Over the last 3 months it has been downright miserable owning bitcoin as well as just about all cryptocurrencies.
They have fallen from a high of around $900 billion in market cap to where we stand currently around $260 billion.
That is roughly a 70% drop, ouch!
However, if we zoom out a little we can see that things are not quite as bad as they seem.
Take a look at this chart put out by the CEO of Binance:
(Source:
)https://twitter.com/iamjosephyoung/status/980089115294121984
- iamjosephyoung
It's a price history of bitcoin on March 31st over the years.
As you can see year over year over year, prices have mostly trended upwards (though a few years have been omitted to help make a point).
Now for some perspective...
I think this quote sums it up perfectly:
"Never have I seen a market wherein investors cry over a 600% annual gain."
So yes, over the last 3 months, the price action has been downright miserable, but for those that have held on for more than a year, they are still enjoying a 600% gain.
Hang in there, once we get passed tax day things should start to turn around. Plus there should be some nice catalysts in the second half of this year in terms of more clarity on regulations and also with the lightning network being implemented.
Not to mention Steem finally launching SMTs as well as communities.
Better times ahead.
Stay informed my friends.
Follow me: @jrcornel