Bitcoin is back above $60k after dropping to a low of $49k. It was considered to decline further according to a few cryptocurrency experts but that did not happen. The decline in Bitcoin and Altcoin prices happened on August 5 was not normal. It was a big shake off that effected the crypto market badly.
Bitcoin has to recover back as it was over sold. If you know how market reacts during these times then i am sure that you have bought your favourite Altcoins as well as Bitcoin. Considering the fact that Bitcoin is the Big boss , it cannot stay down for long time.
Even if it stays down for longer periods eventually it will bounce back as there will always be a pump after the dump. Thats exactly what happened after the dump on 5 August. Bitcoin and altcoins are recovering well.
Wise traders always take the opportunity during the down times. There is this famous saying , "Buy When there is Blood in the streets". Another one is Buy the Rumor and sell the news. These two are the most popular sayings of all time in trading.
Those people who bought Bitcoin or any altcoin at dump on August 5 is in profit now. The profit ranges from 10% to 15% which is a significant number. If you invested $100 it is now $115 , thats just an example, people who have big investment has made big profits.
You can also earn big profits with leverage trading. For example with $100 one can play 10X leverage and maximise their profit but also keep in mind that it also involves higher risk of loss. If you lose you get lose with the same percentage. This is why futures or leverage trading is risky. Futures trading is for people who willing to take risks.
Well Ethereum was dumped unexpected with 23% decline in its price on the last dump happened on August 5. Personally i was not expecting this much drop in its price as it is the second largest asset im crypto while Bitcoin stands at first.
Ethereum price was dropped to $2100 which was very unexpected. Well it was a biggest opportunity to buy ethereum at this low price. Ethereum has recovered to $2600 and is struggling more to get back to its level before the dump which is taking longer than expected.
On the other hand BNB which is the fourth largest crypto , dropped to $400. Its one of the best altcoin that have gained a lot of value in the recent years. Its often found to be competing with the Solana $SOL. Solana which was considered dead at one point os giving tough time to BNB token.
The thing which needs to be understand is that dips come and go as its part of the market. Market recovers back after some time. Its just a game of patience. The hodlers win in the end.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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