A well known crypto newbie contact me about two crypto project he his currently holding, Mina Protocol and Fuel, the problem is Alameda and FTX are big investors of these two projects, he is asking if he should sell his bag and replace with other altcoin?
Is this a good reason to sell off your coins and replace with another that Alameda and FTX aren't involved? Pls drop your idea .
What will you do in this case?
Well i am not sure how much they sold as collateral, but selling time was while ago i think, if something else doesn't get revealed i think they might have hit the bottom. Mina was already started to pump before all this chaos began, so it wants to go up already. Now it will take more time and no one knows how long is that going to be. Risk how ever is big, but so it's with everything when you try to catch a bottom.
Since we are only at the beginning of the bear market and based on previous experience, many altcoins will not survive this period or will be minor after that. Every entry into an altcoin project is most often due to the expectation of high income, and for all those who did not manage to realize themselves in the bull market fully, it will be challenging to do so at a time when interest is declining.
I would say that it is a very high risk with a much smaller potential for significant growth.
all new investors should first keep in mind that the current price of bitcoin is very low. There is no guarantee of what will happen and in what period, but it certainly carries much less risk.
Beginning? Bear market started year ago and that's how long altcoin total marketcap took last time to hit the bottom. I am not saying that this time it would happen exactly same way but i would totally disagree that we are in the beginning.
