The last week we've seen the cryptocurrency market go to it's highest point before experiencing some corrections.
It was the first correction in a month, so we see a lot of panic with people that are new cryptocurrency. For some reason, they believed the market would keep going up forever.
I just noticed a post in a Facebook group where someone complained about the performance of NEO, he bought it 2 weeks ago and felt disappointed and was thinking about selling.
I'm not sure what people are thinking or expecting. It's like every coin should double in value each week for people to be happy about it. They seem to forget it took Bitcoin 10 years to reach $20.000.
Another good example is Verge (XVG).
People are raving about Verge, because it went up 4000% in a month. I'm also happy I was able to get in in time. But does this mean Verge is an overnight success?
On the contrary. Verge has been around since 2014. If you had bought it on the first day, the price was $0.000007.
Fast forward to 1 year ago, price was $0.000018. That's a gain of 2571% in 2 years. Pretty good investment already.
But when we look at today's price, it's at $0.125615. That's almost 7000 times more than a year ago. If you had invested $100 in Verge on December 24th 2016, today it would be worth $700k. But you had to have the balls not to sell early. A mistake I made when I sold some of my bitcoin in 2015 and 2016.
I found this on reddit:
I don't know if he still has his 83 million XVG. But today the street value would be $10.4 million USD.
So maybe it's worth not to chase those short-term gains and practise a little patience.
Just look at the top cryptocurrencies and what their cost was at the end of last year:
- Bitcoin: $908 (now $13.000 or 14x increase)
- Ethereum: $7.31 (now $638.75 or 87x increase)
- Ripple: $0.006310 (now $0.942 or 149x increase)
- Litecoin: $4.34 (now $259 or 59x increase)
- Monero: $10.38 (now $307 or 29x increase)
- Dash: $9.67 (now $1123 or 116x increase)