Bitcoin prices have slumped under $8000 today, taking at least some of the shine off what had been a very impressive month in terms of market action. Having recovered by as much as 20% during the month from record low prices, the falloff in the last 24 hours should not be of huge concern to investors. This is especially true considering the positive financial outlooks from many in the industry.
Mining giant Bitmain has reported profits of around $1 billion for the first quarter of 2018 with forecast estimating another $2-3 billion to follow in the rest of the year. This is positive news for the industry along with news of huge profits from other companies in the sector. This kind of news is sure to keep the market outlook buoyant in the coming month.
The Bitcoin price dip has not gone unnoticed in the Alt-Coin Markets. These have also taken a dip with Ethereum trading at $417 at the time of writing. Other Alt-Coins such as Stellar, EOS, and Cardano have seen losses around the 9-10% area in this end of month sell off.
How to Handle a Price Dip
The crypto markets can generally see quite a lot of movement on a daily basis. This is a well known fact when compared with traditional markets. Essentially, this means that you should not react too rashly to any one movement which happens within the market. It is important to retain your positions and not be swayed by psychological factors in the market.
Some will even see the opportunity in a price dip to invest more heavily in their positions or open new positions in other currencies. This could be a risk worth taking if you have faith in the long-term future of the coins. Be mindful though not to overstep yourself financially which could lead to pressure selling at a later date.