Overcoming Disbelief
This too shall pass.
I know it's a bit ironic that we are talking about a dip when in reality we're up 350% in total cryptocurrency market capitalization compared to six months ago, but this seems to be the norm on pretty much every crypto-oriented forum out there these days. It is true that we have been in correction mode for a week now, but I believe it's absolutely reasonable considering the enormous growth we have witnessed over the last six months.
I do realize that crypto has spoiled us all a bit, as we have gotten quite used to making insane profits in very short time intervals, but let's not let greed get the best of us. It's human nature, but let's just keep in mind that the total cryptocurrency market capitalization was swinging around the $400 billion mark in October 2020.
With that in mind, I think all this FUD is a bit funny to say the least, don't you agree?
Some people suggest that we've seen it all and there's no way we will keep going up and exploring new highs, but I beg to disagree. I think the crypto game is a living organism, constantly transforming and moving from one stage to the next one, and it's more than obvious that we're still in the early stages. The fact that the crypto hustle is still quite complicated for the average Joe is a sign that there's still a lot of work before we go viral.
But the positive statements made by governments, central banks, payment giants and huge corporations reveal that it's inevitable. The big guys running the show have realized that there's no stopping the crypto industry, so they have decided to accept and adapt. There's no other way.
Crypto is inevitable.
Central banks are getting out of control, printing money at a higher rate than the interest they give to customers that trust them with their funds, and therefore, killing the value of your money as the minutes go by. And as if that wasn't bad enough, over the last decade they've been demonstrating increasingly autocratic behaviour, with more and more restrictions in place, making it more than obvious that we need a reliable, decentralized alternative.
These are only a few of the reasons why I believe we are currently on the disbelief stage of the market cycle. Plus the chart looks a lot like we are.
Now, there is no way we can reach safe conclusions just by looking at the chart itself, as it's a very complex equation with many parameters we literally have no way of defining, but if you start going back and checking cryptocurrency market capitalization fluctuations right before and after major events in the history of crypto, there are way too many similarities to ignore.
To put things into perspective, let's have a quick look at the following charts. In the image below you can see the effect that the bull run that took place in late 2013 had on the total crypto market capitalization chart. Starting from $1.5 billion in October 2013, and hitting the $15 billion mark in December, that year's bull run shocked the world and made investors very happy.
Amazing, isn't it?
Now let's have a look at the following chart, which shows the fluctuations in total cryptocurrency market capitalization over the last 8 years. So, my question to you is: do you even see the peaks and dips of the 2013-2014 cycle? It's all freaking flat. It's literally like nothing ever happened when you look at things from today's point of view.
Back in 2013/2014 the crypto game shocked the world, but the so-called unbelievable run of the past looks lame today. Can we expect more of the same in the not so distant future? I don't see any reason why not. The game has been attracting major attention, and humanity is now capable of producing much more wealth than ten years ago.
How long until we witness another huge run that will make all previous peaks and dips look flat?
The patterns are there.
Every time we scored a massive bull run that took the market to new highs, the previous market cycles with all their dips and peaks would just vanish from the charts. Only thing that remained was the obvious trend, which was always magnified in the runs that followed. Now, I do understand that this can't keep going on forever; what I'm trying to say is I believe there's more down the road.
The way I see it, we are currently entering The Chasm, moving from the Early Adopters to the Early Majority stage. Crypto is slowly but steadily being accepted as a means of payment and recognized as a valuable asset by financial institutions and gigachads. The game is gradually becoming easier to participate, just like the internet did after the creation of the HTTP protocol.
It's all speculation, so take everything you read with a grain of salt. However, the signs are there and they look good. What do you think? Is there more to come in your opinion, or are we in for a further decline in market cap? I would love to hear your thoughts in the comments below.
I appreciate your attention.
Alright guys, that's it for now. Thank you for taking the time to read these lines.
Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.
Stay safe and have a good one,
@lordneroo
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!LUV
Kalhspera arxhge! Pws paei?
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varame myges aderfe....esy ekanes kanena withdraw apo to publish se AMPL?
Oxi, trexei akoma h pro8esmia? Eida gia to airdrop, alla den eixa kanei kamia kinhsh me AMPL mexri tote... ta estelna sto Kucoin.. ;)
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arxidia...prepei to transaction na fainontan on-chain kai oxi sto kucoin....sto kucoin einia eswterikos logariasmos ths platformas kai oxi tou ERC-20.....to snapshot travhxthke stis 30 martiou...an to eixes kanei mexri tote,alliws tipota
... Esperanto?
Hi @lordneroo, you were just shared some LUV thanks to @funnel. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares
Some coins like STEEM never recovered since 2016, so not too sure if everyone is spoiled. I bought a little steem back then and it never came back, still waiting. I'm, still way down on that. I don't know how long until it recovers. I learned my lesson from that, never buy the parabolic spikes and hodl too long once it starts coming down. 😞
You're right, some haven't recovered yet. I hope you will manage to hold as long as it takes to exit in profit. I believe a run of epic proportions in the future is likely, but will take time and patience.
!LUV 1
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Because Steem is worthless. People made it useless by their selfish and greedy behavior. Hundreds of thousands of people left it because of their disappointment. I am afraid the same is happening on the Hive blockchain. Most people focus only on their own posts, and this leads to a lack of real, human comments. And that leads to many disappointed users. And we already know where that thing leads.
I still wonder why the price of STEEM constantly has to copy hive, like a shadow. It also has to one up HIVE every single pump. If steam is so bad, like we all know it is, then why does the market reward it continually. I think it is rigged.
Probably because of the stupidity of some people.
For example who pays more than $4 USD for a coin called PooCoin? The stupidity of the people is sometimes really surprising.
It was $4.46 USD on 2021.04.21, 16:57 CEST.
Yeah if poo can go to 4 dollars, i have no doubt HIVE can go to the moon! 🌚
Exactly. Nowadays anything can go to the Moon.
!wine
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Cheers!
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well to say that the currency is not going to rise any more .. it is an argument that is not viable in the long term due to the supply and demand issue but I like this very focused and accurate how you approach the problem with reference to the fall of the btc and his recovery and subsequent increase in his maximum history
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I agree with you. Nobody has a crystal ball, but I think the crypto game has a bright future ahead. That's just my personal take though :)
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Gandalf says you shall not pass. :D
Like Thanos. Bitcoin itself is really similar to Thanos.
Maybe worse than Thanos. Bitcoin destroys the world with its high and growing power consumption. Some people say that it currently gives the 0.6% of the global electricity consumption, which is already very high. Some people say that it consumes as much electric energy as Chile, which is crazy. Bitcoin is currently already like a whole new country in terms of electricity consumption, and it is growing.
!PIZZA
@lordneroo! I sent you a slice of $PIZZA on behalf of @xplosive.
Learn more about $PIZZA Token at hive.pizza
Thanks for reading!
That's scary, isn't it? This is why I believe POS is the future.
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Very impressed with the caliber of your writing. Excellent article loved the visual charts that drove your point home. I like to hold crypto, I have a feeling that BlockChain is the future of the internet and crypto is the future of currency :-D
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Thank you very much for the nice words.
I share your passion for crypto and am planning to hold mine for the long run. I believe the space has a bright future ahead.
Thanks for dropping by :)
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