Every time there is a dip or, the crypto market starts going towards the down trend, market noise becomes very loud. Paper hands start selling and starts doubting the reliability of crypto and some of them starts calling it a Ponzi scheme because they sold their holdings and lost some money. I haven’t been in the crypto market for so long but, I have been in the market for 4 years, but full time in 2021. During my unserious days in crypto, I have learnt that the crypto market rewards the people who think long term.
You come online and see some crypto analyst make some analysis saying that if bitcoin hits a particular price, then we are going to be in a bear run for a long time. This creates FUD, thereby making paper hands sell off their holdings, but I have been in crypto for a while to know that, the best thing to do is accumulate. I experienced the 2018 crypto dip, where we saw the price of bitcoin dip from $19,800 All Time High to $4,000, this was very devastating for a lot of people because they were caught between dilemma of holding till it gets back to the All Time High, or selling it and taking their loss.
Well, I was lucky to have bought crypto around that price of $4,000, but I bought Ethereum instead and I held it till later in 2019 when bitcoin went to $13,000. Then later dumped to $4,000 same here. During the time bitcoin was around $4,000 between late 2019 and early 2020(during COVID-19) my attention on crypto was zero. I didn’t focus on crypto because I was trying to make quick money with forex(which is something I regret so much). But the volatility was ranging so crypto was kind of boring for me, I wished I had focused more attention on crypto then.
But later in 2020, I saw the shock of my life, that was when bitcoin pumped from $4,000 to above $19,000 and kept on going higher even above $20,000. Everyday with bitcoin was a pump, everyday during this period felt like Christmas because your coin is always going high in value. To the extent that BNB, a coin I underrated for a very long time went from $11 to $200 from $200 to $600 in 2021. The whole crypto space felt joyous, peaceful and bountiful as people were always in profit. I could literally buy a coin and within few days I get in profit.
This gave me the impression that currently, crypto is in its early stage and by design it’s meant to be going up in the long run. This is because, not enough bodies, industries, sectors and companies have accepted it yet. So it will be unwise to panic sell now, instead accumulate. Dollar cost average to accumulate better, we don’t know when the next bull run will be, it might be this year, it might be next year, we don’t know, just accumulate and wait.
We have the opportunity of earning more with our stake, thanks to defi, instead of leaving your coin idle, put it to work and let it earn you more.