Few foresaw the current state of the cryptocurrency global marketplace. It is down a whopping $432 billion from $537 billion last year December 14, 2017, to 104.9 billion at present.
This time last year (December 14, 1017), Bitcoin was at $17,600, Ethereum was at $672.57, Ripple was at $0.47, and Litecoin was at $270.12. Good or bad?
Good or Bad?
I have learned not to view the state of the cryptocurrency marketplace in terms of “good or bad.” Why? Because whatever “good and bad” is, it is not a “one-shoe-fits-all” narrative.
OK, the global marketplace is up. Is this good or bad? Well, that depends on when you entered it. If you purchased BitCoin when it was $17,600 and held on to it, it is bad news for you – at present – because it is down to $3300 today. If the marketplace goes up and Bitcoin goes to $5000, still not good for you. So you continue to hodl hoping for better days.
If the global marketplace continues to drop and Bitcoin goes below $3000, you might view this as a “good” opportunity to buy as you believe what goes down must go back up. The difficult part is knowing the bottom.
I will tell you what I think. I think one should think! Do not panic. Be cool. Realize that there is still good money to be made in cryptocurrency. That what goes down will most likely go back up. Your task is to pick good and reputable currencies. This will involve heavy research and “thinking for oneself.” Your thinking on such matters is just as valid as the many who claim to be “experts.”
If you have done your research, enough said. Do not allow anyone to tell you NOT to follow where your thinking leads you. If anyone does that, what they are really saying that you are too stupid and unintelligent to weigh, decide, and conclude for yourself. I guarantee you that THEY followed their own thinking and lost money in cryptocurrency; some made money, too.
I believe that we are going to see another bottom before the global marketplace rebounds and turns in a steep northerly direction. (As I mentioned above, I will buy more Bitcoin when and if it hits $2600). I believe by end of February going into March 2019, we will see the marketplace rebound. (I could be wrong)..
Bitcoin is important because it is a war chest for purchasing other currencies. So, if I can purchase Bitcoin cheap and it goes up, I can purchase more of the currencies in my portfolio.
I wait and I watch. Not sweating it. I believe patience and discipline will pay off.
It is my hope – and that is what investing is – that 2019 will be a stellar year for cryptocurrency.