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Bitcoin Cash experiences major dip in crypto market this December
The recent dip and fall in the crypto currencies such as Bitcoin Cash, Bitcoin, Ethereum and so on, in the crypto market has been a major concern to me. I am neither an expert nor a major investor in Crypto, but I am an inquisitive person that always wants to know about things while I really want to know. In fact, I literally had no understanding of cryptocurrency, ebeen though I have been hearing about it for a very long time, until 9 days ago when I joined read.cash. After joining I started reading and engaging articles of some of the experts in Crypto market here on this platform, people like @Abhay@Fexonice1@King_Gozie@Amazing-grace and many more, then I developed love and desire in any Crypto related.
According to the data from the app on my phone( Bitcoin.com) Bitcoin Cash dipped as low as $462.46 on Saturday, likewise Bitcoin at $42,874.62 and Ethereum at $3,500. On Monday, Bitcoin Cash dipped by around 8 percent. Yesterday, as at 11:50 AM(WAT), all the crypto currencies all dipped by around 3 percent. But since last night till now, the cryptocurrencies have all risen by around 2 percent. This recent incident in the market has been a thing to worry about.
Towards the end of November, before I joined read.cash, I found out that Bitcoin Cash was around $720. This is why I was really worried at first when I saw the mouth opening dip after I joined.
Recall that around October and November, that is a month or two ago, there were a reasonable number of pre Christmas sell-offs in cryptocurrency. These markets however scared and frightened investors, which made investors not invest and take the risks.
The Covid-19 news, about the omicron variant, also had a great impact on a risk-on asset like bitcoin Cash, bitcoin and so on, which controls the entire markets with high correlation. This time around, markets recovered more quickly than the last correction, which took six months to recover when the pandemic hit us and less than 2 months after the second wave.
Bitcoin Cash lost up to a reasonable number of it's value on the back of profit. Those who invest in different Crypto currencies for the long-term using a buy-and-hold strategy, swings like this are to be expected and as such, this is the best time to invest in Bitcoin Cash. Even if the short term investors are expected to invest now, there are higher possibilities that in January, Bitcoin Cash is going to rise beautifully and there will be a lot of profit in the future.
I Read @annayks article of Hold Your Bitcoin Cash From Donations - Do Not Sell two days ago which says that it's advisable for one to invest massively now on Bitcoin Cash and at the comment section, there were comments like, if at all a person needs funds, it's really advisable that at most, only half should be cashed out. I'm so much in support of this, because to have excess or win massively, it all takes risks.
Yes, it's December, we all need money to buy those gifts, foods, and go out to have funds. We should however be careful and remain focused.