It has been a roller coaster of a year so far in cryptocurrency. There have been many ups and downs. Some TA specialists here have been claiming it go up nearly every single day. But for some people the market has been only in the red as they got in at the very top.
Many so called analysts kept saying the bull runs are coming back. Just a few more days or another month before the markets turn around. Hardly anyone spoke about taking profits at the top, risk management or figure out a strategy for asset allocation.
I've even come across statements asking people to go all in with their investments in cryptocurrency. Some of these people have undoubtedly suffered in these past few months.
Today there's a lot of interest towards cryptocurrencies across the world. Probably more than the last decade combined. Developed markets such as the US have shown interest from institutional investors while emerging markets such as India are trying to push back on this growing rage towards virtual currencies and decentralisation. There is some chaos but then that is generally a good thing! No?
Steem for example is one of the fastest growing projects in this space. The currency itself started its early days in the 3rd spot on the Coinmarketcap list. Today it's down many paces to 30th spot at press time. However the blockchain technology is at the top with the most number of daily transactions in the world of blockchain and cryptocurrencies.
Many small and big investors have stood the test of time. The rapid rise and fall of the currency has everyone at the edge of one's seat. But frankly that's the nature of this game we're all in. There's really no other way.
Personally speaking during the most recent Bitcoin rise towards $10,000 I was under the impression that the downward trend would've been completed. It has been a slippery slope these last few months for most people and even many today feel like it doesn't seem to get over!
I'm frankly starting to get bored of the market action. This coupled with bid bot use on Steemit, minnow investor influence over the reward pool has shrunk over time.
I came across this screenshot below that was shared in a FB group few days ago. I suppose there is some truth in it after all.
Steem has risen and fallen with Bitcoin. Many times it has fallen for no fault of its own. BTC continues to dominate the market movements. It hasn't been a easy time for many users here. Because Steem tends to be a large part of the portfolio of many users of our platform.
It would be safe to presume that for many users of Steemit UI, Steem may have been their original gateway to cryptocurrency.
I know for fact that it holds true for several users that I've on-boarded in the past two years and many users from India in general. They've had no experience with crypto earlier but have experienced a good run with Steem. However, this 5 month roller coaster combined with protectionist measures in case of India has tested patience of several users, and caused several more to flee this space.
With a new week approaching and Steem price down below $2.60 today, I felt this post would be a good discussion and food for thought. It brings new challenges and opportunities.
Frankly, in my country, there's so much uncertainty with regards to the laws around cryptocurrency. But some economies are faring much better with regulations in effect and open-minded government. Steemit has users from all over the world and makes for a great place for discussion on matters such as this.
So dear readers how do you really feel about cryptocurrency markets today? Have been able to weather the storm? How are you managing to pull through this downward phase incase you are heavily invested in cryptocurrencies.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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