The same thing happens in the stock market. When one big name stock suffers, other stocks in the same sector go with it. It happens for a number of reasons. Poor performance of one company implies that similar companies will suffer similar issues.
So if the fundamentals of cryptocurrencies are in question (which will happen often with such a young technology) investors are trained to sell first and ask questions layer. The same herd mentality that drove up prices so spectacularly over the last month or two can also take them down very quickly.
As a long term investor in crypto, I try to ignore the day to day fluctatuatuons and instead focus on whether or not I still believe in the fundamental story - which I do!
There are always fluctuations in markets. The stock market and forex fluctuates daily. Steem dropped big time when I first joined then it spiked back up. Shit, I'm still learning.
The best thing to do is really learn the market well. Then when you see big drops that is the time to buy some more. Unless you see in the news or something that the drop is caused by something really serious. Plus I kind of think that some big investors are buying and selling large amounts dropping the price so they can buy right back in. I may be wrong on that.
I agree with you @joeyknowsbest. Also some of the bigger investors like to take profits and diversify more into other forms of investment such as metals (gold, silver etc), other cryptos maybe, and so forth.
It's summer time. Everyones out spending tbeir money having fun. Come fall, the prices will go up.
I think you nailed it
The same thing happens in the stock market. When one big name stock suffers, other stocks in the same sector go with it. It happens for a number of reasons. Poor performance of one company implies that similar companies will suffer similar issues.
So if the fundamentals of cryptocurrencies are in question (which will happen often with such a young technology) investors are trained to sell first and ask questions layer. The same herd mentality that drove up prices so spectacularly over the last month or two can also take them down very quickly.
As a long term investor in crypto, I try to ignore the day to day fluctatuatuons and instead focus on whether or not I still believe in the fundamental story - which I do!
Interesting 🙇♂️🙇♂️👏👏
I think they're all connected to bitcoin somehow, but not sure.
All of these coins have the same investors, so where one coin goes the others follow.
Your right 💣💣💥💥
There are always fluctuations in markets. The stock market and forex fluctuates daily. Steem dropped big time when I first joined then it spiked back up. Shit, I'm still learning.
🙇♂️🙇♂️🙇♂️🙇♂️🙇♂️
The best thing to do is really learn the market well. Then when you see big drops that is the time to buy some more. Unless you see in the news or something that the drop is caused by something really serious. Plus I kind of think that some big investors are buying and selling large amounts dropping the price so they can buy right back in. I may be wrong on that.
Thank you for that insight
I agree with you @joeyknowsbest. Also some of the bigger investors like to take profits and diversify more into other forms of investment such as metals (gold, silver etc), other cryptos maybe, and so forth.