It's always hard to watch the market fall like it has today, but the interest in blockchain technology isn't going away.
It may seem hard to remain optimistic while watching investments loose value, if we are able to remain an objective and long term viewpoint then it's clear there is nothing to worry about. Blockchain technology has seen more investment, interest, and support than ever before over the past several months, and that's not going away simply because of a Bitcoin price retreat. It may seem hard to stay confident, especially when we have personal assets at stake, but the amount of growth that Blockchain technology has shown recently are nothing to be taken lightly. Cryptocurrency price levels have always been very volatile, and have always responded very greatly to changes in the price level of Bitcoin. I really don't think that the investment into the cryptocurrency market will do anything but continue to grow into the near future, and I think we will soon see a market that most of us have only imagined in our dreams.
I knew how powerful blockchain technology was the very first time that I really understood it, but I knew that the adoption and practical applications were likely some ways away. If you would have told me months ago that the cryptocurrency market would currently have the price levels and market capitalization that it has, I would have called you crazy. While I knew that blockchain technology would eventually gain success and adoption, I never would have guessed that it would have started so soon. Please note that I'm not saying that cryptocurrency has been adopted because in the big picture it hasn't, but it is really starting to look like we are seeing the beginning development of some projects that will have success bringing Blockchain technology to the mainstream. I think that because of the fact that Steemit is the leading blockchain platform in terms of current practical use cases for end users, Steemit has a more realistic chance at becoming adopted than ever before.
The adoption of a single project will be a great thing for the cryptocurrency market as a whole at the time, but I believe the most powerful effect that adoption of a blockchain project will have is the increased interest and development that it will bring to the market as a whole. There is more development and work being done with cryptocurrency than ever before, but just imagine what the market may look like if there were 10 times more people involved in developing blockchain projects. My biggest goal and dream is to see the advancement and adoption of blockchain technology as a whole, and I think that the world will never be the same. I hope that my involvement and investment will help to ensure me financial freedom in my future, but that is nothing compared to all of the benefits that blockchain technology will bring to individuals around the globe.
A retreat was bound to happen, it was just a matter of when it happened.
When we consider just how fast Bitcoin and many other cryptocurrencies have gained support and price level in 2017 so far, the fact of the matter is that at some point the market must give and lead to a minor ( or major) price retreat. Bitcoin appears to be holding steady in the 2400 range, but it's entirely possible that the price continues to retreat over the following days. I hope that the price is able to regain momentum, but I'm really not convinced that it will. I personally haven't held stake in Bitcoin for the past 2 months, and I have no plans to hold it for any significant period of time in the near future. Bitcoin was such a blessing to society as a whole and the development of blockchain technology, but I'm very skeptical as to how long it;s market dominance based on recognition will last. I think that there are numerous coins in the market that are drastically undervalued based upon their long term potential and possibilities, but I don't necessarily think that Bitcoin is one of them.
While this may seem negative, I have truly never been so confident in my belief that blockchain technology can not only survivor, but thrive without Bitcoin. Of course right now Bitcoin is the dominant way to exchange between different currencies, I truly believe that at this point blockchain technology can still thrive even if Bitcoin were to fail. While we are seeing huge price drops caused by the fall in the price of Bitcoin, as the cryptocurrency continues to grow and become more mature I believe it will continue to rely on Bitcoin less and less. Most users and investors are introduced to the cryptocurrency market through Bitcoin, but I also think that more and more are shifting their focus from Bitcoin to other cryptocurrencies than ever before.
Investment is becoming increasingly based upon actual capabilities and capacity rather than simply speculation.
We have always seen a huge drop in support and market cap in the cryptocurrency market as a whole during and after a Bitcoin price retreat, but I think we are seeing an increasing amount of individuals that are keeping their investment in the cryptocurrency market but are shifting it away from Bitcoin. To me this is a very important indication that not only is Bitcoin not required to sustain the long term success of cryptocurrency, but also that coins are beginning to experience more justified investment. I have absolutely nothing against those who trade on speculation and enter short term positions, but as a token's price level is based more upon actual demand for the token rather than an attempt to make a short term play on its price level the chance of a projects success also drastically increases.
The price level of many coins within the cryptocurrency market has always been driven by speculators and traders, but this investment really doesn't help the project achieve success in the long term. Speculators often are the reason behind much of the volatility that we see throughout the market, so they may even have a negative impact on the project in the long term. Investment into cryptocurrency projects has been increasingly based upon the practical abilities of the project compared to its possibility for future success, and that is a major indicator that the market is maturing and becoming ready for mainstream attention. While a price fall like this isn't a good thing, it was bound to happen at some point.
The most important thing to remember in conditions like this are that the temporary price retreat will have literally no influence over the long term success of a project. I must also admit that I have been waiting for a period where it made sense to increase my stake in Steem, and I believe that this could prove to be a tremendous opportunity to take advantage of the irrationally low price level of some coins caused by individuals leaving their positions out of fear or worry. While some users may exit their positions out of fear, I intend to take full advantage to increase my stake in the projects that I hold stake in. In the long term a retreat like this isn't even a blip on the radar, and there is nothing that leads me to believe that the interest and support in blockchain technology will do anything besides to increase exponentially.