Bitcoin’s value is continuing to fall, dropping over 15 percent in the past 24 hours. Yet, according to John McAfee, there’s no need to panic.
Winter to Be Followed by Glorious Spring
Over the past few days, the crypto market has been on a downward spiral. The price of Bitcoin fell below $5,000 for the first time yesterday since October 2017, and it’s continuing to decline.
At the time of writing, it’s valued at $4,459, according to CoinMarketCap. In 24 hours, it has dropped by 14.91 percent and it is down by 29.51 percent over the last seven days. Its market cap is now worth $78 billion. With the industry falling in value, the combined market is currently valued at $146.5 billion.
However, it’s not just Bitcoin that is experiencing a drop in value. Ether – now in third place – is valued at $134 and has seen a 35.78 percent decline in seven days. XRP, which has replaced Ether in second place, seems to be weathering the storm a bit better. In 24 hours, it’s down by 6.91 percent and is valued at $0.45.
Bitcoin Cash, which recently underwent a hard fork, hasn’t fared well from it. In the past 24 hours, it is down by 32.17 percent and, in seven days, it has dropped by 53.38 percent. It’s worth $243.
Across the board, though, the market is a sea of red. Even coins that aren’t often spoken about are down. For instance, Holo, in 54th place, is down by 42 percent in seven days. IOST, in 62nd place, has seen a drop of 51.16 percent.
Yet, despite all the doom and gloom, John McAfee, a Bitcoin bull, has told the community to relax. Taking to Twitter today, he tweeted:
People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
Responding to those who said hodling and thinking long-term is the way forward, he responded:
Word. Long term is the only way smart people invest. But it is a difficult path and few can succeed n actually living a long term focus. Greed, fear and doubt will override the intellect in 99 out 100 seekers. Long term thinking requires enormous courage. It's not for the weak
— John McAfee (@officialmcafee) November 20, 2018
The Market Is Still Growing
Many will, no doubt, lose money during this bear market. Yet, for those who thought last December’s prices were going to continue into 2018 were clearly looking at it with rose-tinted glasses.
Speculation and a fear of missing out (FOMO) were the driving factors during last year’s bull run. It wasn’t something that could have been sustained in the long run. Obviously, when prices were high, investors saw an opportunity and decided to sell, subsequently bringing the market to where it is now.
In order for growth to be seen, it needs to be steady and people need to have trust in it. Whether or not institutional investor interest drives the market back up remains to be seen, but just because the market is down now doesn’t mean we should all jump ship.
What do you think? Do you think the market will recover? Will it drop even further? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@officialmcafee.