The Sea of Red- How Long Can It Last?
Do you remember a few days back when Bitcoin was pushing the $12,000 mark? Yeah, me too. Those were some good days. Almost all of the alt coins were gaining strong back then.
Yesterday things started to turn sour and today, so far, has been an all out sea of red. But why are things starting to go bad right now, I thought the market was making a bull run to all time highs?
Turns out, this is all normal movement in the cryptocurrency world. We all know of the volatility that surrounds this market. The highs are great and the lows suck and we never really know why this happens. My best guess is seasoned investors who bought in last month during the collapse have been cashing out their profits. From the looks of things, they could also be preparing to reload a lot of cash back into Bitcoin during this current dip. So my belief is greener days are on their way, soon.
This doesn't help me today though. My holdings were getting back to even until yesterday happened. Tack on today and I am back down 1/3 of my total investments. What do I do? Buy more crypto! Especially when Bitcoin has fallen back under $10,000. Litecoin is down almost 12% and back under $200. And the rest of the top 20 coins, with the exception of Tether, are in the red. The global market cap has dropped below that half a billion dollar spot as well and is down over 6%
Again, though, never fear. This is all expected and we should be pulling out of this and back on track to ATH status once again. Then we can all enjoy our Space Lambos together.
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