The crypto market cap is currently under $1 Trillion, by the time I was writing this post the crypto market cap was at $929 Billion, that is really low compared to the $3 Trillion Market Cap All Time High it was. I think this is the lowest price bitcoin price has been since 2020, in 2020 this would have been a bullish price for bitcoin, but today it’s a big dip. That is to show you how far we have come, it’s wild that $2.1 Trillion liquidity has been sucked of the market.
With bitcoin dominance at 45%, having a $421 Billion market capitalization, the crypto market is totally on the red zone. While this is the case, I can’t help but feel for the cryptoneurs. Inflation is extremely high everywhere right now. A friend of mine on Hive was telling me how the price of things have doubled in USA, based on inflation, while this seemed really sad, i remembered that inflation is a lifestyle for we Nigerians. I can remember complaining to my mum about inflation, then comparing Nigerian inflation to US. I felt it was almost impossible for the price of things to double in US based on inflation. But from what my friend explained, I decided to accept the fact that inflation is everywhere and as worst as it is in your country, it’s also worse in another country.
Can I say that this is the wrongest time that inflation can choose to poke its head. Although they can never be a good time for inflation as it always affects cost of living, but at least inflation should have chosen the bullish season to poke its head out. Not only is the value of your crypto bag extremely low, now you have to pay twice as much as you used to pay for an item before now because things are getting expensive. Imagine how tough it is right now for all cryptoneurs who depend on crypto as a source of living.
Now imagine the celcius users who can’t withdraw their assets right now because of the celcius saga and the pause in withdrawals. At this point, if you know any crypto investor I think you should hug them because they are going through a lot right now. If you are a crypto investor, you should hug yourself and don’t be too hard on yourself. It’s all going to be fine, just hang in there, we are all going to be fine.
This crypto bear market dip has really thought me a lot of lesson that I am considering having another source of income outside crypto and I am going to utilize my profits in the Bull run to start that. All my investments and source of income are in crypto, I earn coins and tokens from different source but their value keep depreciating because of the crypto dip.
My spending habits have been cut down to buying only the essential things I need. I try my best to have a good amount of sleep instead of checking the crypto chart everytime. This way I control my mind and have good rest of Mind because staring at the crypto chart can’t solve anything.
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