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In todays article we are going to cover a very important topic I'm sure many of you are wondering and are curious about because I know I am. There's a lot of important information to cover in this post today so make sure you fully read the article to soak in all this information. We will cover were the market is heading and why. We also cover some coins that you can possibly get into with these discount prices happening right now. Before we begin I just want to state that none of this is financial information so please don't take it as such. But with all that out the way lets now get into the blog post.
Why the market is down
As I'm sure many of you know the cryptocurrency market as of right now (11/24/2021) is in a down trend. The reasoning for that vary but we will cover them as they all have a big impact on the market. To start with the biggest reason which is the president of the united states Joe Biden has officially signed the infrastructure bill which also had laws surrounding regulations around cryptocurrencies and the market. Now that's what initially caused the flash crash we saw on 11/17/21. But what furthered it even more was a sell the news event. If you been living under a rock or don't keep up with crypto then you wouldn't know that El Salvador is now building the first bitcoin city. This is extremely bullish news for the market and was a news event that called for retailers and day traders to start selling.
Where the market is going
Now we will be able to accurately tell where the market is going sometime next week after cyber Monday. I think as retailers finish doing holiday shopping and spending money for black Friday and cyber Monday that we'll start seeing the market either go up or down as more attention is focused backed on cryptocurrencies. I believe that the bull market isn't over with yet and that we still have quite a bit of time left in the bull run. Especially since gaming coins have been doing so good this recent bear cycle. Proving still that cryptos still have potential to get gains even when the market is in a downtrend. I also believe that as time goes on we will start seeing more mass adoption especially since El Salvador is building a bitcoin city. We might start seeing more U.S cities compete to become the bitcoin capital of the world as many of the countries cities are already battling for that spot within the country.
I also believe that as the holidays rolls around and less retail investors are spending less and gaining and saving more money due to the holidays that the market will go up more. We can also see that based off of the chart provided below that bitcoin and the market as a whole usually goes up near and directly after Christmas. We can also see that during that year the month before Christmas that the market was bouncing back and forth like it was this month. So overall the market might be heading towards a bull market shortly after the beginning of the next month. We could also see the market switch up if more major adoption news comes. But that is most likely not going to happen and we should expect the market to flip sometime next month.
Cryptos to buy
Now as I stated at the beginning of the blog post this isn't financial information so please don't take the following as such. However moving forward let's cover some cryptos to buy while they're on sale so you can get some great returns. Now one of my favorite cryptos has already been performing pretty well outdoing most altcoins in percentage gains during this cycle. The crypto I'm speaking of is called fantom (FTM) it's a layer one crypto that offers cheap fees and rewards developers on the blockchain really well better then most other crypto teams. It had a short dip but it quickly got bought up and now its at $2.60 with a 24 hour gain of 12%.
The next crypto we will talk about is a cryptocurrency called Polkadot. Now I'm sure many of you know of Polkadot as it's the eighth largest coin on the market by market cap size. What makes this coin so special is that it plans on making all the crypto ecosystems able to interoperate with each other. Which opens up all the ecosystems up to each other which has all kinds of effects on cryptos and the market. What also makes this coin special is the fact that it's currently holding auctions so that cryptos can buy slots on the network. Which helps pump the price and once we enter the bull cycle again that this will dramatically pump the price of DOT. DOT's price right now its at $38.75 with a loss of 5.11% over the last 24 hours. Another great crypto to buy is a gaming/NFT coin called Gala. Gala offers NFTS that you have to buy using Gala coins you also have to hold Gala coins in order to play the games they offer. Gala's price as of now is at $0.55 with a 24 hour gain of 46.20%.
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