With the crowd gone, Ethereum power users were able to experiment with the network and find new ways to organize capital. We learned to yield farm, to take out loans with incentives designed in such a way that we were actually paid to borrow money. Those who understood Ethereum’s value proposition, and followed the development in the space (which did not slow in the least), began learning new ways to deploy capital in preparation for the next bull run. At that time, cryptocurrency enthusiasts could buy the 32 ETH required for a validator for less than $3200.Īt today’s prices, a validator costs $130,000+ to fund. I want you to give thought to this now so you’re not surprised in the future with no plans.įourteen months ago, at the beginning of the Covid-19 lockdowns, a price crash on Bitmex resulted in BTC dropping to $3500 and ETH under $100. While I cannot tell you when to buy or sell, my desire to keep you from selling at the next bottom is why I’m writing this. It was disappointing, but understandable, to hear of friends selling their ETH or BTC at or near the bottom as they lost interest in the asset. □ In contrast, my current portfolio is now 3.5x its all time high from the end of the 2017 bull run, after having withdrawn nearly 50% of the value of my all time high into cash and traditional stocks.* My own portfolio contracted 93% from its all time high. I was pretty discouraged to see the price languishing for so long, though I continued to hold (although I removed cryptocurrency references from my LinkedIn account!). But hodlers were rewarded with the current price of ETH at $3600 and rising. Unless you bought ETH before it passed $95, there is a good chance you were underwater for a time. BTC rose from $800 to $19.6k, and back down to $3200 in the same time period. For example, between 20, ETH went from $10 to $1400 and back down to $95. It’s no surprise to seasoned cryptocurrency investors that these markets have incredible pullbacks.
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