So in the last hour or two most major alts down 10-20% as well as bitcoin. I for one am not too disheartened to see this and am actually quite encouraged as it means there's still some sense in the markets. The rises we've seen in the last few weeks have been too much and the market has been too bullish and it's about time expectations were tempered. What do you guys think? Is this correction a good thing? Will it last or will we be back to a bullish market starting tomorrow?
Couldn't agree with this statement more. The price rise of Bitcoin has been ridiculous and i think it will suck a lot of new investors in and when it crashes they will lose a lot and become disenchanted with crypto investing and could end up hurting the growth of crypto in the process. I like to see bitcoin increasing in value, but not this fast.
I think it is something that many don't realise is that we always need new investors and ideally those to be 'average' people. If they immediately get burned on investing they're going to be very likely to never invest ever again and that's why some stability in the price is a good thing. People get so excited to see 10% growth in one day but don't realise that instead of 10% growth 2 days and 10% fall the next it is better to just have a steady growth each day that equals the same.
