Are we in a bear market? There have been concerns about one. Just earlier today, Live Bitcoin News published a whole article about this given that there are several individuals and analysts out there who feel the problems of the crypto world have gotten too huge in recent days.
Bitcoin Is Always Going to Be Like This
The fact is that crypto remains very volatile. However, it may be in our best interest, at this stage, to just shut up and deal with it as best we can. Every single year it seems like bitcoin goes through something like this. Are we really expected to be up in arms each time this happens?
Consider where bitcoin was roughly nine years ago at the end of 2013. The world’s number one digital currency by market cap was trading for over $1,000. This was huge back then considering just 12 months earlier, the asset was trading for only a few cents. The idea that it could add so much to its price in such a short period was solid for many financial players.
However, as we all remember, Mt. Gox would occur only a few months later, and sadly, many individuals lost bitcoin given that the currency ultimately fell dramatically due to the massive jolt the crypto theft would hand to the industry. By the end of 2014, the world’s number one cryptocurrency would be trading in the $400 range – nearly $600 down from where it had been just 12 months ago – and the asset would be trading for under $200 just a month later.
Things would remain poor throughout most of 2015, but by the end of that year, bitcoin would offer some hope in that the currency would spike to about $300. 12 months later, at the end of 2016, the cryptocurrency was expanding to $1,000 again following news that Donald Trump had been elected president, and it was believed that Trump would do wonders for the economy (he did).
However, in 2018 – arguably bitcoin’s worst year to date – the currency would experience a string of dips that would see it fall from the recent all-time high of nearly $20,000 it achieved at the end of 2017 to about $3,500 a mere 11 months later. A sad and scary time indeed, but like with all the other times, bitcoin would eventually rise to the top again.
Now, bitcoin appears to be going through the same pattern, having hit another all-time high of about $68,000 per unit last November only to be trading in the low $30,000 range this time around.
Let’s Just Get Through This
While it may be nerve wracking, one can’t get too involved in the dips. In looking at the past examples, one can see that this is a regular pattern for bitcoin. It goes super high, then comes down super low, but it always recovers.
As Michael Saylor recently advised, we can’t be worried about the asset’s volatility as it’s so constant, so perhaps we just need to sit back and let the asset ride out the storm without stressing too much.