Today, September 4, the crypto market has experienced another sharp drop, with BTC falling below $56,000. There is no wealth effect or hot spots in the crypto market recently.
This is the first time that Chuxiaolian has felt the market is deserted in more than three years since entering the circle. From the accumulated experience and knowledge in the cryptocurrency circle, no matter what the market conditions are, there are wealth stories from time to time, but this year there are almost none.
BTC skyrocketed in 2021, various blockchain games were popular, NFT became popular in 2022, various 100x MEMEs were launched, inscriptions and runes became popular in 2023, and the BTC ecosystem ushered in exponential growth.
The market has become quiet as we enter 2024, not only because of the cyclical low point of the crypto market every four years, but also because of the impact of the global economic environment.
Whether it is the offline economy, the global stock market, or the crypto market, liquidity is very poor, and "survival" has become a key word in all walks of life.
There is no market trend or hot topics, and there are fewer and fewer discussions in the community.
A friend in the group asked a soul-searching question: Can the current crypto market still be an opportunity for ordinary people to make a comeback?
In the past few years, if you held BTC, ETH, or even DOGE, you could get several times the profit if you held on to it.
Catching up with the NFT trend, such as Boring Ape or AZUKI, can increase from a few ETH to dozens or hundreds of ETH. In a short period of time, it is possible to double or 10 times;
In the era of inscriptions, from the initial freemint to the highest ORDI of more than 90 US dollars, the profit was tens of thousands of times; the rune stone airdrop made the early active players on the BTC chain earn a lot of money.
There is also a local dog MEME, if you are lucky you may have a hundred times chance of making money, although there are also many people who run away and return to zero in the primary market.
For these hot spots, only 1% of the early participants seized the opportunity, and none of those who took over later were trapped. However, the market has liquidity, players believe in miracles, and wealth stories will spread. But now the market is quiet and lifeless.
As the crypto market continues to develop, opportunities for 100x returns are becoming fewer and fewer. As more users enter the market and a larger economic scale is formed, it will gradually return to the mean and have a similar development rhythm and growth multiples as other industries.
In the cryptocurrency world, the probability of a 10x or 100x increase is getting lower and lower, and most people are earning profits at a slower pace, or it takes longer to achieve multiple growth.
If you believe in BTC and the future of the crypto market, you can also become a holder and gain more returns than other industries in the next 5 to 10 years. However, this holding process is not short-term. You need to become a friend of time and get rich slowly.
To sum up the ups and downs of the cryptocurrency circle that we have seen in the past three years, some people have indeed made quick money, with 100x contracts and 1,000x MEME; some people have cashed out at high points and accumulated huge wealth in the cryptocurrency circle.
Wealth circulates in different wallets. Some people make huge profits, while naturally some people go from tens of millions to nothing, leaving behind a sigh.
It may be difficult to get rich overnight in the cryptocurrency world, but it is still an opportunity for ordinary people, and this comeback may take 5 to 10 years.
Only by being able to endure loneliness and holding on for a long time can you gain wealth. What you earn quickly by luck will be lost again by strength.
To earn more value is not easy to achieve. It requires more waiting, more patience, or more skills and more effective execution.
For someone to make money as a holder, it requires great patience and the belief to withstand the ups and downs;
Some people make money by trading, which requires them to overcome fear and greed; others make money by contracts, which requires one-in-a-million luck and determination.
I still believe that the crypto market is an opportunity for ordinary people to make a comeback, but not everyone can succeed easily. I wish everyone good luck.
The above is just my personal opinion, not investment advice. I am Chu Xiaolian, and I am paying attention to the crypto market and web3.
