An absolute bloodbath occurred over the past couple of days, where the unknowing hobbyist just testing the waters in Bitcoin and crypto-currencies got eaten alive. The price of Bitcoin and all altcoins almost without exception took a route loosing a total of nearly 30% dropping from a high market cap of $654.09B as of 07:17 UTC on Thursday 12/21, dipping all the way down as low as $471.04B at 7:27 UTC on Friday the 22nd. (data from coinmarketcap.com)
This 30% market drop presented a fantastic buy opportunity. Between the 21st and 22nd I was able to pick up Some BTC at an average price of about $13,000 per BTC, a price that has not been available for weeks and may not come back anytime soon.
As of this morning, the market cap is back up to $577.81B. a gain back of about 22%. Bitcoin is back up over $15,000 and those who sold are thinking, "How do I get back in, now?"
The key is to maintain composure. If you can't afford to lose, don't put the money in. This is a volatile market and is not for the financially and emotionally insecure. The crypto-currency market is not going anywhere. The panic selling allows the whales to gobble up percentages of the markets at discounts while the sheep get slaughtered.
Don't panic sell...I repeat DO NOT PANIC SELL!!! Buy the dips and if you want, take profits when the prices are up. Selling on the runs makes the price drop deeper and makes the market more susceptible to manipulation by the whales. Hold strong, set buy orders for theoretical dips, and hold for the long term.
Not financial advice...I am not a financial advisor...my opinion, I am long BTC and crypto.