Inspiration When Prices are Down

When the prices of cryptocurrencies were sky high, everyone was talking about them. Everyone was making large returns in the extremely bullish market that crypto was a few months ago and everyone had to brag about it. Well times have changed and they have changed fast.

With Bitcoin sitting under $7,000 and Ethereum under $400 it's hard to not be discouraged by the relatively low prices. Bitcoin was once near $20,000 per coin. Ethereum used to be $1,400 per coin. These are drastic dips in price no doubt. So why should you stick with crypto? Was it a bubble and did if finally pop?

Lets take a look at history. Bitcoin has been called a bubble for almost its whole existence. When Bitcoin first reached $1,000 it was called a bubble and quickly fell to the $200 range for a while. This was early 2014. That's a larger percentage dip then the current dip from all time highs. I'm sure many people took advantage of the lower prices then and enjoyed a huge upside when the market turned around.

Many people trade crypto just for short term gains. I think that's the wrong mindset. If you truly believe in the technology of the asset you would invest long term. The current prices are like heaven for any one that believes in crypto and is investing long term. This may very well be a great time to accumulate more and more cryptocurrencies of your choice at the relatively low price. Nothing is for certain, but if the market turns around like it has done so countless times, it can be very profitable. Timing the market is extremely difficult and prices may further go down. However, in the long term I believe the market is still profitable.

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Here is an article on Ethereum's falling prices: https://slate.com/technology/2018/03/ethereum-prices-drop-explanation.html