The past decade witnessed huge technological eruptions in the cryptocurrency industry. Bitcoin and its peer altcoins, still in its infancy, posted the most gains throughout the years. The price swings of these digital coins, from a few cents to thousands of dollars in a blink of an eye, attracted many who entered the space purely because of FOMO.
“Fear of Missing out” or FOMO has dominated the space in its initial days and continues to make crypto-traders around the world jump on to the trend bandwagon. While FOMO does help garner attraction to the market at the initial phase, in retrospection, what it does is, basically, curtail an enormous potential of exponential growth.
The FOMO Syndrome:
The haste to strike when the iron is hot drove the prices of Bitcoin in 2017. Soon after the traders started selling their Bitcoins to make profits, the valuation went down crashing.
As Bitcoin neared $20k [in Dec 2017] and the fear of missing out on the opportunity kicked in, people turned to the volatile market in awe. According to sources, the number of ICOs that came into the picture in 2018 was double than the previous year, most of which decayed due to various reasons. Notably, there were a few promising ICOs that pulled major exit scams which led angry and worried users to dump their crypto tokens and exiting the space altogether. Read More at AMBCrypto...