Regarding altcoins and the market situation these days, since ETH hit 2100, the market has been overwhelmingly against altcoins, with many people claiming they will never play with altcoins again. In fact, looking at this fundamentally: most retail investors only hold altcoins, and many have been trapped or liquidated.
When ETH was at 3050, looking at the daily chart, it attempted to break the downward trend line twice, around 1.31 and 1.15. Especially after 1.15, you would see a massive volume but it started to fluctuate, which directly led to my misjudgment at the end of January. I can say this misjudgment was costly: buying the dip around 1.29, floating profits at 1.31, and then experiencing a sudden drop overnight that was hard to react to, followed by a drop below 2750 down to 2100, which led me to lose 30% of my position. However, I was holding spot, so at least I still had some chips to play with. In fact, ETH's behavior is not difficult to understand; the two consecutive failed attempts to break through were due to excessive weight and human greed. This kind of correction was bound to come, only it came more violently, and in my personal opinion and based on news, this is entirely the doing of the exchanges.
Now that altcoins have dropped back to the bottom range, you are hesitant to buy? This is the effect of market panic. As retail investors, we should free ourselves from these influences and execute our strategies when the time is right. Of course, this doesn't mean that altcoins are about to rise; these are just my personal views. I have always advocated for buying spot, and even if we are currently down 20 points, it is still bearable. The most important point is that after this round, you will see the truly strong altcoins, and we can keep track of them.
Is there still a chance for altcoins? It doesn't matter whether there is or isn't; everyone can make money either way. Of course, it's better if there is, because that way we can witness wealth creation stories, and who knows, maybe you and I are among them 😂.
What do you think about altcoins in the future? I don't think it's a big issue; where there's an increase, there's a decrease. Considering that retail investors generally love buying altcoins, do you think all altcoins could possibly go to zero? Not to mention that institutions haven't cut enough yet, and everyone hasn't lost enough either. However, it is indeed a tough situation right now, so let's just wait quietly.
I say this to encourage everyone to strengthen their confidence while also reflecting on themselves. I hope everyone can align their actions with their knowledge and make money together. Let's go for it.