Bitcoin seemed to leech the market cap from altcoins for a boost up to $8500. Now that it's fallen another $2000, it seems that altcoins are getting stomped under the pressure. Steem is below $1 at it's previous baseline. Ethereum is lower now than it was in June, August, and October (2017). SBD is very near $1
Did you know it only takes 5000 SP to become a dolphin? That's less than $5000 right now. When you consider how many minnows, orcas, and whales there are that only leaves room for a few thousand dolphins. Sometimes it's more worth it to work those extra hours at your "real" job and simply buy Steem straight up. Honestly, sometimes I wonder why more people aren't willing to do that, but then I realize how most people spend their money and I'm like, "Oh right, I forgot."
For me, this dip has no sense of urgency. This has happened so many times that I no longer have the urge to get my money in as soon as possible. Perhaps this is exactly why I should be buying more. My gut instinct always seems to be way off. At the same time, I'm also starting to think that the market will trade sideways for months with little variance before we see another bull run.
This recent slump has shown that Bitcoin remains top dog and has far less variance than the rest. As much as I am unimpressed by Bitcoin, I have to check myself and admit that I've gotten way too ahead of myself. Few people even understand the complexity and value of Bitcoin let alone any other altcoin. Unfortunately for my idealism, Bitcoin is far from dead and has a long way to go. Bitcoin is the "gateway drug" to the crypto world. Maybe I should buy some... NAH!
Keep your heads up Steemians! It's always darkest before the dawn.
