The New Craze
We all saw cryptocurrencies become the new craze since the spike late 2017. Since than, cryptocurrencies have cooled but continue, as always, pushing innovation and newer technology. However, newer investors have been freaking out because they thought they could become rich overnight and have lost millions. Coins were pumped and dumped across multiple Facebook and Twitter groups because new investors are unaware of all the potential scams, schemes, hacks, etc. that most prior cryptocurrency enthusiasts, entrepreneurs, and #hodlers have learned to avoid.
But, there is light at the end of the tunnel!
Because cryptocurrencies have been around a long time. Bitcoin is coming up on 10 years. Yes, 10 freakin' years. It wasn't a success overnight and most coins are created as start-ups. Each will take time to develop and adopt.
Let's look at 3 charts.
Bitcoin Almost 10 Years
Bitcoin almost at 10 years
As I stated, Bitcoin will hit its 10 year anniversary this July. The chart above shows Bitcoin from the start to now.
From the chart above, you initially see stagnation because blockchain technology was a new concept and individuals were skeptical. It wasn't until mid 2013 that bitcoin took off during the black market days where it almost reached $1200 only to crash below $200 January 2015. Though from the overall chart, its hard to see these crashes.
*I am by no means trying to do an in-depth chart analysis, just putting the price of cryptocurrencies into perspective using the price of Bitcoin as an example.*
Bitcoin in the Last Week
Bitcoin the Last Week
Looking at the price of bitcoin in the last week, we see unstable prices and as an investor, you might be hesitant because you don't know how far the price will rise or drop. Where do you buy or sell? There are some great analysis tools available online to analyze trends to make a "more better" informed decision. But yet again, its cryptocurrencies and they usually do what they want.
However, comparing one week to the last 10 years, shows that if the technology is pushing innovation supported by a great community and team, adoption will occur and the price will eventually reflect. If you're looking for short trade validation, this article isn't for you. I just want new investors to be aware that long term #HODLS will be beneficial and could help you reach your million dollar goals. It just won't be tomorrow.
Tesla the last 8 years
Lastly, look at Tesla for the last 8 years. It was a start-up that took 3 years for its concept, road map and technology to be adopted before the prices started to reflect its value......
Overall, just keep in mind most coins will take considerable time to develop and be adopted.
As always, never invest more than you can lose.
Charts were provided by www.Coindesk.com