Welcome back,
How are you all feeling? I hope you are all fine because the current market situation is not the same as before. Bitcoin fell by around $5k to $6k, and that is a lot because everyone was predicting that Bitcoin is going to go above $130k, then $135k, and so on. But that didn't happen.
Don't worry, this is not the end of it. Bitcoin just confirmed a support that was created recently after creating the all time high, which was close to $120k. So we are good with the market situation right now as long as we are above that support, and we actually tested that support already. So there is no need to worry about it.
Yes, the alts are bleeding and they are down by 15% or at least 10%. But don't worry, as I always say, you can increase your holdings or just hold on to your bag if you don't have anything in your wallet. That’s what you can do.
Let me also talk about why alts are struggling to pump like Bitcoin. The big reason is something I'm going to talk about in detail in another blog, but let me just mention it here. The bigger reason is that the alt market is now quite crowded, unlike before. There are thousands of altcoins launching daily. You can see any of the exchanges, be it Bitget, MEXC Global, or any other, they are all listing random tokens regularly.
These are probably some of the worst coins I have ever seen because they have no background; they are just listed for their own benefit. Because of that, the money is flowing into those projects, whales are manipulating those projects, and good projects with real use cases are being left behind. It is quite sad to see all this, but that's the reality for now.
The current market situation is good, in my opinion. I used some of my dollars to buy my favorite tokens like ENA and NKN. I also bought Fart Coin. These are the tokens I bought. I actually sold a little from my testing portfolio, which was my short-term portfolio recently, so that’s why I had some USDT to buy these tokens.
What are you going to do in the current market situation? Do let me know as the comment section is always open for everyone.
Thank you and happy trading, everyone.