This feels like a correction

So it feels like we are in some sort of correction. The three previous 30% drops in the last month have nearly retraced in a day. The current decline has been over the space of a week, and we have not retraced as of yet.

I have to admit, I felt a bit nervous with the current drop. I still do. I had set a mental break point at $90bn global market cap, and we haven't broken through this. We retraced to back over $100bn but are back under again.

As such, I feel that this is a correction and the other drops were merely profit taking, and panic sells in a fast growing market.

So what does this mean? As ever I can't predict the future, I can only go back to the investment fundamentals. Have I invested more than I can afford to lose? No. Am I making emotional decisions? No (but nearly). Do I believe in the technology long term? Yes.

The market was under $40bn when I started this group. Can we go up forever? Can we see +100% growth of coins forever? Of course not. A correction happens when there are more sellers than buyers, prices drop as people look to take profits or panic. But when this happens we reach a point where the bottom of the dip has been reached. And we might be there now.

I expect volatile times ahead. Confidence may resume, buying may resume, and the market grows again. The correction might be in multiple steps, and we may drop again.

The most important thing to consider is. Do we think the global market cap for all cryptocurrencies will never set a new all-time high? That for me is a firm no. Blockchain technology is changing the world. We are on the verge of a fundamental shift in the financial systems of the world. From what money is to how financial markets operate. A $100bn market cap for all crypto will likely be a small number in the coming years.

My strategy continues. Hold, ride out the storms, believe in the tech, diversify where opportunities present and take a little off the table when things feel bubbly.

Let us see where we are in a week.

Shout me if you have any questions.