Tether has become the seventh most valuable crypto in the world after overtaking Litecoin amid some intense selling in the past few days.
Tether’s market cap has remained unchanged during the recent crash in crypto prices, while Litecoin has now fallen to just $1.7 billion, down from its high of $20 billion.
After nearly a year of a bear market, November has turned out to be the worst month. Ethereum, for example, halved in days, as did the other top cryptos.
Bitcoin Cash has seen most of the brunt recently, but no crypto has been spared in one of the worst year for this space price wise.
But not the worst year. That would have to go to 2011 when confidence in bitcoin was lost, sending its price from $30 to $2.
2014 may be even a worse year than that when the biggest bankruptcy in this space and one of the biggest in the world was declared by MT Gox losing about a billion dollars due to a claimed hack.
Even 2016 might be a worst year for eth for the SlockitDAO bug changed the course of its trajectory, leading to an unaccountable ICO model, rather than one where token holders are fully in control.
This year has been one of the worst only in as far as the price has fallen. There has been no blackswan event, there has been no calamity at the protocol level.
Although that perhaps depends on how we define it or what scale we’re considering. One can argue, for example, that ethereum suddenly hitting the capacity limit back in December was a calamity of sorts.
Adoption had simply outpaced what the infrastructure could handled. A ceiling had been reached. Time was needed for the development of Ethereum 2.0 and mass scalability.
Thus the music stopped, and the spectators left. Now is the builders’ show again and of those who are here to be part of the dawn of the digital age.
Price, to them, is irrelevant and/or just a bonus. They look at it all not in days, but years or decades. To the spectators too, price is probably no longer relevant. They may have in fact forgotten completely whether they even have crypto, if they do.
For the history of cryptos has led to two rules of thumb: only invest what you can afford or don’t mind losing, and hold.
The former is so as to make the latter easier. Both come from long experience. Everyone probably tried to trade when they first got in thinking of easy money, to only lose it all trading. Some of course may be professional traders and what they do is their business, but for most, trading is a losing game.
Investing, on the other hand, where the crypto space is concerned, isn’t about days or weeks nor months. It’s about making a fairly risky decision where you’re comfortable with it all going to zero, but want some just in case this is really the future of money.
To end on a sombre note, the Bitcoin CEO meme rose after a woman that was CEO of a bitcoin company departed following the announcement of MT Gox’s bankruptcy.
Now four years later and even with the recent price action and even with 200,000 BTC out of 1 million remaining, all MT Gox creditors are in profit by a considerable amount.
Obviously the past doesn’t predict the future, but amidst despair it is worth remembering that there have been times when it has been worse, when even believers said bitcoin was dead, yet the global network of the people’s money roared and roared again.