its the mining:market dynamics
when its cheaper to buy coin rather than mine it, people buy it. when its cheaper to mine it than buy it people mine it.
when prices get above a certain level and it becomes profitable to sell, people do that.
if a price exceeds this 'value' area and prices spike into speculation, expect it to correct back down into reasonable value area.
the only way to have sustained value increase is to have the costs of obtaining it sustainable. which for multiple years has been the hashrate. which while the whole sell off of s9's to be used on altcoins and the fresh purchases of s15(bing slow) to replace, and a upcoming(but not yet here) s17 range.. has not shown much hashrate rise to sustain and give the market higher bottomline support to encourage sustained growth
Right, at low price it is better to buy rather than mine and when it is cheap to mine than people want to buy. This is radiculas matter that people do opposite what the situation demands. No matter, we need to be more patience at this time.
Patience is the key mate which we also need to learn that from first btc investors, lets even leave the bull run of 2 years ago aside, no matter the decline in the price of BTC today, previous investor that started with bitcoin when it was from ordinary cent to 1 usd can never ever count their losses, why ?
Because, they were patient, we saw what happened to those that never believed in the system and even threw their wallet pass key away out of impatience, they ended up regretting it. It is better we assume too now that we are in the period BTC standardized one day in years to come we will massively count our profit too.