A few hours ago the price of Bitcoin dipped a few hundred dollars. There is nothing new about it but the Altcoins as usual had followed suit and so the profit-taking in many cryptocurrency is still in effect. Sometimes on the weekends people would cashout their earnings so a cascade of sell-off always happens and is just a characteristic of these kinds of markets where it is really volatile which is a good news for somebody who is wishing for a dip then now is your opportunity to buy on the low.
You do not buy if a coin is pumping otherwise it will dip again and leave you with a heavy bag which is at risk of you selling it for a loss. Well if you happen to hold a bag of crypto my advise is to just wait and wait because at some point if your crypto bag has a good use case or in the top ten or twenty in the coinmarketcap, you better just hold until it reaches where you can profit simply because the markets are crazy volatile and the ups and downs always surprises even the veteran traders out there.
Anyway a dipping price action of crypto is really a mental stress to a trader particularly for the new ones that seems terrified with their thoughts with so many questions like "what if the coin continue to dip and never recover?" or what it bitcoin continues to surge and the price of your bag becomes stagnant?", or "will I sell now and buy other crypto that would pump soon?", things like that. But it is never a bad thing since it allows for everyone else to buy in and take a piece of the action again.
In my opinion cryptocurrencies are here to stay and will never go away, at least for bitcoin and other major Altcoins with good use cases or solves human problems at least. They will have price fluctuations for as long as Bitcoin remain scarce, being bought, stored, and traded with other Altcoins then the crypto economy will continue to roll for most people's benefit and interests.
Disclaimer:
The statements in this blog post are only from the author's own perspectives, opinions, beliefs, and expectations and should never be taken as a fact for your own cryptocurrency venture decisions. Please do your own diligence and research before getting involved in the high volatility nature of cryptocurrency markets.
All these questions go through my mind on a daily basis @cryptopie
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Yeah it is just hard to trade so it is like a gamble and the best bet is to just collect BTC and hold in my opinion @gungho :)
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Nice write up,the history of Bitcoin is yet to started from the scratch
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