"Bottom" here will be a return to like a 50-100 billion market cap for the foreseeable future (if not permanently). We're not even close yet. If you think this is painful, it's time to get out of the market while you can still salvage something.
I cashed out $25k from cryptocurrencies several weeks ago (which I grew from an initial investment of $500 early in 2017). I am very familiar with the market, and very profitably so.
But you're right, I am now a "no-coiner." And I'm not getting back in.
what is it with you and this “permanently” shit? there is nothing less permanent than the world of crypto. either it’s going to eventually boom and disrupt our world or it will go bust. it will never remain static.
Because the idea that there will be a "recovery" coming around the corner if you just "HODL" is how bagholders are created. There will be no meaningful "recovery" (in any sense that matters to 90% of current investors) after tether truly explodes. "Recovering" 60% of your initial investment--if you're lucky!--years and years later after a huge crash nearly wiped the whole market out isn't exactly a win, and so we should call it what it functionally is: the end of the market in any meaningful sense of that word.
Amazon went from 4 to 100 and then proceeded to lose 90% of its value before becoming what it is today. had the internet “gone away” or proven to be a non disruptive factor, it probably would have gone to zero. just as many shitcoins will go to zero, so did many internet stocks. but if crypto as a tech concept is here to stay and will disrupt different areas of our lives, then there will be yuge winners and the overall market cap will certainly increase, probably at a fast pace, over time.