So it has been 8 years now since I started with cryptocurrencies. The early days was more innocent and easier especially if you know what you are doing. I have experienced two bull-bear cycles in Crypto already (Crypto has gone into three cycles). I’ve noticed for every new top of the bull phase, I achieved an even higher peak wealth. Of course, same goes with the bear phase, higher low of wealth. This is because I practice “Hodling.” So this is good news because the next top of a bull cycle, I will finally exit with the most wealth I have ever made. Because of continuing innovation in the blockchain space plus the fact the industry is still relatively young, there is 100% certainty that there will be a new high or at least a return to all-time-high price. This keeps me calm.
So, after experiencing two altcoin seasons in Crypto, I can finally say with certainty that 99% of altcoins die. You cannot rely on them being a long term hold. Less than 20 actually survives and are still operating. Maybe because not one has any practical utility yet, all basically still experimental.
And even though altcoins have utility and function, market forces still dictate price. Have you seen the 70% drawdowns in the tech sector. Tesla lost a lot of its value. What more regarding altcoins. They don’t actually have floors, well, they do at zero, LOL.
Jesus Christ, opportunities to dump your altcoins into large profits is very very fleeting. Imagine if I didn’t read the tweet about the 5,000% rise of SONM, the opportunity will certaintly pass me by. It just took four days, from 20 cents to $13 to $1. I sold at $8.
I missed the chance to dump Centric and make around $7,000 TWICE. SMH. That’s why it is important to monitor your portfolio.