Cryptocurrency has suffered what some would call a downward spiral since it’s record highs in 2017. Bitcoin, and many other cryptocurrencies known as altcoins, were once at the top of the financial game, being worth upwards of $20,000 a coin. Now, the top coin is just hovering above $6,000 as it struggles to stay afloat. It is important to note that this continues to be a consistent trend as market cap for all cryptocurrencies is still under $200 million with no upward movement at all in a bit over a year. This is unfortunate news for anyone looking to jump in to the world of cryptocurrency and to those that have been holding since 2017.
An important correlation to pay attention to is that the trend of Bitcoin, being the major cryptocurrency in that space, also alters altcoins that seem to align themselves with it. Altcoins, which are cryptocurrencies not known among Bitcoin, Ehteremum, and Litecoin, have stumbled between 5%-10% since the year started and have not recovered sense. This is bad news for new investors and people looking to make a name in the crypto space as it’s showing that there may not be enough room for other cryptocurrencies after all.
Even with all this information, CCN reports that 72% of investors within cryptocurrency plan to buy even more this year. The article at https://www.ccn.com/72-of-cryptocurrency-investors-plan-to-buy-more-this-year-survey/ states that a survey was conducted that showed investors aren’t weary of the downward trend and expect to purchase even more. What may account for this is the mantra of “buy low, sell high”, which would make sense considering how volatile cryptocurrency can be. There has been an interesting mentality when it comes to investing in this young financial sector and that is to hold until the value eventually skyrockets, at least that used to be the case. Now, people are worried more than ever their investments may not be safe and that the trouble may only get worse from here.