, but altcoins have continued to dip.
A few memebers of @africaunchained as well as some newbies have been asking me why the market is so down, what should they do, is this the end of crypto and so many questions.
And I understand, those who got into crypto around 2017 would be wondering what is going on.
Many new crypto enthusiasts are not knowledgeable in the way conventional markets work, whether forex, stock, real estate and the likes.
What many experienced in 2017 was a rather unusual bull market that meant almost anything you invested would pull a profit.
But the world does not work that way
No commodity continues to rise forever without experiencing a correction of some sort.
It happened with the dotcom bubble of the 2000s and real estate of the 2007-2008 era in America.
One thing I love about bubbles is that as long as it is backed by a technological asset, the commodity that experienced the bubble effect will continue to exist.
I have said it several times, technology and ideas canmot easily be destroyed.
When I think of all the infrastructures, companies, collaborations that crypto has brought, I laugh at the ides that crypto will cease to exist.
(maybe the current form of crypto will cease, but this tech is here to stay)
Funny, cause I was once one of those thst thought crypto will die for good.
Blockchain tech is a revolutionary and disruptive tech that is being implemented in several large companies.
The idea that crypto is a way to make massive gains is dying (and thats good!).
I tell people, rather than cry that your money is gone, better yet, utilize the tools of the market, listen to the news, when others see a dying product, you try to see an opportunity for growth abd business.
The general idea of crypto is to lambo..... It shows how people approach it
Never place all your cash into crypto, diversification is a must, as with all aspects of life.
What I see is people throwing large amounts of cash into crypto, thinking its a ponzi or scheme designed to double your money.
Those who made extra from crypto don't help the matter too, flaunting the cash made from proceeds of crypto.
Perhaps this is due to the fact that cryptos are very volatile assets, and this volatility is what draws young people into it...... The risk is high, but so is the reward and the reward can be made in a short amount of time, unlike other traditional assets.
At the end of the day, history is bound to repeat itself.
Cryptos will experience a rise again, just like any other asset in the world.
Many see crypto as from 2017, when in reality, crypto has existed for nearly 10 years.
I know for a fact that a large number of people will abandon crypto with this continous bear market, many from 2017.
The best bet is to have a long term plan in this game.
Nothing worth doing starts up at once, the internet gradually came into existence and today everyone uses it.
Smartphones were once considered clunky and unattractive, yet today we have better phones than ever and many never knew a transition was going on.
Blockchain & crypto will continue to evolve, and just like those companies that saw the potential in the internet and smartphones and capitalized on that to be where they are today, if you know what you're doing and you focus on blockchain tech, bring out a viable product, the next 10 years would speak volumes of your success.