Today we've seen something that a lot of people have been anticipating, fearing and also expecting. Bitcoin dipped by 16% followed by dips in the alt coin markets. The market cap of crypto fell by almost 100B, down to $546 Billion dollars. The immediate thing that comes to mind for me personally is a sigh of relief. Crypto has been growing at an astronomical rate, with the media calling it a 'bubble' for a long time. Everyone is thinking "nothing goes up without it coming down".
In a way this is true. A lot of new players have come into this field expecting to make a quick buck, change their lives and never work again. Whilst this is something that has happened to some members of the crypto community, it hasn't been without its up and downs. Bitcoin, blockchain and other distributed ledger technologies are a technological breakthrough.
Whilst that is the case, it is impossible to calculate the VALUE of this technology at this point. Hence why it seems to be simultaneously overvalued and undervalued at the same time. Time will change this - we have more and more use cases for crypto and many promising projects going forward. However, that is not to say a lot of projects might be failed experiments. And time will reveal that in the future.
Hope everyone have a happy holiday. With the holidays coming up, it might just be a good idea to take a vacation and close that coin market cap. Here is one last peek of whats happening right now!
This is NOT financial advice.