Remember when the world was obsessed with cryptocurrency? I’m sure you do. It was only a few months back after all. Everybody was talking about how cryptocurrency is the new gold and why we should all invest into it as soon as possible. It was the hottest conversation topic online. But all of a sudden, it seems like the majority of the world has gone quiet.
False Expectations
Investing in cryptocurrency was the smartest move to make, according to many, since it provided a way of making a lot of money without any particular effort. It was the lazy man’s way of becoming rich, fast. What’s not to love about this idea? Unfortunately, the truth hit hard for the majority of cryptocurrency investors. Their expectations were never met. They didn’t become rich and in most cases they even lost money. Their colossal disappointment is mainly the reason for their sudden silence.
Cryptocurrency Today
Despite the general excitement, many analysts claimed that cryptocurrency followed a well known path that looked a lot like a bubble. Although not many people wanted to hear what the analysts had to say, it seems like the bubble has indeed burst and that is visible on the progress of the most popular cryptocurrencies.
We have collected the charts of some of the most popular cryptocurrencies from coinmarketcap.com. They all seem to follow the same “bubbly” pattern.
My Experience
I’m guilty of riding the cryptocurrency hype train myself, since I invested into Bitcoin, Ethereum and Litecoin. Although I didn’t invest much, I still lost almost half of my money.
Specifically I began with €122 and I’m currently left with just €72 in my account. Sadly, there were people that lost a lot more than I did.
Does this mean the value of cryptocurrency will continue dropping? No, not necessarily. How the price of cryptocurrency is going to change in the future is a mystery to everyone really. One thing is for sure, cryptos are not an easy way to become rich fast and anyone that decides to invest in them should proceed with a lot of caution.