25% Market Cap Loss Since Friday...Are We Near The New Bottom?

On Friday, I predicted a major correction. You can see it here: https://steemit.com/ethereum/@cscunlimited/too-much-too-fast-not-a-good-thing

The overall market has lost 25% of it's value from an all time high of $179 billion (USD) now down to $136 billion (USD) and still falling as I am writing this post. Many of you are new (or relatively new) to the crypto world. So, what does this mean? Should you be scared? Did you just make a huge mistake by investing in cryptocurrency? The answer to the last two questions is NO! What has happened in the last 3 days is completely normal. As was stated in my previous post above, when markets rise too fast in a short period of time, they inevitability will correct. (crash) That is what we are experiencing. No need to freak out or panic. Be patient. Just hold what you have. The worst thing you can do at this point is sell for a loss.

The answer to the first question is slightly more challenging. Are we near the bottom of this correction? Hard to say. I have been through this many times over the last several years. Based on my experiences, in my opinion, we could see a further decline in the overall market for a few more days before we hit the absolute bottom. That being said, it would not surprise me if things start to recover as early as tomorrow. We'll just have to wait and see. I can say that there is an overwhelming chance (barring any unforeseen global disaster) that the crypto market will recover with a vengeance after we do hit the bottom of this correction. I have no doubt that most cryptocurrencies, and the market as a whole, will be breaking new records frequently in the months and years to come....so don't lose any sleep over this! Just be patient.