Yeah, I do vividly remember the spectacular rise of Cryptocurrencies in 2017.
Back in October 2017, I first heard of Bitcoins in media and got immediately excited. I had no experience in Cryptos whatsoever, even investing was totally new for me.
And I did, what many have done: follow the masses. Buying cryptocurrencies. Not only Bitcoin, but a lot of Cryptos with amazing stories behind them. Some coins intend to be used in IOT ecosystems, others should revolutionize casionos, VR and so on. A lot of buzzwords, you might think.
Yes, my investing approach was driven by one huge factor: excitement. I was buying into stories, reinforced by what the masses have done, respectively by the spectacular rise in prices of these Cryptocurrencies.
Without any further knowledge, at some point, I was able to double my money within one single week. Thats good, but not that spectacular, keeping in mind all those, who discovered Cryptocurrencies way earlier.
And then, the bubble busted.
I was paralized, did not know how to handle my emotions, I was overwhelmed. We think in lineral terms, expect something to last forever, to keep its shapes, its structure that we have discovered.
And as fast as I made decent gains, I lost most of my investments. Some coins got deleted, I’ve lost as much as 100%. Spectacular as well.
Cryptos seem to tend to bubble.
Thats not 2017. Thats 2020, and to be exactly: Whats a chart of the last couple of days. What I proudly present is DigiCoin, a Cryptocurrency that rose by 110 percent within less than four days.
Hive, another cryptocurrency, even rose by 700%. At the moment, both Cryptos are under heavy distrubution, Hive felt as much as 35% within one day.