Welcome Back To $50k: Is Rektober Over? Are We In Uptober?
Well I really hope we are in Uptober and it should keep going up, because the news that ended September caused a big dip and no one loves the feeling of refreshing their portfolio and seeing red. I’m Hodling for the long term, it brings me joy when I check my portfolio and all I see is green. The green color is really beautiful on cryptocurrency, it gives the sign of hope, even if some of us are not ready to sell our coins yet but we want to see it appreciate in value.
The Chinese periodic ban has always shown just how powerful bitcoin is. Because looking at the irony, China is the most populated country in the world, if they endorsed bitcoin, am sure Bitcoin’s market cap should be over $2 trillion right now. But instead the country decided to ban it, urging their citizens to dissociate theirselves from bitcoin. Initially, this was supposed to cripple bitcoin and the use case but over the years, Bitcoin’s price has been soaring higher since then, proving to the country the power of decentralization.
The price of bitcoin was at $52k in September before the news of China banning bitcoin again for the upteenth time, this time everyone was tired of the news because the news is becoming boring. The government took the ban further this time. Over the years the Chinese government had banned bitcoin, then later this year, banned bitcoin mining and in September banned any transaction or transactions related to bitcoin and cryptocurrency at large. This action saw lots of Chinese exchanges dropping their Chinese investors because they wanted to comply with the government . We also saw the e-commerce giant, Alibaba inform all their merchant to delist crypto related products and services from their platform. That period was a rekting moment for we crypto holders, but I was able to make use of the opportunity during that period by buying the dip, I used the Dollar Cost Averaging (DCA) strategy and made some cool 20% profit.
Then here came October with massive green light. The month started of with beautiful greens every where. We started watching our coins that went on a bleeding spree some few days ago come back to life. Everyone was happy, bitcoin had a good 10% increase for that day and it felt good. I watched my Hive holdings go up in price and I smiled because lately I have been accumulating Hive and it’s my second most valued investment in my portfolio right now. So far, it has been a bullish trend on the cryptocurrency market side. The market capitalization is back above $2 trillion, my other coins that follow the trend of bitcoin are back to their former price before the Chinese news and dip.
Although we can’t tell if the rektober is really over for sure, because this is just the beginning of the month, but for the sake of my portfolio I wish it is. I love the feeling I felt in the first quarter of 2021, and I really want to feel that way again.
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