Anonymous
So many people are in crypto now. What's the future for crypto?
Out of 10 friends, 9 are in crypto. On ig, I have seen many many people posting about their crypto gains and losses. Everyone seems to be in crypto now. There's this curve that shows the peak to be where the masses are in. Are we at the peak? Buy the dip or sell & come back 3-4 years later? Is 2021 be similar to 2017?
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People who has good fundamentals or good with technical analysis are making a lot of money there. More and faster than any conventional financial asset currently due to it's volatility feature.
The aim of the first crypto, Bitcoin, was to fix the world's financial problem that caused the big crash in 2008. Today, due to it's high fees and low transaction speed, it has become more of a store of value with close comparison to gold.
For what Bitcoin could not achieve, in terms of speed and transaction cost, many tech companies are creating new tokens to solved that issue.
Crypto is here to stay just considering how huge the market cap is. There will be scams and hacking involved (as there still is with everything else in life) but effort and regulations are being put in to lessen these IMO.
2021 may or may not be the same as 2017, as there are more financial institution getting in. Recommended to read up on chart indicators such as RSI and MACD. Read how Bitcoin option exipiry affects the price, read up on Wyckoff model and the Stock to Flow model.
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Crypto has had periods of ups and downs over the past years and 2021 is not going to be any different. I do think established coins are here to stay, and that ETH will eventually overtake BTC. But that's over the long term. In the present, so many things from tweets to memes can influence the market. As with all investing advice, don't invest more money than what you can afford to lose.