Category: Financial Markets
The sell-off in major cryptos has hurt other peers’ feelings. According to a poll done by the Bank for International Settlements, central bank digital currencies would complement rather than compete with cryptocurrencies, despite the fact that they are essentially similar to fiat currencies.
“BTC’s upbeat attitude isn’t always in tune with most altcoins on a larger, more general scale. This has been a very typical occurrence, and a pattern is emerging. Altcoins will tend to pull back during a BTC rally, and once BTC has stabilised, an altcoin uptrend will commence, gradually increasing speed “According to ZebPay Trade Desk.
According to opinion poll, more than nine out of ten independent financial advisers in the UK would never advise their clients to invest in cryptocurrencies or “meme stocks.” Meme stocks and digital coins have grown in popularity as a result of the epidemic, which has driven a surge in non-professional stock investment.
BTC’s price surged from $38,200 in early trading hours on Thursday to a high of $39,500 by midday before plunging to a low of $37,365 as bears grabbed control of the market, according to data from Cointelegraph Markets Pro and TradingView.
Increased inflows to spot exchanges were one indicator offered before of Bitcoin’s price crash on June 17, prompting some analysts to speculate that traders who failed to cash out around the high are now locking in wins at lower highs.
Source:-
Crypto News and Economic India
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
The market, however, is constantly changing, and today’s top ten crypto coins aren’t the same as they were even a year ago. Some investments fail, while others go on to become the most profitable assets.
Despite the fact that it has been in operation for ten years, no other asset has ever done as well for early investors as Bitcoin. It’s impossible to predict how high each coin will go. Because cryptocurrencies like Bitcoin, Ethereum, and the others featured in this article are very volatile, trading them rather than investing in them can be the most rewarding way to enter the crypto market.
Bitcoin is a payment currency and cryptocurrency that is secured by a complex mathematical formula that is unbreakable. With the launch of Bitcoin, a whole new industry of competing cryptocurrency coins known as altcoins formed.
When Bitcoin hit its all-time high in 2017, it plummeted by 80%, causing many investors to lose money. Instead of losing money, those who chose to short Bitcoin benefited on the way down. It was also lucrative to enter a long position in Bitcoin at the bottom.
Because of its market dominance, first mover advantage, brand strength, and other factors, Bitcoin is frequently regarded as the best and safest cryptocurrency to invest in. Other cryptocurrencies may outperform or eventually replace Bitcoin, making it impossible to determine which cryptocurrency is the best overall.
Source:-
PrimeXBT
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
