Unfortunately I can not tell for sure that this correction is behind us,but I have seen some of my favorite Coins to drop as much as 20-30% so I'am about to take action!
I did get paid the other day and I was sitting around waiting for an opportunity to jump on the Crypto Bandwagon! So I'm just about to convert my Worthless FIAT Paper Currency into various Cryptocurrencies.
I'm an Investor with a Long term view in my head,so pull backs or short term noises like we have seen for the last few weeks are making me happy and probably they will make me more Wealthy as well!
Don't get Frustrated,BUY and HOLD!!!
Not even close, the drop should last a few more days
a few coins have tried to recover BUT as long as the price of bitcoin continues in free fall the others will follow suit
if you check out crypto price websites youll see that nearly EVERY coin in the top 20 ranking follows the exact same chart as bitcoin, they all have the same highs and same lows
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Wondering about the same. Coins really recover slowly this time. The basically can't rise high enough to cover previous fall.
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And that could be a problem,at least for the sort term
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Depends on how you look at it. Traders might see this as a good time to short a few coins therefore no investment is flowing away (although market cap fell, have to admit that). At the same time, I am sure current state of cryptomarket might scare somebody. On the other hand, market cap raise in 2017 was just phenomenal, so a little cold shower might not hurt us after all. Slower and steadier rise might bring lower volatility to major cryptocurrencies and therefore they may be considered safer mass adoption.
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Yeah,I have noticed that they do follow the same patterns. Do you think it is a normal behavior? Or the trading algorithms are kicking in?
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I think its because so many other coins are pegged to the value of bitcoin from the start that they all follow the charts, there are a few day traders I know who, when they talk about the price of a coin they refer to it in bitcoin price as opposed to USD price, and when BTC dips they sell and buy on the same charts, so this is what i think has become of the market, Bitcoin has become the American dollar of the crypto world
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Makes sense to me.
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Hey if you have some time can you please check my post and give me Upvote
https://steemit.com/portraitcontest/@omrusman/gh9xi-steemit-portrait-photography-contest-week-1-entry-20
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Hi omrusman! Every time you Upvote my post,I will check out yours and I will Upvote yours. That's why you see YOU GET WHAT YOU GIVE under every post of mine!
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hehe okey
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"So I'm just about to convert my Worthless FIAT Paper Currency into various Cryptocurrencies" love this statement! 😁
I took advantage of this dip as well. In my opinion speaking of Ethereum for example, a lot of money are being held for when it gets to 200. Hopefully we'll see it go up again.
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In the long term, in my opinion, the only way is UP!
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GREAT CHOICE !!! wish you luck ! thanks for sharing :) STEEM ON!
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Thank You! Will do! :)
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