Towards the end of last year, Bitcoin the world’s biggest cryptocurrency by market cap exceeded its potential and broke through the barrier to trade at $2,000 per coin. This resulted in frenzied buying which helped to push up the prices of other cryptocurrencies as warnings from financial regulators sounded of an imminent ‘bubble’.
South Korea’s Ban Contributed to Major Sell-off
News that South Korea was going to ban cryptocurrency trading on their exchanges due to the potential of illicit and fraudulent trading together with Chinese regulators looking to regulate cryptocurrency trading saw the market take a real beating. Bitcoin’s value dropped by almost a half with traders looking for other altcoins that showed future potential to invest in.
Market participants believe that this was just a price correction that was inevitable. Panic gripped the markets with sell-offs further weakening the prices triggering the ‘sell’ button.
The Future of Cryptocurrencies and the ‘Savvy’ Investor
So what now?
Traders are looking to buy altcoins that show promise in their blockchain technologies, buy cheap before they go for premium prices. When the price correction of Bitcoin bottoms out and rationality returns, momentum will once again return with buyers scrambling to buy back coins they sold.
A savvy investor knows that Bitcoin was trading at $900 last year in January, the return is still up thousands of percentage points, in spite of the sell-off. The same can be said for Ripple and Litecoin with a lot more coming into the fry almost on a monthly basis. Each one bringing with it life changing trends on how business will be conducted in the future.
The time now is to invest in cryptocurrencies.
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