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What’s going on with the cryptocurrency market right now
In todays blog article we will cover a topic I'm sure many of my followers and readers want to know the answer to. Now in todays article we will cover the reasons for the dip, when we can expect the market to go up and, some coins to buy while they are on discount. So make sure you read the whole article to get a good sense of where the market is heading. Before we get into the article let me just state that none of this is financial advice so don't take the following as such. With all that being said and done we can now dig deep into the article now.
Now before the recent dip, we were seeing the market recover from the last dump we saw a couple of weeks ago. But yesterday (today being 12/29/21 as of writing this article) we saw another dump not as big as the original one but still, a significant dump happens. Now there are two main reasons for this dump to happen. The first and biggest contributor to the dump is Iran's ban on bitcoin mining as they are currently having an energy crisis and to prevent rolling blackouts have cracked down on bitcoin mining. the second contributing factor is people selling from the ban to prevent more losses so they can make up for holiday expenses. This is why we've seen the crypto market overall go down the last couple of days.
So now that we know what caused the recent dip we need to try to figure out when the market is going to start moving upwards again. Now I believe once the bitcoin mining hash rate goes back up to what it was before the crackdown we will start recovering from this recent dip. I also believe as the new year comes and more and more people start to return gifts for money and reinvest into their portfolios that we will start recovering from the dip a couple of weeks ago. Also as tax season comes and goes we will see a lot more money start rolling right back into the market. If inflation also keeps up at its current rates we can defiantly see more money be pumped into the market. However, that's to be seen as the fed has stated they want to try and tamper down on inflation so only time will tell what happens with the economy as a whole.
Now I'm going to discuss some potential coins that can be a good buying opportunity we will go from a safe large market cap to a lower risker market cap. Now the first coin of discussion is going to be Fantom this coin has a market cap of 5.6 billion dollars and is a blockchain that is trying to develop a Defi ecosystem with cheap transaction fees so that anyone can use the blockchain. Now moving onto our medium market cap coin with a market cap of 600 million the next crypto we will discuss is Storj. Storj is a peer 2 peer file storage crypto whose goal is to make decentralized cloud storj cheap and accessible to everyone with secured encryption. Our riskiest coin is going to be a metaverse coin called netvrk its market cap as of right now is 100 million dollars. Netvrk is a metaverse crypto where it's goals are to make it easy for anyone to come into the metaverse and create games and business within the land of the Netvrk metaverse. Netvrk offers all sorts of ways to also make passive income from the netvrk cryptos you holding, the land you own, and the game and business you make.
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