Figured I was done buying ETH. This drop has made me start back up again.(reddit.com)

When people talk about this industry they usually say "crypto." When they invest in the traditional equities market they will usually tell you specifically which companies. The VAST majority of trading here is automated, and based off of BTC. I'm a firm believer that this market dump was caused (in addition to all of the typical external risk-related things) people becoming spooked about bitcoin. But since the market still behaves as a homogeneous lump, all projects dive automatically when investors (speculators) dive from bitcoin. The bitcoin narratives have evaporated one by one. No one uses it as a currency. It's not digital gold. Hard cap is not guaranteed. It's not unbreakable. It's not a hedge against inflation. It seems clear that, despite whatever tomorrow's new narrative, it doesn't have a lot of practical use. This community has known that, but the TV-viewing public is now realizing it. Meanwhile ETH has been attracting positive attention and development. The biggest criticisms so far (other than 'how has it changed my life day-to-day') have been that the price hasn't reflected the progress made. But the progress is undeniable. Projects ARE happening at some of the largest financial institutions in the world. We've yet to see whether these will bear fruit or not. However, the "projects" related to bitcoin were ETFs, and part of this dump might be related to the fact that the ETF fantasy has proven to mostly fall flat. All this to say, that I believe ETH is being traded automatically based on BTC price movement. Market is dumping bitcoin, therefore market-wide is dumping because of the automated trading. If you're a believer in the future of ETH, this is a pretty great moment to be buying. This would be a great moment to buy any asset that sees a dramatic drop in price because of something unrelated to its investment thesis. submitted by /u/Available_Win5204 [link] [Kommentare]