Many new investors are so preoccupied with the price of Bitcoin going down, without properly acknowledging that we are still at an all-time high compared to just a few months ago.
Bitcoin at 8k is still 4 times the price compared to August 2017 (around the Bitcoin Cash fork) and 8 times the value since the start of 2017.
That’s incredible.
The rapid expansion and violent contraction have been Bitcoin’s style since it started its journey.
Despite the markets correcting some 60%, new ideas, projects and real life use-cases are being invented and added every single day.
So the difference between this correction and all the other corrections in the past is that the scene is experiencing activity never seen before.
Even though the market is shrinking in terms of dollar value, the base and backbone of the industry is actually expanding rapidly.
This strong base forming underneath the market means that we will likely see a much faster comeback for cryptocurrencies compared to before — and are not likely to see the kind of long cool down period witnessed after the last major correction.
Have a nice week and don’t forget to HODL!