Hey guys, how are you doing?
I hope you're holding on tightly to the safety bar, as this financial roller coaster ride is just getting started.
Last week was an incredibly volatile time for cryptocurrency, with the Fed causing the market to plunge with their interest rate hike, followed by the catastrophic failure of Terra and it's UST stablecoin, which put even more selling pressure onto the market.
If there is one key takeaway from this fiasco, it's that we should not be getting too emotionally attached to a single coin, and that we need to have a diversified portfolio of various projects and stablecoins.
Of course the Bitcoin maxis had a field day, essentially claiming than a fatal flaw in one altcoin means that all 19000 coins aside from Bitcoin are "shitcoins". A quick glance at the Bitcoin dominance chart shows that alternative blockchains will continue to make up a greater share of the overall crypto market cap as time goes on.
And let's not forget "The Secret", otherwise known as the Law of Attraction, which states that whatever we focus our attention on with feeling and emotion becomes a greater part of our reality. The fact that this crypto market plunge and the catastrophic failure of Terra is being reported on in the mainstream news means that crypto in general is becoming more ingrained into our collective human consciousness.
Yes, the road to mass crypto adoption is going to be rocky, but the natural evolution of money is inevitable. The sooner we get prepared for it, the better.