This is far from the biggest correction ever for btc, at least not yet. Btc has corrected by over 80% five times in its relatively short history. We would need to see prices around $4k for this to be that bad!
But I agree with your sentiment. If bitcoin drops, Alts drop more. I believe that this could be a great year for crypto. Just think of all those new accounts created over recent months crashing exchanges. Think of all the additional infrastructure and staff at exchanges to handle additional volume. Think of the greater awareness that crypto now has!
The question is, will I have the confidence to switch out of btc into Alts when I think we hit the bottom (and I don’t think we are there yet).
Maybe not percentage wise, but it is the scariest by far. 12k down in 2 months is not something you witness every day... Imagine you bought 1000BTC as a big investor at 20k, hoping for 50k... And now your millions are evaporating
PRESSURE
Agreed. I look at my potential paper losses and I could cry! But then we are still at the price as late Nov! That gives it a little context!