We all know market had a flash crash over last few days, it was genuinely a crash, not a dip or a healthy correction, but we have seen the past day and including today it is recovering at a constant rate.
All green across the board and in huge percentage, but that's normal because they came down even more, and they still not even on the level it was a week ago, so there is much more room left to increase.We have seen bitcoin go just under 6k from its all-time high of almost 20k and price of steem and SBD in the 2 dollar range. The total crypto market went down from 800 billion+ to a nightmarish 200 billion range............ or was it really that nightmarish?
For people who are into crypto for a moderately long-term or even at least a year, this is actually nothing new.If we look at the chart below (source twitter), we can see the price of bitcoin in a yearly comparison, we can find it is a recurring occurrence.
Almost, in all of my crypto related blogs, i say people to hodl even in the worst of the worst times. So in the past crash people who sold in the panic are actually the real losers, and we have seen quite a few of them.
Personally, i think the crash was good for the crypto community, in the long run, clearing out weak hands and people who are easily deceptive to fud and the slightest sniff of negative news, the people that are only here for making a quick buck and not believing the potential of cryptocurrencies and the technology behind it.
Now for the real question will the total market cap will go back to its original glory of 800+ billion? Its hard to say because the market went up at an unprecedented rate the past few months, again maybe for the same people who got in because of the hype of bitcoin reaching 10k, same people i discussed before. But there is a good chance of this happening despite that, we have seen some positive news from US regulators just the other day. Many wallets are implementing segwit and bitcoin transaction congestion and fees are almost at an all-time low, and lightning network adaptation is almost at the corner.Other alt coins are also developing their technology at a massive rate like ether and neo and many more. So now the question is not if it will go back but when.
My opinion is the market will see a huge amount of new money after the lunar new year, which will be on February 16, and another massive jump after the USA tax season which will end at mid-April. The reason for this is very obvious and not worth discussing.
So in conclusion i will say crypto market is still in its infancy and is for the people who do there due research and invest in it responsibly, and again i am saying nothing against new people who are getting in to crypto, even i am quite new in this space, and i still have so much to learn and research about it, but i try my best to be responsible do whatever research i can before investing in something or cashing out.
Anyways these are my opinions with some facts mixed into it, and i want to hear from you, so please comment down your thoughts.
And as always...
