The bleeding of crypto market is currently going on! The overall market condition is literally shaking the grounds of almost everyone who was thinking of some short term exit!
The market has its own way of making the decision for itself. If you are not thinking long term or not patient enough during present times, the market is going to poach you in every possible direction and bleed your portfolio to dust. Well, in the last couple of days, X has been flooding with such scenarios, where people are experiencing huge losses due to the volatility of the market. Resulting small fishes like many of us getting their assets taken away into the market and we are just watching it wash away.
Big daddy BTC is taking a hit in the market. We even saw BTC touching the ground of 90k during the last couple of hours. Even though, there was a time when BTC was hovering on the range below 50k and we were eagerly awaiting for it to explode and reach its ATH! Well, after crossing our expectations and making the ATH it is pulling back in terms of it's price. That makes it horrifying for the market. As the current condition of market is like this
Bitcoin is going up, Alt coins are trying to catch up and the price action is slowly recovering
Bitcoin is going down and alt coins blindly following big daddy Bitcoin. After some time/days BTC slowly recovers but the alt coins are not moving like they acted when BTC was going down.
Both these situations are really not a good one for the market as of now. Because we all are aware of the fact regarding different government are playing a major role in the market. Any good news may that it foreign or domestic (if it has something to do with changes in international affairs) the market will react accordingly, that's for sure.
In addition, do not forget about the big funds which are already in the market. Those major corporations knows what BTC is capable of and how the effect of overall cryptocurrency will be in the coming days. Which is why, every major shakedown in the market is an opportunity for those corporation and investors to grab some cheap BTC & Alt coins for themselves.
What can be done in this current condition?
Well, nobody can actually understand this question. As no one, can predict what is to arrive in the upcoming days. As this will not only be a vulnerable question but also a difficult one to answer. As I said before, manipulation can happen, people with FOMO and fear can actually play an important role out in here. Which is why, if I had some extra money sitting idle, which will not affect me even if I loose them, I would as of now dive in with my portfolio and invest 33% of my total assets with the current market price and accumulate my fav coins and just hold them for the long time.
If the market gets to see more dip in the coming days, I will just in another 20% and keep on averaging just to keep up with the dip. Although, in my first purchase I would already mark up my buy zones and adjust them accordingly if any good or bad news arrives in the market. Like, just be prepared for anything which is to arrive in the market with every ounce of patience and fund along the way for support!
Well, it's just a imaginary situation, which I would probably handle in such a way. Either way, it's not a financial advice and neither it is a suggestion of any sorts. Always DYOR whenever investment is involved! Especially in cryptocurrency market!
So what have you been up to lately?
