Well as we can see now, there is a little slump in the markets today because of its recent run-up to the upper side. Bitcoin's price seems to be suppressed for now at around the $30,000 dollar range for some reason that we do not know. So the price of other altcoins are also losing some traction which is accentuated more than bitcoin's price movement. One of the great thing about bitcoin is that, it seems to act like the spirit for all altcoins whether those altcoins are delivering a good use case or not. So personally I believe that it is now an unstoppable force about the prices for holders of most major altcoins to move in cadence with Bitcoin's value.
This little slump that we are seeing now is just for the short-term to medium-term prospective but I am not really worried about more dumping but the price of Bitcoin will eventually drag almost every cryptocurrency in the upper levels once we get near and over the "halving" event of Bitcoin. I am very excited to see how the prices will perform near the end of this year and the whole of next year but I guess that it will be one of the greatest times in cryptocurrency history which is still in the making. because the cycle goes on and on until the prices reach an unimaginable value particularly for Bitcoin. Only some external factors like major global event like this pesky war by Putin against Ukraine had made many people afraid and thus effectively halted the bull cycle where in the following months and years a few more crypto-related scandals affected the market as well.
Anyway as for the trade that I had done a few days ago, the value of the coin that I traded had gone down a bit. A new trader would just be fearful and call it a bad trade even before he/she would sell at a loss and look for something that would yield a profit which if they look they will see an unknown coin that had pumped and bet on it to move higher. By the time that they buy into it, the pump is already over and goes down and thus making these kinds of traders lose money the second time.
That is why most day traders particularly the new ones are losing money because of the mental effects of the movements of cryptocurrency prices where they have to buy when prices are low and sell when cryptocurrency prices and "mooning" but some people are inclined to sell when the prices are going lower and lower and "FOMO" in when the prices are mooning.
However we are in the safe side if we buy the top 20 cryptocurrency in the markets like XRP which was the trade that I did but did not sell off because of course I will be contradicting myself plus it will obviously be a loss for me. In my opinion XRP is a safe bet and its price now is very attractive to buy more of this token since it is the only cryptocurrency with clarity that it is not a security. So for now I will just leave my trade like that until it executes for a profit. There is never a dull moment in cryptos because sometimes an altcoin would pump here and there and if we also hold some of those, then we have to make sure that we have something to sell in order to make some money out of it.
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Wᴀʀɴɪɴɢ: Aʟʟ ᴏғ ᴍʏ sᴛᴀᴛᴇᴍᴇɴᴛs ʜᴇʀᴇ ᴀʀᴇ ɴᴏᴛ ᴛᴏ ʙᴇ ᴜsᴇᴅ ᴀs ғᴀᴄᴛ ʙᴜᴛ ғᴏʀ ᴇɴᴛᴇʀᴛᴀɪɴᴍᴇɴᴛ ᴘᴜʀᴘᴏsᴇs ᴏɴʟʏ. Pʟᴇᴀsᴇ ᴅᴏ ʏᴏᴜʀ ᴏᴡɴ ᴅɪʟɪɢᴇɴᴄᴇ ᴀɴᴅ ʀᴇsᴇᴀʀᴄʜ ʙᴇғᴏʀᴇ ᴍᴀᴋɪɴɢ ᴀ ғɪɴᴀɴᴄɪᴀʟ ᴅᴇᴄɪsɪᴏɴ ɪɴ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ɪɴsᴛʀᴜᴍᴇɴᴛ ᴄᴀʟʟᴇᴅ ᴄʀʏᴘᴛᴏᴄᴜʀʀᴇɴᴄɪᴇs.