Why the current bear market should excite you, not scare you
It’s no secret, this year has been rough for the cryptocurrency market. Not for cryptocurrency, just the market. I find this strange actually, as there has practically been no real bad news this year, in comparison to last year and yet the markets have tumbled from all-time highs.
Last year there were national bans on crypto, banks stopping accounts used for crypto and payment networks like Visa prohibiting use for crypto, yet the market saw a parabolic rise.
This year, there’s been nothing but good news, bitcoin and ethereum not deemed as securities, banks partnering for fiat to crypto gateways and nations embracing crypto and opening their country up to welcome blockchain projects. Yet markets are still getting battered and doing much worse in comparison to last year…
Or has it?
You see, it’s easy to look at the all-time highs of January and compare that to the markets now and think ‘man…all is lost’. Yes, we’ve lost a lot of value in comparison to January, my portfolio has gotten hammered. However, let’s look at the what things were like this time last year:
Top 20 looks a bit different right? Now let’s look at the marketcap:
Now let’s look a bit further back. This was around the time I got in crypto:
At the time of writing the markets are tumbling as we approach the ETF decision on the 10/8/18 and we’re hovering at around a $270bln marketcap So if we’re going by today’s figures, the markets are actually up around 300% since this time last year.
Over the long term the market is moving in the right direction, yes it sucks we’re down 70%/80%+ from all-time highs, especially if you got in then, but in my opinion this is what should excite you…take a look at the market cap and price of NEO above.
Now in April do you know what the marketcap and price of NEO was….
CRAZY right? Especially knowing that it peaked a hair north of $150.
My point is this…. there could be another one, two or maybe 5 cryptos lurking in the markets, ready and waiting to go parabolic to this degree with the next major rally.
I don’t know about you, but this excites the heck out of me. So now is not the time to get despondent, lose faith in the markets and walk away.
Now is the time to get your positions set and ready for when the next rally that’s coming happens. Whether that be next week, next month or next year….it’s coming, and they’ll be plenty of opportunity.
When it does and if we’re able to catch that winner(s), all will be forgiven and we’ll look back on this dark time, laugh and say… “You remember in 2018 when….?”.
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Disclaimer: Any information in my blog posts are for educational purposes only and are not to be taken as financial advice. The views expressed are my opinion only. Please remember investing in cryptocurrencies is very risky and you can lose all your money. Please consult your own licensed financial advisor and operate within the laws of your country of residence. I may or may not have positions in the cryptocurrencies mentioned in my blog posts.
