So seems that the market is recovering now, or at least is more stable, and market capital is hitting closer to 65B.
Pardon me for my ramblings but observations for the day.
1. Ethereum hit a peak of 200USD+, and over the next 24 hours swiftly dropped to 110USD. A drop of about 40%. Not just ETH but all coins are affected to varied degrees.
2. Quite impressed with Bitcoin, holding its value steadily around 2000USD, bearing the perspective that it once fell to sub 500USD after hitting a previous ATH of 1000USD.
3. Some exchanges refused to sell BTCs, and I suspect it has more to do with the price fluctuation rather than demand.
4. There was a ridiculous price discrepancy for Bitcoin between exchanges (nearly 500USD, if not for the confirmation time you could transfer between exchanges and earn a huge chunk) - Didn't have the chance to find out why.
5. In all honesty, this correction phase is minor as we need to take into consideration the price hike we had been seeing for the past two months. Worse corrections, or loss of value could happen - Like the DAO attack (where people argued and bicker, communities and ideologies split, prices plummeted drastically from double digits to single, etc).
IMHO this correction is a timely one, being a good test to the cryptomarket - shake off weak hands, shift funds from purposeless altcoins to meaningful ones; which would teach me more on how to be patient and look into fundamentals instead of catching hype and the fear of missing out (I mean... wtf... ETC at 20USD?). Unfortunately those impacted the most will be the ones who bought in on the highs; hope that they see past this, reorganise their portfolio, and hold for long term for gains.
A few things I am reminded about today:
1. Do not invest what one can not afford to lose.
2. Leverage on stable altcoins to minimise loss during corrections.
3. See opportunities during mass corrections (e.g. altcoin with potential but surrounded by FUD).
4. Do not panic sell. There will always be a better time to sell.
5. Strife for long term gains, and compare to how the money would do if it isn't being invested. E.g. how would that money do being in my wallet/FD vs being parked in ETH, and which I would be more comfortable with.
That's it for today.
If I'm not mistaken, similar thing happened when ETH hit USD 100. I still remember both times WooTz was asking whether he wanted to take some profits. Haha......
Yes, I have the opinion that this correction is actually a must, to knock off the euphoria of just buying to earn a quick buck. In all probability, I have a feeling all coins (including ETC!) will start to rise again after this crash is finished. If I had BTC, besides ETH and some other coins, I would have bought ETC and Zcash, just for a quick gain.
Agree, do not panic sell unless very bad news e.g. delisiting of bad coins. Crashes usually recover and because we are still (I think) at the infancy of cryptocurrencies, the coins will not only recover but recover with a vengeance!