May 13, 2022
I love bears, I truly do. They are cute and huggable, BUT, not in the Cryptoverse.
It's been a few weeks, or should I say, since the start of this year that the crypto market is in a bad condition where its trends are mostly going down affecting the majority of the Cryptocurrencies. Although this is an opportunity to accumulate more crypto or buy at a very low price, we can't deny the fact that we are worried as well. Until when will this bear market last?
Even top coins on Binance are in bloody red (at the time of writing), and the top crypto Bitcoin tumbled below $30,000 which is more than 50% down from its ATH, pulling other Cryptocurrencies down. The top two crypto, Ethereum, is on its way down below $2,000, and BNB fell below $300.
The question is, what if Bitcoin falls below $25,000? Then it would be a scary episode and the market's recovery would probably take longer.
This market condition reminded us of the 2018 market crash where Bitcoin Cash fell to its All-Time Low at $75 per coin after reaching its All-Time High, and Bitcoin crashed by roughly 80% before the year ended. What if it happens again, should we worry about it? As the folks said, "the deeper the dip, the higher it will soar back."
Everyone is, of course, hoping that this will only be a temporary downtrend rather than a long-term bear market. Others would probably take this as a great opportunity to buy the dip. But then again, another thing I learned from this cryptoverse is, "never try to catch a falling knife." It's tempting to buy the dip, yet, too risky to dive into this bloody market. Always remember to invest wisely. It's better safe than sorry!
It's truly alarming for the whole crypto market, especially our favorite coin Bitcoin Cash. For the past 30 days, it has been a roller coaster ride for BCH and it's falling most of the time. And due to this market condition, Bitcoin Cash fell below $200, the bloody day that I don't want to come, but then it happened.
All my investments in SmartBCH are still down. $CATS is down to 79% from its ATH. BPAD fell to #25 on Marketcap.cash and almost 40% down from its ATH. After hitting almost $1, $LAW on the other hand is staggering at $0.16 per token. $JOY reigned the Marketcap.cash for a couple of weeks but eventually fell to almost 50% following this bear market. I was lucky enough to recoup my investment back before the bear happened and saved some for the sunny days.
Albeit the market situation, I was able to gain some profit by selling some of my NFTs on SmartBCH. After selling Joybot NFT at 0.13 BCH gaining 0.03 BCH profit from it, my Panda NFT was sold at 0.2 BCH which was doubled from its 0.1 BCH minting price. Thus, giving me 0.13 BCH profit from these 2 NFTs.
Upon checking the Oasis.cash marketplace, I realized that my selling prices for these NFTs were actually low. Panda NFTs with 600+ force value can be sold at 0.4-0.6 BCH. Meanwhile, my Joybot NFT can be sold at 0.15-0.2 BCH. But I just let bygones be bygones since it's better to have a small profit than huge losses and the fact that I still have some profits despite the market situation, is something to be grateful for.
It might be rainy days now, but we all know that the sun will shine after the rain. We just have to pull out a lot of patience until the market recovers. A lot of patience! 🙄😏😔🥺
Hold on tightly Bitcoincashers! And thanks for stopping by.
(Cover photo created on Canva)
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