Hi people. I am really new using and knowing about cryptocurrencies in general; but in recent months I have been reading and learning a lot about it; and all (or almost all) what I've discovered is very interesting and positive in every way.
What I have understood based on my research
Well, I am quite a curious person, so I like to read and research the real cause of things; and one thing have realized through my personal researches, is that the whole crypto market has depended, depends, and will always depend on what Bitcoin does in the market.
In other words, beyond the value of the projects behind the coins, of all what the experts say and their projections, the fact is that all cryptocurrencies (altcoins) are anchored to the Bitcoin price; and this is very awesome, but also baffling, because really means that in the case of BTC goes down, everything else will go down too; but in the other hand, what happen if the price goes up?
Well, in that case everything else should go up too, right? At least in theory that’s how it should be, but the fact is that whenever the Bitcoin price starts to rise is because its dominance it is also increasing; so in that moment is when we can see how the most of altcoins also start to react positively, but not on the same degree that the price of BTC are rise.
Is the future of BTC promising or is it a pipe dream?
Well, I think it is a matter of the glass we see it; because who of us has a magic ball that allows us to see the future? None of us, right? So, we can't certainly know what will happen to BTC and all of the other cryptos in the future, that's the truth.
The only fact here is we can speculate on the markets, and also on the future of BTC and the other cryptos, anything more and anything less; but I have to admit that I personally want to believe that someday BTC will be worth $100k or 1M dollars, as many market analysts are currently saying. Well, we can’t be sure that will happen, especially since the BTC price always acts like a roller coaster, going up and down all the time, baffling us all every step of the way.
What kind of actions can we take about it?
The most effective approach is to closely watch the market trends analyzing the crypto price charts through reliable methods. Well, in my case I am currently enrolled in technical analysis courses to prepare myself for trading in the market. Right now I am currently focused on long-term investing, but I am eager to apply my newly acquired skills to trading in the future, so by staying informed and continuously improving our abilities, we can navigate the market with confidence and success.
Luckily for me, I am not financially dependent on what I win or lose in my operations and investments since I am a doctor, so my economic incomes allows me to sustain myself without problem. However, I do know that many people cannot afford such luxuries; that is why to anyone who ask me whether it is a good idea to invest in cryptocurrencies or not, I can only advise it be careful and enter only at your own risk, because you may end up losing all your capital.
Because the statistics do not deceive us, out of every 10 people who start trading cryptocurrencies, 8 or 9 end up losing everything they invested. So we have to be very careful with all of this.