So we have just passed the middle of the year, the solstice. What a wild ride for the price of cryptocurrency lately. All cryptocurrency went high and then ‘crashed’. The markets are perceived as bad, but in comparison to last year? it is more than 4 times the value overall.
Over the course of April and May, the price has slowly declined, along with media hype. See below chart:
Note that the hype train is the worst time to invest usually as all rapid rises in markets has always been followed by a crash and stabilization. This however is not the end I feel. Many are only interested in short term gains and thus the wild ride of the prices going up and down often becomes a thing of media and forums. This however has no bearing on the utility or long term prospects, as we need to look in the long term to find this.
Bitcoin has morphed with SegWit with a potential lightning network in the making, which will revolutionize how Bitcoin works, and there have also been a few cryptocurrencies worth a mention.
Do i believe a bazillion different tokens will survive? No. It seems like cryptocurrency is here to stay, but it will take time for this young market to mature. All investments should be treated with caution, but a year from last year, we are in a much better position than last year. The markets are not ‘bad’ but actually very good compared to last year, this is long term thinking here.
So don’t fret, invest like you would any investment, research it thoroughly, and enjoy using it. In my opinion, i feel that we should not get suckered into the hype and rapid rises and falls unless you can stomach that! Consider your long term position.