The markets are quite scary today with all the red.
But don’t forget that we are still at an all time high compared to just 4 months ago and Bitcoin is 9 years old !
Ive been around cryptos for 5 years now. Believe it or now, up to even as much as 80% loss is totally normal as a market correction, especially for Bitcoin for which we have the most historical data on.
This is the famous volatility in cryptocurrencies everyone keeps talking about. Now you’ve experienced it yourself.
Below is a historical chart of Bitcoin corrections since 2012, although there were even earlier ones.
I remember 2013 and 2015 corrections vividly - people went through exactly the same process as they are now. Some selling at megalosses, others gritting their teeth and hodling.
But the general trend has always been up. Look at the historical chart on coinmarketcap yourself and compare.
So, time to toughen up!
Many of us already went through it at some point.
I sat with satisfaction today, when I discovered the markets are in red and realised not a single negative reaction arose inside me.
That’s one of the things that makes a good trader, by the way!
If you enjoyed my answer, follow my account — Nele Maria Palipea on Quora — and let me know with your upvotes and comments!
Sincerely,
Nele
Disclaimer: this is not investment advice, merely my opinion.