Bitcoin has been on a 5-day slump, and seems to have had another massive correction (or sell-off) in the past 24 hours. Many of the other alt-coins are being dragged along as well, with the exception of Ripple, and a few other minor players on the market. Bitcoin has not had this many consecutive negative days in a long while. Those who are heavily invested into Ripple are smiling right now as it is one of very few which are holding their value, and not being dragged down by BTC.
Here is a screen-grab from cryptocompare.com a short while ago.
Down 17% in 24 hours and still falling, dropping below $14K. I bet the "Bitcoin is a bubble" folk are wringing their hands in glee, and the will be a lot of panic selling going on. The faithful will see this as a correction before another run.
They say fortune favors the brave, and those who believe in Bitcoin, and indeed the other alts which have been dragged down by the current downturn, will stick it out to the end whichever way it goes. Some will cash out their initial investments, and some will bail out completely, satisfied with whatever gains they have made. The ones who win big are always the ones who weather the storms, or know when the time is right to call it quits before the storm hits. IF and when Bitcoin climbs back up, those that stuck it out will be the ones smiling.
I'm not heavily invested, so can afford to lose everything I have put in. I'll be in it to see how far down (or hopefully up) it goes, but today I'l be closing my trading tab and wait to see what tomorrow brings. Is this just a passing storm, or is this the beginning of where BTC starts to get caught up by the other cryptos, and becomes just another crypto?
Good luck to all of you, whatever you decide to do with your crypto investments!!
