Investing in any market seems to be one big game of human psychology. When I first came upon this graph I would try and use it to understand what I was feeling. I would think about my past trades in the market and decide where I think the direction will go, usually being wrong.
Today, I realized a problem with how I was analyzing this chart. I should not have been looking at how I was feeling and placing myself on the chart. Instead, I should be looking at everyone in the market and see where they should be placed as a collective.
The reason is; everyone has gotten into the market at different times. Some have been in since the beginning. If they have been in since the start, they will always be in the green to some degree. Others have gotten in at the height of euphoria in January 2018. Most of them have hit depression months ago. Others are new to the market within the past few months, weeks, even as new as a few days. This market is so small compared to others in the world. Being so small, it has tons of potential for growth. Bringing more and more enthusiasts to the market every day.
I can only guess the real spot that we are on this graph. I feel that we are very close to slowly turning this market around. If I had to pick a spot, I would pick fear. I think that has a lot to do with why institutions are hesitating their launches into the space. They are coming, just incredibly slowly and cautiously.
Overall, I can't wait to see where this industry will be down the road. Each month there is tons of growth and progress, if only we could see years into the future.
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