It's got the point now where I've stopped looking at my Blockfolio account, it's just too depressing, and looking at the chart below does little to improve my mood!
So was $2.5 Trillion the top of this latest bull run? Have we just witnessed the equivalent of November - December 2017, and is this the beginning of a gradual drift down in value until sometime in 2025?
Given the carnage over the last week - with BTC loosing 30% of its value and many of the alts following suite, or worse, I'm not feeling too optimistic about a continuation of this cycle.
Of course my emotional side wants to convince me that this volatility is just part of a 'higher highs and lower lows' trend and that this pull back is just in line with that, a breather before we take the next 'leg up' to a TMC of $3, $4, or $5 Billion.
However, I wouldn't be surprised if we see another insane rebound up to a higher TMC, anything can happen in crypto, AND my brain thing is also asking this question:
Where else are people going to store their wealth?
Even $2.5 Trillion is a tiny proportion of global assets and crypto offers the potential for not only great yields in DEFI, with relatively low risks if you're staking stables, but also utility and added bonuses if you buy and stake coins like AVA or Hive.
Yes the volatility gives the impression that crypto is high risk, but the potential upsides could well still attract 1-5% of global wealth going forwards.
And maybe, just maybe the future will be one of less volatility as more people invest a small proportion of their wealth in crypto in order to stake for longer term yields?
I dunno, I don't do charts, I just dollar cost average in to whatever coins take my fancy on the way down and then hodl and take some profit on the way up.
Even if this is the end of the bull cycle for four years, I cashed out or converted to stables on the way up this spring way more than I originally put into crypto in 2017-2018, and my crypto is still worth way more than what I paid for it.
I'm scheduling this post for 5 hours from now, who knows where the TMC will be by then!>!