DislikedLast year at this time there was a hot topic - Bitcoin!!! I see it still moves towards $1 000 000 per coin! Why some people would never understand the meaning of the word “hype”!? And the simple rule - when a hype gets to the masses, all profit is already done. I have friends that lost basket of money in the “dotcom bubble” back in 1999. I have friends that lost tons of money in the “flip house bubble” in 2009. I have friends that hold some sweaty Bitcoins purchased at ridiculous price and we are coming to 2019. And they are still advocating......Ignored
From the trader's perscpective the underlying market is unimportant, because we just try to speculate not worrying about what we are dealing with. Cryptocurrencies, most of them, are highly correlated and many times it does not make sense to trade more than a few at a time same as it happens with many usd pairs, for instance, in Forex.
But, in any case, a lot of people are going to eventually discover all the crypto-ecosystem and will be problably making a living from it or working for companies that are exploiting blockchain based projects, not limited to currencies, but also tokens, NTFs, public and private networks and countless decentralized apps.
I think that believing the crypto is a hype is not absolutely correct. The potential is unlimited, but the price depends on more factors than merely the market cap; so you need to understand the crypto and tokenomics of the asset you want to stake on.
Believing that one will get rich buying shitcoins or just applying to initial asset offerings may be instead more risky.
The problem with Bitcoin is that the mass got involved (as usual) just a few months or weeks before the last drop. But the mass is not a trading corpus but random actors surrendering their wealth to the markets so that others can benefit from it.