It is no news that cryptocurrencies have been experiencing a massive downturn lately. Between November 2021 and January 2022, Bitcoin dropped to less than half (USD$33,000), its all-time high price of an estimated USD$69,000. But it is not just Bitcoin that fell. Ethereum, a major cryptocurrency, has recently experienced a fall to about USD$2000 per token, right from USD$3900 where it was a few months ago. The crypto industry is raining tears from its traders, and you are wondering if it is too late to invest in cryptocurrency. It could be the best time for you to invest. Continue in this article to know more.
Is Investing In Crypto Now A Smart Move?
The state of the Crypto market could be discouraging as it seems. While Bitcoin has lost over 46% of its value since mid-November, Ethereum has followed the trend by losing 47% of its worth. This depreciation in the market didn’t exclude Solana, one of the fastest-growing cryptocurrencies, as it has lost 62% of its value in two months. However, incoming investors can take advantage of this seemingly unfavorable situation. It is the absolute best time to buy Crypto! Check over here to buy your cryptocurrencies.
As an investor, it is profitable to buy cryptocurrencies now that their prices are low in the market. When the prices are high, you have to wait until the cryptocurrency hits a high margin before your profit can be made. It may be extremely difficult going by how the market has been moving. Therefore, if you have been contemplating whether to invest in Crypto, this is the most opportune moment to buy.
Are There Any Risks Involved?
As much as there is still a level of uncertainty on how the crypto market will turn in the future, hopes are still high that the prices will spike up eventually. It should, however, be noted that investing in cryptocurrencies at this time is not without risk. The Federal Reserve announced that its interest rates will be raised this year. This has caused an outflux of crypto traders from the market.
However, the risk isn’t enough to stop an investor from taking a huge move that could yield a great result. The more investors join a trade, the more the market begins to boom again. It makes you a recipient of the great rewards of a bountiful harvest.
Enticing as this seems, you mustn’t make a blind decision. You have to make a suitable investment for yourself. You have to be comfortable with whatever happens to your investment if Crypto fails. If you are a risk-averse investor, you shouldn’t go for it. How many falls can you withstand? Judging how crypto prices have been going, practically anything is possible. Bitcoin and other significant cryptocurrencies also have extreme volatility.
Another thing to note is that you should prepare yourself to hold your investments for a long while. There are hopes that crypto markets will recover from this fall in the future, but nobody knows when. While buying now that the prices are lower, be patient enough for the costs to reach the desired mark you have set.
There are also higher chances now that big corporations and highly rated personalities are getting involved. One of these personalities is Elon Musk, who has had many tweets go viral in support of Crypto and sometimes with controversial stances. It has dramatically increased awareness and brought the crypto industry into publicity.
Other reputable personalities include Jack Dorsey, the former CEO of Twitter, and the CEO of Apple, Tim Cook. At one point or the other, they have aired their interests in the blockchain industry. In addition, Jack Dorsey has recommended that the world shifts the economy to rely on Bitcoin.
Aside from these notable personalities, large companies like Adidas have invested a considerable chunk into the crypto space. VISA is buying CryptoPunk NFT while Adidas is releasing its NFT collection. Having these good personalities and companies entering the crypto game dramatically increases awareness and spreads an excellent appeal of cryptocurrencies. It also makes cryptos relevant today.
Besides, the increased security and transparency introduced in the crypto market is worthy of note. Cryptocurrencies such as Bitcoin have introduced blockchain technology that has everyone recorded on it and can be accessed by anyone. The immutability of cryptocurrencies started when it was recorded in the blockchain.
The crypto industry has gone through several down moments, but it is not too late to invest in Crypto. The odds and chances are still high that Crypto has a bright future. So, if you’ve been considering investing, now is the best time since the prices are affordable. However, before investing your funds, you need to research to ensure the risks are worth taking.