The cryptocurrency world took a knee last night. We were at some point about $150 billion dollars down with the whole market going red.
Why?
The price of a cryptocurrency is split between investors who have a plan and speculators. The portion of the price that is supported by speculators include newcomers to the game who have not really figured out how they view crypto, so they don't have a solid plan when times get tough (and don't forget, there will always be tough times).
In the trading world, most people call them weak hands, which is 100% accurate because they don't hold their investments with a secure mind on where they intend to go with their holdings.
We are likely entering a bear market right now. So while we may see a short recovery in the next month, the reality is that we should be ready for sideways and downward trading for a while until people come back from the panic that just ensued. Long time investors in solid tokens such as steem have functional use for their holdings. No matter how the price of steem fluctuates, we all want more steem. The value in that is that you will always have a use for steem as opposed to bitcoin or those other coins.
Whatever amount of liquid steem you have, it's time to power it up and start interacting with the community more so than ever. Steem holds a value outside of the majority of other tokens that exist out there and that is where it's strength lies.
I powered up 10,000 SP today to further my investment in this platform. In addition I now increased my delegation to @smartsteem to 5000SP because it is an effective way to promote ones work.
If you hold other coins, make sure you understand why you hold them, what use it has to you and where you intend to go with it.
For speculative holdings, don't forget to periodically take off profits to protect your initial investment. It's better to pull out and make less than to panic sell and make even less. After all, most cryptos do not have an underlying value unless we are talking about something like steemit which has a whole network of value.
I hope you guys have a good day despite how red the market is. Go out and keep producing good content. Nothing has really changed in life, and your goal should remain the same. Steem on!
Today's photo of the day is more scaffold work. Its great to see the sunset and know that most of my crypto holdings are healthy and strong because I mainly hold steem!
