INTRODUCTION
This has been so far an interesting week. Pretty much all markets around the world turned into a bloodbath and crypto space was no exception. Bitcoin fell down all the way from 64k USD to 31k USD. Around 50% drop.
For many people, this situation seems to be a tragedy. Fear seems to replace greed. Almost with a blink of an eye.
And yesterday I had a talk about this topic with a few of our Project.hope members, just to realize that only some of them see the current crash as an opportunity. And most seem to be worried and seriously concerned.
My dear friend @ramsesuchiha even admitted "the truth is I am quite worried about that, it will be another 2018?
I personally would rather compare current times to 2017.
However, his question prompted me to organize some small QUIZ TODAY. And I hope I got you curious and interested already :)
My own "2 cents"...
Before I will explain the rules of our quiz, please allow me to share my personal view on the current crypto market condition:
- it's almost the middle of 2021 and this is the first serious correction. The market was already very unhealthy. Driven greatly by the greed of many new investors who get scared easily. Such corrections are necessary and I consider it to be very healthy. After all, no markets can go forever ONLY UP.
RULES OF QUIZ
The goal of this quiz is quite simple and straightforward: I hope that it will reduce fear of some of you once you will look at the "market bigger picture" instead of focusing greatly only on the current deep correction.
Part 1) YEAR 2017
I would need to ask each one of you, to do some research and find out how many deep corrections (30% or more) did we encounter within the entire year of 2017.
And list them all (by mentioning how many % markets plummeted and what month did it happened).
Part 2) YEAR 2021
How many corrections deeper than 30% had happened in crypto markets so far in 2021? Including the current one. And in what month did those corrections took place?
What can you win?
5 randomly chosen people, who provide correct answers will be rewarded with 10 steem each (on the day of post payout).
Also, all the most valuable feedbacks will receive a 10-20k SP upvote on such a comment.
Side note:
Please drop a comment below, explaining how do you feel about current market conditions. I read and I appreciate all the valuable feedback.
who can participate?
Everyone is welcomed to join the following quiz. The only condition is that those who participate need to have at least 10 published posts and min. 100 comments so far (that is to reduce the number of fake accounts joining the fun).
RESTEEM please
I would appreciate every resteem, as it will help me reach out to the wider audience.
Yours, @crypto.piotr
@project.hope founder
check out our community: https://steemit.com/trending/hive-175254
I like this type of challenges ;-)
So I made some chart analysis compairing 2017 with 2021.
2017
source: coingecko
In 2017 we see at least 3 instances where we had course losses of BTC/USD of more than 30%.
2021 (Jan - May)
When looking at the price development of BTC in the first 5 months of the year, then we see that there is only one correction of more than 30%.
For both years, the first correction happened in the end of May and lasted until July. If we have the same development... check out where BTC went in December...
Volume
When looking at the volume, in 2021 the trading volumes are much higher than what we saw in 2017. This shows that crypto has become more widely adopted. What has to be said here is that the dominance of BTC was much higher in 2017. Nowaday, other cryptos take a growing part of the crypto trading.
how do you feel about current market conditions?
I have been dealing with crypto since 2014 so I have seen my shares of up's and downs. When markets go down, I see this as an opportunity to accumulated more tokens. I honestly don't care much about prices in fiat. One BTC will always be one BTC and there will never be more than 21 millions of them...
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Thank you for participating in my little quiz @happyvoter
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
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An interesting quiz question I've observed in every market correlation the rate of FUD increase and most investors/traders panic and sell out their holdings which also increases the market to further dip.
Before any dump will occur in the market there are some certain FUD that causes panic sell which leads to price dump regulations from some countries like China and FED news
The above graph gives a summary of the price dump in 2017.
Below is also price summary of Bitcoin from Jan to Dec 2017 and that for 2021
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7 corrections of 30% or more in 2017, so we have had a great year so far - just 2.
Also, corrections are healthy and are part of the process. If people expect a 5x, 10x return, they should expect 50% corrections. It does not feel good because the P/L looks bad but this game is for the long run and people should only invest as much as they can afford to lose. I am quite ok with current market conditions. The positive tailwinds are still intact and although I too feel sad when such massive drops happen, I am not getting out of crypto.
The details of the corrections are below -
Jan 2017: 1147 to 734 (36%)
Mar 2017: 1360 to 919 (32.5%)
May 2017: 2806 to 1913 (31.8%)
June - July 2017: 3000 to 2043 (31.9%)
Sep 2017: 4980 to 2975 (40.2%)
Nov 2017: 7898 to 5511 (30.2%)
Dec 2017: 19891 to 10400 (47.7%)
Jan 2021: 41986 to 28732 (31.5%)
Apr - May 2021: 64899 to 30000 (53.7%)
Some interesting points -
By May of 2017, we had seen 3 corrections as opposed to just 2 this year, however, the size of the correction in May this year is massive.
The only correction close to 50% in 2017 was the onset of the bear market! :)
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Thank you for participating in my little quiz @karamyog
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
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Hi @crypto.piotr
interesting quiz and now after some research I am here to share the answer-
in 20127 there were 4 major corrections and here is the chart that is showing the %.
In 2021 this is the first time we are seeing this correction and it was expected to happen since the market was going upside more. THis correction has happened in May 2021 and its the biggest correction of the year.
I am a long-term holder so this correction did nothing wrong to my planning with crypto since I was not about to sell anything and I still keep on holding everything. I expect that this correction might go up to 30,000 USD price mark and then I expect some rice which could go beyond 40,000 to 50,000 in between however this time of deep I am buying more and more every day with a small amount of money through my SIP and its helping me to get more BTC every day.
I know that in the long term BTC price will go a long way. thanks.
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Thank you for participating in my little quiz @alokkumar121
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
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INFRASTRUCTURE
We have the infrastructure for independence. Bitcoin has its own satellite system. We have things like Filecoin to help with database solutions. Several projects actively seek to develop a sort of independent internet. Brave browser runs a lot of what Google does. Several wallets have built in swaps across very different blockchains. We have competition at key levels. Markets for real world goods (e.g. EOS Markeplace) already service economically shattered places like Venezuela. Gaming is getting ready to take off. I can go on and on.. really.
In a word:
INFRASTRUCTURE
So what if fiat devalues crypto. Mayhem would not ensure. It'd just impact those who depend on turning crypto into fiat. I myself would spend less time if I couldn't draw out money toward daily living. I try to post at least once a week on Steemit, but I cannot cash out where I live. Ergo, other crypto opportunities contribute toward my bills. I did recently complete a Tron transaction from Steemit.
Lesson to take is that, if one looks with an honest intent, crypto invariably offers value. Add amazing communities, and we are clearly light years past 2018.
Crypto means a better future. It's inevitable like credit cards were. The term "using plastic" referred to the acknowledgement of wealthy that credit systems were undesirable, but the ease of digital money was not.
Blockchain starts out right.
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Thank you for participating in my little quiz @MachnBirdSparo
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
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@crypto.piotr this is certainly a great way to make the community discuss and learn. personally for me I haven't thought of the tip so far as an opportunity to buy and stock more coin. infact I have lost more than I have ever hoped for but this journey isn't just a year journey, its a lifetime journey.
on that note, the quiz got me doing some research and this is what I could come up with ;
2017 has seven correctional situations but 2021 has two so far. although the correction of 2021 in may is massive as it almost or equal to 50% of the BTC price. all in all this year has been a great one so far and with recent great news coming from south and west, I can say that this year will see BTC ending on an higher note
in summary, below are the figures by which btc dipped in 2017
Jan 2017: 1147 to 734 (36%)
Mar 2017: 1360 to 919 (32.5%)
May 2017: 2806 to 1913 (31.8%)
June - July 2017: 3000 to 2043 (31.9%)
Sep 2017: 4980 to 2975 (40.2%)
Nov 2017: 7898 to 5511 (30.2%)
Dec 2017: 19891 to 10400 (47.7%)
while for 2021, it has just been;
Jan 2021: 41986 to 28732 (31.5%)
Apr - May 2021: 64899 to 30000 (53.7%)
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In this graph that is in monthly format of 2107 and we go to 2018 we see how there was a single great correction in 2017 and then in 2018 came the unforgettable disaster, from November to December and continued in 2018
This year there has also been a single big correction that started from April and the graph should be lower but the format is monthly and not all the data for the month have come out
I believe that the crypto world has proven to be strong, I understand that any price can go up forever and that leaves me calmer, they are simply price corrections.
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Thank you for participating in my little quiz @ramsesuchiha
Amazing comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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We look to the past to predict what will happen in the future, but similar trends don't happen one-on-one because we learn from the past. What happened in 2017-2018? In 2017, we had a bull market that seemed to never end. So much so that Bitcoin price had increased 18 times in a year. In the following period, we encountered a bear market of about 3 years, which lasted until September of the last year. It was such a tedious period that people like me despaired of the crypto market. In the past 8 months, Bitcoin prices have increased 6 times this time. We've seen similar increases in other cryptocurrencies, including Steem. As a result, the bull market lasted shorter than in 2017, and there were fewer (6x compared to 18x) price increases because we learned from the past. I think the correction that follows will also be relatively short-lived because everyone knows that the 2018-2020 recession has ended with a new period of uplift, no one will want to miss the next party.
On the other hand, in 2018, we had few real-life benefits beyond Bitcoin's ability to store and transfer value. These days, a huge decentralized financial ecosystem has been formed, and there is a much more mature blockchain infrastructure.
I believe that the correct recipe is HODL!
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Thank you for participating in my little quiz @muratkbesiroglu
Amazing comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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I am glad to hear that. Thank you!
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I will start with how I feel about the current market:
The crypto space is very volatile and prices are not steady, however the significant negative price difference we saw over the last couple of days/weeks has been worrying, especially to new investors.
However, for some people that were in the crypto space before or during the 2017 crypto market, you will observe many similarities between the market then and the market now. In all these, one thing is undeniable, there will still be massive rise in the price of cryptocurrencies.
According to a few researches that I have done, there are a few market corrections in 2017 but the strategic ones were about 6 according to Researchgate.
You can find the detailed chart and price difference from the reference here.
This year however, we have witnessed only two strategic corrections - in January and this current one, though this current one seem to be deeper than the one witnessed in 2017 but one thing is sure, market will recover and moon.
Thanks a lot buddy @crypto.piotr for this quiz
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Thank you for participating in my little quiz @samminator
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
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1st Correction: 24%
2nd Correction: 40%
3rd Correction: 34%
4th Correction: 39%
5th Correction: 39%
Current Correction: 54%
I bought more BTC yesterday.
What am I gonna do, BTC is a good store of value :)
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Thank you for participating in my little quiz @fijimermaid
There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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Greetings my dear friend, I remember that in 2017 there was panic in the market when bitcoin collapsed shockingly, many people panicked and some projects were affected by panicking and were not managed correctly, if I am not mistaken there were about 3 strong corrections, in this year the strongest that I observed is the one we are living right now, from my side I see it as an opportunity to grow when the next upward push comes, you must have patience and tranquility if you want to achieve great things. In this market for being so volatile you need a cold mentality unchanged by the sudden changes and always respect the strategy you have to avoid regrets.
See you later my friend, it is a great publication to know the point of view of a collective, may the successes continue, have a great week.
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Thank you for participating in my little quiz @amestyj
Amazing comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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I remember that at the end of 2017 there was panic in the cryptographic world due to the market crash and in just 5 months of 2021, first in February and now in May the same thing has happened, the most recent being the one that has generated the most concern in many investors, especially in those who expected the market to continue rising indefinitely. All traditional markets suffer from these ups and downs as they must adapt to new realities, this period is called the correction period, in which a new floor is reached, almost always higher than the previous one, and from there a new market begins to be generated again, this could be downward or upward, depending on the investment capacity that the new reality stimulates. The cryptographic world is like a solar system where all currencies as planets revolve around the Bitcoin and therefore what affects it affects them all, it is a dependence that they have not been able to get rid of and may be the future step that many investors should take to avoid suffering from these ups and downs. Personally, despite having few years in the crypto world, I consider that every fall is good because it always generates a rebound and a new floor, but not in one or two days but in months, because this is an endurance race for which you have to prepare yourself both psychologically and financially.
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Thank you for participating in my little quiz @joseph1956
Amazing comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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greetings to all, this is an excellent challenge, from my point of view corrections are a good thing for the growth of BTC i think no one can expect this coin to rise without limits, although we all like a rising market we must understand that every so often a market crash balances the prices, we must not panic because this is more than a coin it is a whole technology, the challenge is 2017 and 2021 but this graph seems to me more complete.
on a curious note the 83% drop was due to Chinese regulations, now with China's ban on miners and the failure of their digital yuan, coin prices are simply balancing out.
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So good
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Thank you for participating in my little quiz @trabajosdelsiglo
Appreciate your comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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I will add one cent from myself. In 2017, we had this situation where there was fear in the market. If you look at the news in 2017, China was also about to outlaw cryptocurrencies. Now there is the same situation in the market. Everyone has access to information, you just need to know how to use it. I bought on a slight upside, so I'm calmly waiting and not panicking. It is a pity that I do not have stablecoin in my portfolio, because I would definitely buy ETH and BNB.
As you said there have to be drops and this is healthy for the market. Will BTC fall yet? Maybe yes maybe no. I would enter the market today.
Let's look at the volume of 2017 and 2021. We often forget about the volume and focus on the twitter😀
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Thank you for participating in my little quiz @jozef230
Appreciate your comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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Yuupi!😀 Thank you🙏
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Hi @crypto.piotr
I haven't been buying any crypto during the last few months using fiat. The prices were just too high for my liking. So I am happy with the current price reduction which has given me the chance to use some of my saved fiat to buy cheap again.
I am expecting a few weeks of stabilising now. It might drop a bit further who knows but generally after establishing , I am expecting prices to rise again.
My rationale is, compared to previous cycles, we are still early and not near the top. Secondly, crypto tech is just so good now compared to where it was in 2017.
Regardless, I am here for the long term and not looking at short term gain. I am considerably up from where I started my crypto journey about 6-7 years ago. In that time, I have learnt patience when it comes to crypto.
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Thank you for participating in my little quiz @awah
Appreciate your comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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Greetings friend @ crypto.piotr very interesting your contest. , The truth I am very new in the world of cryptocurrencies and I did not live what happened in 2017, however from what I have studied, all markets have this behavior for multiple reasons that everyone in particular will be able to say and know for what reason it was , however I think the price of bitcoin will take again the bullish channel and very soon will regain a stable price . It is the time to be able to make any investment we can. We will find ourselves as many signals of entries to be able to make them, everyone will have their indicators to do so, but I firmly believe that the market every so often will happen the same. Finally, the ratio of bitcoin today is 2 to 1. If I sold 1 Bitcoin at 60K USD a month ago, today with those resources I can buy 2, so when the bitcoin recovers its price you will have a very favorable return.
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Thank you for participating in my little quiz @dgalan
Appreciate your comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
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so i didnt want to give an answer without making some findings.
I made some research, there were 6 corrections in 2017and you can find the records here. I already took the screenshot below from the page.
But this year 2020, deeper corrections had taken place even before the first half of the year. See screenshot below gotten from this page
Thanks @crypto.piotr for this quiz , educative and knowledge building.
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Hello @cryto.piotr
The summary table I submit to contuation details the corrections greater than 30% for 2017 and 2021 respectively:
I dare to analyze this data, where I can assume that if the market maintains the same pattern as in 2017 and considering that the second run in this year was higher than in 2017, we can occasionally find ourselves at the beginning of an uptrend in the coming days.
Regards.
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Honestly, I did not do my homework. Many have already responded, so maybe it would be "raining on the rain". I want to focus on the moral behind this correction.
For now, I quote this article in Spanish: https://www.bolsamania.com/noticias_amp/criptodivisas/correccion-bitcoin-mejor-que-podia-pasar-llegar-100000-dolares--7890686.html, where it expresses that:
I don't know much about economics, but after several moments of stress from the rise and fall of DOGE after investing a modest sum in it, I learned that I must keep my head and heart cool enough to resist the temptation to sell when I start to see everything going down.
This will pass. Past corrections tell us so. Soon we will see green candles lighting up our portfolios and hopefully our hearts. Do you have anything saved? The best thing to do is to invest, in BCT or in the currency of your choice. When this darkness passes, we will smile again and breathe a sigh of relief.
Thank you, @crypto.piotr, for bringing this interesting quiz.
Best regards to all
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This is a nice challenge buddy. I gotta go and do some research and come back with an answer
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Im still looking forward for your entry in this quiz @samminator :)
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I have submitted my entry and resteemed the post buddy
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Greetings friend @crypto.piotr.
Interesting challenge, in particular I think that any of us are waiting for the current behavior of the market, I think it will seek to stabilize higher than it has shown in the last two days around 50k USD, however, in the world of cryptocurrencies everything is possible and especially when it comes to BTC.
We will continue to wait and try to remain as calm as possible, since in times of low prices it is necessary to accumulate tokens of any kind. Greetings
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Hi what an interesting post I just started my own research about cryptocurrencies I am just recently dabbling in this world and I feel the need to know and grow more. Although I can not participate I will do my own research because I find the guidance given very important.
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I think I will need to go do some research to answer this and come back with my detail
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indeed. some research would be needed @mandate :)
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Really understandable Post this will help us to earn on steemit platform ThanKyou for such a knowledgeable Stuff @ crypto.piotr
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Market correction is necessary for healthy growth of cryptocurrency. Btw I am bad in technical analysis.
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Hello friend, interesting contest, I think it's a great opportunity to buy, I'm sure bitcoin will go up again. I hope it does and that it can reach 100k. Greetings!
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Hi @crypto.piotr
Excellent Quiz, I will investigate to edit this comment.
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I'm looking forward to see your feedback @janettyanez
And do not edit this comment. Just place new one, okey?
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I will have to agree to @tfame3865 comment. I don't think the dump will be as bad as 2017. Many people are too aware of the market operations. Nice quiz
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I'll make my research and reply with my answer. 😊
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Im still looking forward for your entry in this quiz @adesojisouljay :)
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Such an amazing quiz and I must admit I will research and join up. Just like what I said, cryptocurrency has gone maintream and it will be hard seeing it dumping like what happened in 2017.
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I think you are correct.
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Im still looking forward for your entry in this quiz @tfame3865 :)
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Smiles, this is truly an interesting quiz. Will go do my research now. Will be back soon.
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Im still looking forward for your entry in this quiz @menoski :)
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Woah!!! I forgot, thanks for reminder. I get it done before the day's end
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Well... I'll have to make my researches to get into this nice challenge.
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Not much of a bitcoin tracker but I reckon it should be three corrections this year. All were mainstream media induced FUD.
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I'll do my research and come back with an answer. Nice quiz!
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It is a nice quiz but I really don't think that things can get as bad as they were in 2017, so many things have changed now and more people are now aware of cryptocurrency than we had before.
I am definitely learning through the various comments and will definitely come back to gain even more knowledge on the topic.
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Hi @oluwatobiloba
Im afraid that I do not understand. 2017 has been amazing and great for crypto. It was 2018 that has been bad for the markets. ....
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Very well I will be happy to participate I have been doing my own research for a while now, it will be interesting to read the research of my colleagues. Thank you this is a motivating challenge
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This is a really nice quiz that would also help refresh our minds with some technical analysis. Would try to carry out my own research.
In my opinion, the crypto market have been heavily filled with sentiments recently, I think once the sentiments settles, the fundamentals would take over which could see the market recover and do better.
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I dont know the answers... but my personal answer to any market crash is "ride it out"
100% correct for me and myself :)
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Indeed @tomoyan. Ride it out :)
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Wow, no posts in three months, and now here you are with two posts in two days!! :) Awesome! Hope to see many more posts from you as well, and funny competitions such as this one!
To be honest, there are corrections like this one in every bull market, and I consider it to be healthy. Of course, I do feel the fear of repeating 2018-2020, but I don't think it will ever be like that again. Crypto is way too mainstream, and it is getting more and more mainstream... so hopefully, we are going upwards, with a few dumps in between! :)
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Hello @crypto.piotr, really the situation of the cryptocurrency market is worrying for some and for others it is not so much, as far as I am concerned I am calm with this market correction because it was expected that at some point there would be this alarming correction, there is a saying that goes: "everything that goes up must come down", that is why you have to be calm and know how to take advantage of this situation.
And as far as the contest is concerned, it is quite interesting, since it is time to analyze scenarios that, although similar, have different conditions.
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Well, I think 2017 was serious, because majority haven't really gained much from cryptocurrency. This time around, so many people are aware of market volatility, and even the Elon Musk tweet already spoke a lot of what might really happen.
Then. The current market situation is not too bad if we look at it as an investor who is willing to come in with power into Crypto space. The dip is an opportunity to dive into some crypto that have potential but with high price, but now that the price has come down, it would be nice to come in
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Hello @crypto.piotr, this initiative clears even more my doubts, the fear will always be present but I am relieved to know in the comments of the rest of the users, that this price drop is cyclical, I invested my few resources for voting power in the platform, maybe in the next price increase I will be in better conditions than now. I will go to the charts to see the previous behaviors.
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Hmmmmm, it looks like an interesting quiz. Cool!!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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Good questions that makes you look for answers to what is happening and not remain in mere speculation ...
The rest is to continue in the community and add value to each publication.
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This is a lovely quiz. I'll look into it, and provide my answer!
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Am too late to submit my solution to the quiz?
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You got a 93.42% upvote from @bidvote courtesy of @steem-supporter!
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i did not have the time to do the research but i have learnt a thing or two from the comment section.
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@tipu curate 6
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Pleaes vote for me
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