And just like that, the new year's party ended.
Yesterday, I wrote in my blog post about how the global crypto market cap had already increased the same amount (29%) in 2020 as the S&P 500 had increased in the whole year of 2019. A few hours later, BTC dumped from a daily high around $9200 to a daily low of around $8400.
As the Mandalorians say,
This is The Way.
Bitcoin goes up. Bitcoin goes down. Its volatility is a big reason why some people love it so much.
As I wrote yesterday,
Sometimes you just have to accept the crypto markets as they are... We'll see how the Chinese New Year shakes out. There should be a lull in trading coming soon...
And sure enough, that lull came pretty quickly.
As I write this post, BTC is hovering around $8700, which is still quite a substantial gain from the $7194.89 that opened this year. I know people hate to hear this, but this is the correct investment advice:
Be patient. Blockchain investing is best thought of as a long-term game. Take some profits on pumps, so you can put some of that powder back in when it dumps. Don't fret. Don't leverage. Keep doing research on projects that excite you. Get rid of the shitcoins that haven't delivered on their promises and put the proceeds into the new coins you have researched.
It doesn't have to be more complicated than that.
This is The Way.