This was one crazy week in the world of cryptocurrencies.
Our portfolio has been on fire over the past few weeks. But today things are selling off hard.
This correction is to be expected, and I can’t emphasize enough that this is nothing to be concerned about.
As I type this, bitcoin is trading at $9,513. We’re still up 56% over the past month, just to put things into perspective.
Litecoin is trading at $80.28 and briefly touched $100. It’s still up 41% in the last month.
Ethereum is trading at $415.18, up 41% in the last month.
New Economy Movement is trading at $0.21, just about flat for the last month.
Hold strong during volatility such as this. It’s not easy, but it gets easier.
There are three major catalysts that should drive prices higher next year. I’ll be going over these in more detail in our upcoming issue, but here’s a preview:
- Retail flood – Coinbase is adding 2 million accounts per month (and that’s just one exchange).
- Growing institutional interest – Coinbase has opened wealth management and hedge fund custodial service, and futures are coming.
- Future exchange-traded funds – Now that a cryptocurrency futures market is due to open soon, ETFs are more likely to follow.
My advice is to hold. There are years of adoption ahead of us.
Co-Founder, First Stage Investor