I know there are many of you that are breaking down right now because all the Cryptos are falling in price. This amount of drop in value is not that significant compared to its history. Crypto currencies are in a constant rise and fall. People will buy in and hold until the price stops moving, then they sell. Then, you have other people that have money in hand that are waiting for the next fall. As soon as those people see that it's stopped falling, they are going to buy in which will drive the price up.
It's a steady back and forth and I know there are a lot of new people to this and seeing the big drops in price are scary. Just hang tight. It will go back up.
My advise:
- Do not sell unless you absolutely need to and only if you will break even.
- If you believe in the coin you hold then do not worry. In fact, don't even look at the price. Just continue to hold.
- If you are wanting to get in, watch the price for a few more days to see if has stopped moving down. Then buy in.
- If you are a firm believer in your coin AND you are want more of it. This is your opportunity.
My prediction:
- The price skyrocketed after Thanksgiving and I think this is because everyone went home to their families and bragged about how well they did with Bitcoin (or another) and convinced their families to buy in which drove the price up even higher. That triggered news attention that spawned even more buy in. With the cheap prices and Christmas right around the corner, I still believe that we will have another significant uprising.
I am worried for January though. With the slow transaction speeds and the high mining fees, I don't think Bitcoin is going to be the gold standard for much longer unless they apply a fix. And with all other Crypros attached to Bitcoin's price, we may see a bigger, more significant drop after the start of the new year.
Let me know what you all think.
Are you panic selling? Are you buying more? Are you holding on and waiting it out? Maybe you'll sell at the next peak in price?