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Cryptocurrency will recover, but it will take time
At the start of the year, there was a slight recovery among the first coins. ETH started trading in green bringing with it BTC, XRP and almost all other coins. However, in recent days, the price of cryptocurrencies has declined significantly compared to the USD. Things do not seem bright and there is no guarantee that prices will change green this weekend.
The upward trend in 2017 was fueled by an increase in the number of retail investors and individuals in the sector. Most of these investors came from Japan and South Korea. The demand for cryptocurrencies was so high that the Bitcoin premium rose from 20% to 30%. At the time, BTC reached a global maximum of $ 19,500, trading at $ 23,000 in South Korea. Investors began investing heavily in cryptocurrencies. It was hard to see your neighbor become rich in cryptocurrencies and not be tempted to invest yourself.
In the fall of 2017, the New York Times reported that a single mother in South Korea, Kim Hyon-jeong, has invested $ 90,000 in cryptocurrencies. $ 25,000 of that sum was on loan. Many people in South Korea have invested everything they had in cryptocurrency. This is the reason why the fall of the market hit South Korea hardest. Kim lost almost all the money he has invested and will have to spend the next 10 years of his life paying the bank loan. Expressing his disappointment, he said:
"I thought cryptocurrencies would be the only breakthrough for ordinary workers like us, and I believed that eventually my family would be able to escape the difficulties we face and enjoy a better standard of living, but things do not they went as planned ".
Millennials have shown strong belief in cryptocurrency
If the millennials in Asia want to admit it or not, a complete recovery will not come soon. Retail traders will have to recover psychologically and there is no way to do it between November and January. It is not easy to predict when the recovery will come, but it will take at least 62 weeks before it starts to recover completely. Most major corrections take about a year and three months.
This bear market may take longer to recover, as a large amount of media coverage has occurred during the bull and bear market. At the moment, the industry must focus more on other cases of use of blockchain and application of cryptocurrencies rather than price.
